Cardinal Infrastructure Group Inc. $CDNL Stock Sold by Readystate Asset Management LP

Readystate Asset Management LP cut its stake in Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 77.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 16,709 shares of the company’s stock after selling 57,741 shares during the period. Readystate Asset Management LP’s holdings in Cardinal Infrastructure Group were worth $1,574,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CDNL. Wasatch Advisors LP lifted its position in Cardinal Infrastructure Group by 1.3% during the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company’s stock valued at $27,483,000 after acquiring an additional 9,064 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $14,612,000. Emerald Advisers LLC increased its stake in shares of Cardinal Infrastructure Group by 12.7% during the first quarter. Emerald Advisers LLC now owns 578,600 shares of the company’s stock worth $22,944,000 after purchasing an additional 65,245 shares in the last quarter. Conversant Capital LLC purchased a new stake in Cardinal Infrastructure Group during the 1st quarter valued at about $18,702,000. Finally, Principal Financial Group Inc. grew its stake in shares of Cardinal Infrastructure Group by 198.8% in the 1st quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock valued at $16,983,000 after buying an additional 284,918 shares during the period.

Insider Transactions at Cardinal Infrastructure Group

In other Cardinal Infrastructure Group news, Director Ivy Zelman bought 12,647 shares of the company’s stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the acquisition, the director owned 32,891 shares of the company’s stock, valued at approximately $1,302,812.51. This trade represents a 62.47% 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. Also, Director Leon Wood bought 51,400 shares of the company’s stock in a transaction on Friday, August 14th. The shares were acquired at an average cost of $39.36 per share, for a total transaction of $2,023,104.00. Following the completion of the acquisition, the director directly owned 51,400 shares of the company’s stock, valued at $2,023,104. This trade represents a ? increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 214,597 shares of company stock valued at $8,285,516 over the last ninety days. 61.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Oppenheimer lowered 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. Zacks Research lowered shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Truist Financial reduced their target price on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. Stifel Nicolaus reduced their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a report on Wednesday, August 12th. Finally, Weiss Ratings lowered shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Cardinal Infrastructure Group has an average rating of “Moderate Buy” and a consensus price target of $46.75.

Cardinal Infrastructure Group Price Performance

Shares of NASDAQ CDNL traded down $0.81 during midday trading on Thursday, hitting $13.83. The company had a trading volume of 305,044 shares, compared to its average volume of 597,690. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $656.61 million and a price-to-earnings ratio of 25.23. The business has a 50-day simple moving average of $31.36 and a two-hundred day simple moving average of $50.51. Cardinal Infrastructure Group Inc. has a twelve month low of $13.51 and a twelve month high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The company had revenue of $226.93 million for the quarter. Equities research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.76 earnings per share for the current year.

About Cardinal Infrastructure Group