Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 7.1% – Should You Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) dropped 7.1% on Wednesday . The company traded as low as $70.09 and last traded at $70.43. 420,729 shares changed hands during trading, a decline of 9% from the average daily volume of 463,883 shares. The stock had previously closed at $75.85.

Analyst Upgrades and Downgrades

CDNL has been the subject of a number of research reports. Zacks Research upgraded Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 1st. Oppenheimer boosted their target price on Cardinal Infrastructure Group from $60.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, June 15th. Stifel Nicolaus increased their price target on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research note on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $59.33.

Cardinal Infrastructure Group Stock Down 8.6%

The business’s 50-day moving average price is $63.80. The firm has a market cap of $2.97 billion and a price-to-earnings ratio of 300.38. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.73 and a quick ratio of 1.73.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its earnings results on Monday, March 23rd. The company reported $1.98 earnings per share for the quarter. The company had revenue of $418.92 million during the quarter. On average, equities research analysts forecast that Cardinal Infrastructure Group Inc. will post 1.87 earnings per share for the current year.

Insider Buying and Selling at Cardinal Infrastructure Group

In other news, COO Benjamin Wood bought 20,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The shares were purchased at an average price of $51.30 per share, for a total transaction of $1,026,000.00. Following the completion of the acquisition, the chief operating officer owned 20,000 shares of the company’s stock, valued at approximately $1,026,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several hedge funds and other institutional investors have recently modified their holdings of CDNL. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cardinal Infrastructure Group in the fourth quarter worth about $31,082,000. Ophir Asset Management Pty Ltd bought a new position in Cardinal Infrastructure Group during the 4th quarter valued at approximately $23,865,000. Wasatch Advisors LP increased its stake in shares of Cardinal Infrastructure Group by 1.3% during the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock valued at $27,483,000 after buying an additional 9,064 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in Cardinal Infrastructure Group in the fourth quarter worth $14,992,000. Finally, TimesSquare Capital Management LLC purchased a new stake in Cardinal Infrastructure Group in the fourth quarter worth $14,612,000.

About Cardinal Infrastructure Group

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.