Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) gapped down prior to trading on Tuesday . The stock had previously closed at $79.10, but opened at $70.28. Cardinal Infrastructure Group shares last traded at $77.9110, with a volume of 63,246 shares.

Analyst Upgrades and Downgrades

CDNL has been the subject of a number of recent analyst reports. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Stifel Nicolaus lifted their price objective on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. Weiss Ratings upgraded Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a report on Monday, June 1st. Finally, Oppenheimer raised their price target on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, June 15th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.33.

Cardinal Infrastructure Group Trading Up 12.7%

The stock has a fifty day moving average price of $57.55.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its earnings results on Monday, March 23rd. The company reported $1.98 earnings per share (EPS) for the quarter. The firm had revenue of $418.92 million during the quarter. Analysts forecast that Cardinal Infrastructure Group Inc. will post 1.87 EPS for the current fiscal year.

Insider Activity at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, COO Benjamin Wood bought 20,000 shares of Cardinal Infrastructure Group stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the transaction, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at $1,026,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 61.70% of the company’s stock.

Institutional Investors Weigh In On Cardinal Infrastructure Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CDNL. Taylor Frigon Capital Management LLC purchased a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $1,209,000. Kornitzer Capital Management Inc. KS bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at approximately $850,000. TimesSquare Capital Management LLC purchased a new position in Cardinal Infrastructure Group during the fourth quarter valued at $14,612,000. Goldman Sachs Group Inc. bought a new stake in Cardinal Infrastructure Group in the fourth quarter worth $3,893,000. Finally, CenterBook Partners LP bought a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at $1,994,000.

Cardinal Infrastructure Group Company Profile

We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication.