Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Price Down 4.6% – Should You Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares traded down 4.6% during trading on Tuesday. The stock traded as low as $15.01 and last traded at $15.1360. 61,017 shares changed hands during trading, a decline of 90% from the average daily volume of 591,765 shares. The stock had previously closed at $15.87.

Analysts Set New Price Targets

CDNL has been the subject of several research analyst reports. Oppenheimer dropped their price objective 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. Weiss Ratings downgraded Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Truist Financial set a $30.00 price objective on Cardinal Infrastructure Group and gave the company a “buy” rating in a research report on Monday. Zacks Research lowered Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Finally, Stifel Nicolaus lowered their target price on Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a research note on Wednesday, August 12th. Four 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 presently has an average rating of “Moderate Buy” and an average target price of $46.75.

Cardinal Infrastructure Group Price Performance

The company has a current ratio of 3.59, a quick ratio of 3.59 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $701.13 million and a P/E ratio of 26.99. The company has a fifty day simple moving average of $32.25 and a two-hundred day simple moving average of $50.89.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.22). The firm had revenue of $226.93 million for the quarter. Sell-side analysts expect that Cardinal Infrastructure Group Inc. will post 1.76 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cardinal Infrastructure Group news, Director Richard Melvin Jr. Lee bought 34,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was bought at an average price of $36.82 per share, for a total transaction of $1,251,880.00. Following the transaction, the director owned 68,254 shares of the company’s stock, valued at approximately $2,513,112.28. The trade was a 99.26% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ivy Zelman purchased 12,647 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The stock was bought at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the completion of the transaction, the director directly owned 32,891 shares in the company, valued at $1,302,812.51. The trade was a 62.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 214,597 shares of company stock valued at $8,285,516 over the last three months. 61.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several hedge funds have recently added to or reduced their stakes in the stock. Conversant Capital LLC bought a new position in Cardinal Infrastructure Group during the 1st quarter worth approximately $18,702,000. Principal Financial Group Inc. grew its holdings in Cardinal Infrastructure Group by 198.8% during the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock valued at $16,983,000 after purchasing an additional 284,918 shares during the period. Engle Capital Management L.P. increased its stake in Cardinal Infrastructure Group by 142.7% in the first quarter. Engle Capital Management L.P. now owns 318,000 shares of the company’s stock valued at $12,610,000 after purchasing an additional 187,000 shares in the last quarter. Wellington Management Group LLP bought a new stake in Cardinal Infrastructure Group in the second quarter valued at approximately $14,687,000. Finally, Ranger Investment Management L.P. bought a new stake in Cardinal Infrastructure Group in the second quarter valued at approximately $11,768,000.

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.