Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 8.1% After Analyst Downgrade

Shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) dropped 8.1% during mid-day trading on Tuesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $48.10 and last traded at $47.9250. Approximately 193,517 shares changed hands during trading, a decline of 43% from the average daily volume of 342,011 shares. The stock had previously closed at $52.14.

CDNL has been the subject of a number of other reports. Weiss Ratings began coverage on Cardinal Infrastructure Group in a report on Monday, March 9th. They set a “sell (e)” rating for the company. Stifel Nicolaus restated a “buy” rating and issued a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a report on Monday, March 30th. Finally, DA Davidson lifted their target price on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, February 19th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Cardinal Infrastructure Group has an average rating of “Hold” and an average price target of $38.00.

Insider Activity

In other Cardinal Infrastructure Group news, Director Ivy Zelman bought 6,921 shares of the stock in a transaction that occurred on Thursday, March 26th. The shares were purchased at an average cost of $36.33 per share, for a total transaction of $251,439.93. Following the transaction, the director directly owned 15,326 shares in the company, valued at $556,793.58. The trade was a 82.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC acquired a new stake in Cardinal Infrastructure Group during the 4th quarter valued at $152,000. Zuckerman Investment Group LLC bought a new stake in Cardinal Infrastructure Group in the fourth quarter worth $242,000. XTX Topco Ltd acquired a new position in Cardinal Infrastructure Group during the 4th quarter worth $242,000. Oxford Asset Management LLP acquired a new position in Cardinal Infrastructure Group during the 4th quarter worth $355,000. Finally, HRT Financial LP acquired a new stake in shares of Cardinal Infrastructure Group during the 4th quarter worth approximately $586,000.

Cardinal Infrastructure Group Stock Performance

The business has a 50-day moving average price of $36.91.

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.