Cardinal Infrastructure Group (NASDAQ:CDNL) Trading Down 8.5% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) fell 8.5% during trading on Wednesday . The stock traded as low as $86.76 and last traded at $86.1530. 640,660 shares traded hands during mid-day trading, an increase of 44% from the average daily volume of 445,354 shares. The stock had previously closed at $94.20.

Analyst Ratings Changes

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

Cardinal Infrastructure Group Stock Performance

The company has a market capitalization of $3.18 billion and a PE ratio of 322.83. The stock has a 50-day moving average of $62.14. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.73.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its quarterly earnings data on Monday, March 23rd. The company reported $1.98 earnings per share (EPS) for the quarter. The firm had revenue of $418.92 million for the quarter. As a group, research analysts forecast that Cardinal Infrastructure Group Inc. will post 1.87 EPS for the current year.

Insiders Place Their Bets

In other Cardinal Infrastructure Group news, COO Benjamin Wood bought 20,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were bought at an average cost of $51.30 per share, with a total value 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 61.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System bought a new stake in shares of Cardinal Infrastructure Group in the 1st quarter worth approximately $28,000. Strs Ohio acquired a new position in Cardinal Infrastructure Group during the 1st quarter valued at approximately $87,000. Barclays PLC bought a new position in Cardinal Infrastructure Group during the 4th quarter worth $152,000. GatePass Capital LLC acquired a new stake in Cardinal Infrastructure Group in the first quarter worth $274,000. Finally, Bank of Nova Scotia acquired a new stake in Cardinal Infrastructure Group in the first quarter worth $366,000.

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.