Cardinal Infrastructure Group Inc. (NASDAQ:CDNL – Get Free Report) was down 10.7% during trading on Tuesday. The company traded as low as $19.36 and last traded at $18.6770. 258,472 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 554,390 shares. The stock had previously closed at $20.92.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on CDNL. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Stifel Nicolaus decreased their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, August 12th. Weiss Ratings downgraded Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Oppenheimer reduced their target price on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, August 12th. Finally, Truist Financial started coverage on Cardinal Infrastructure Group in a research note on Friday, September 25th. They issued a “buy” rating and a $40.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cardinal Infrastructure Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.25.
Get Our Latest Research Report on Cardinal Infrastructure Group
Cardinal Infrastructure Group Price Performance
Cardinal Infrastructure Group (NASDAQ:CDNL – Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The firm had revenue of $226.93 million for the quarter. On average, analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current fiscal year.
Insider Activity
In other news, Director Richard Melvin Jr. Lee purchased 34,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was acquired at an average price of $36.82 per share, for a total transaction of $1,251,880.00. Following the acquisition, the director directly owned 68,254 shares of the company’s stock, valued at $2,513,112.28. This represents a 99.26% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Benjamin Wood purchased 25,700 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average price of $39.48 per share, for a total transaction of $1,014,636.00. Following the acquisition, the chief operating officer directly owned 45,700 shares in the company, valued at $1,804,236. This trade represents a 128.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 214,597 shares of company stock worth $8,285,516. Insiders own 61.70% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System acquired a new stake in Cardinal Infrastructure Group in the first quarter worth about $28,000. Strs Ohio purchased a new position in shares of Cardinal Infrastructure Group in the 1st quarter valued at about $87,000. GatePass Capital LLC purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter worth about $274,000. Bank of Nova Scotia purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter worth approximately $366,000. Finally, Round Rock Advisors LLC grew its position in shares of Cardinal Infrastructure Group by 18.7% in the second quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock valued at $2,114,000 after purchasing an additional 3,541 shares in the last quarter.
Cardinal Infrastructure Group Company Profile
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.
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