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

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price gapped down before the market opened on Wednesday. The stock had previously closed at $18.62, but opened at $17.78. Cardinal Infrastructure Group shares last traded at $16.2660, with a volume of 774,120 shares traded.

Analyst Ratings Changes

CDNL has been the subject of a number of research analyst reports. Truist Financial initiated coverage on shares of Cardinal Infrastructure Group in a research note on Friday, September 25th. They issued a “buy” rating and a $40.00 target price for the company. Stifel Nicolaus decreased their price target on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings lowered shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Oppenheimer lowered their price target on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Finally, Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.25.

Cardinal Infrastructure Group Trading Down 3.3%

The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The company’s fifty day moving average is $34.12 and its two-hundred day moving average is $51.21.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The business had revenue of $226.93 million for the quarter. Research analysts predict that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jeremy Spivey purchased 83,350 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $38.41 per share, for a total transaction of $3,201,473.50. Following the transaction, the chief executive officer directly owned 83,350 shares of the company’s stock, valued at approximately $3,201,473.50. 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 link. Also, Director Leon Wood acquired 51,400 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the purchase, the director owned 51,400 shares of the company’s stock, valued at $2,023,104. This trade represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 214,597 shares of company stock worth $8,285,516 over the last three months. Insiders own 61.70% of the company’s stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System acquired a new position in shares of Cardinal Infrastructure Group during the 1st quarter worth about $28,000. Strs Ohio bought a new position in Cardinal Infrastructure Group during the 1st quarter worth approximately $87,000. GatePass Capital LLC bought a new position in Cardinal Infrastructure Group during the 1st quarter worth approximately $274,000. Bank of Nova Scotia acquired a new position in Cardinal Infrastructure Group during the first quarter valued at approximately $366,000. Finally, Bank of New York Mellon Corp acquired a new position in Cardinal Infrastructure Group during the first quarter valued at approximately $1,040,000.

About Cardinal Infrastructure Group

Cardinal Infrastructure Group, Inc (NASDAQ: CDNL) is an infrastructure services company serving customers in the telecommunications and utility industries. The company focuses on the development, construction, installation and maintenance of infrastructure used to support communications networks and essential utility systems.

Its service offerings are centered on communications and utility infrastructure projects, including work associated with fiber-optic and other network deployments.