Cardinal Infrastructure Group (NASDAQ:CDNL) Trading 11.8% Higher – Time to Buy?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shot up 11.8% during mid-day trading on Thursday . The stock traded as high as $51.06 and last traded at $51.2940. 177,770 shares traded hands during trading, a decline of 48% from the average session volume of 343,010 shares. The stock had previously closed at $45.87.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDNL. Stifel Nicolaus reaffirmed a “buy” rating and set a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday, March 30th. Zacks Research lowered shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings began coverage on shares of Cardinal Infrastructure Group in a research report on Monday, March 9th. They set a “sell (e)” rating on the stock. Finally, DA Davidson upped their price target on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $38.00.

Cardinal Infrastructure Group Stock Performance

The firm’s fifty day simple moving average is $38.77.

Insider Activity at Cardinal Infrastructure Group

In related news, Director Ivy Zelman acquired 6,921 shares of the firm’s stock in a transaction 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 completion of the acquisition, the director directly owned 15,326 shares in the company, valued at approximately $556,793.58. This trade represents a 82.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several institutional investors and hedge funds have recently modified their holdings of CDNL. Strs Ohio acquired a new position in shares of Cardinal Infrastructure Group in the first quarter valued at $87,000. Barclays PLC acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $152,000. XTX Topco Ltd acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $242,000. Zuckerman Investment Group LLC acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $242,000. Finally, Oxford Asset Management LLP acquired a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $355,000.

Cardinal Infrastructure Group Company Profile

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.