Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down – Should You Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) gapped down before the market opened on Wednesday. The stock had previously closed at $18.62, but opened at $17.78. Cardinal Infrastructure Group shares last traded at $16.2660, with a volume of 774,120 shares traded.

Analysts Set New Price Targets

CDNL has been the subject of several analyst reports. Truist Financial decreased their target price on Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating for the company in a research report on Monday. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Oppenheimer lowered their price target on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus reduced 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 equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.75.

Cardinal Infrastructure Group Stock Down 5.4%

The company has a market capitalization of $657.55 million and a P/E ratio of 25.23. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.59 and a current ratio of 3.59. The firm’s fifty day moving average is $31.36 and its 200-day moving average is $50.51.

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

Insider Activity

In other Cardinal Infrastructure Group news, Director Richard Melvin Jr. Lee bought 34,000 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $36.82 per share, for a total transaction of $1,251,880.00. Following the completion of the transaction, the director directly owned 68,254 shares in the company, valued at $2,513,112.28. This represents a 99.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeremy Spivey acquired 83,350 shares of the stock in a transaction dated Friday, August 14th. The shares were bought at an average price of $38.41 per share, for a total transaction of $3,201,473.50. Following the transaction, the chief executive officer owned 83,350 shares in the company, valued at approximately $3,201,473.50. This represents a ? increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is owned by insiders.

Institutional Trading of Cardinal Infrastructure Group

Hedge funds have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in Cardinal Infrastructure Group in the 1st quarter worth about $2,704,000. Bank of America Corp DE boosted its holdings in shares of Cardinal Infrastructure Group by 139.4% in the first quarter. Bank of America Corp DE now owns 125,804 shares of the company’s stock worth $4,989,000 after buying an additional 73,259 shares during the last quarter. Ranger Investment Management L.P. purchased a new position in shares of Cardinal Infrastructure Group in the second quarter worth $11,768,000. Principal Financial Group Inc. increased its holdings in shares of Cardinal Infrastructure Group by 198.8% in the first quarter. Principal Financial Group Inc. now owns 428,263 shares of the company’s stock worth $16,983,000 after purchasing an additional 284,918 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new position in shares of Cardinal Infrastructure Group during the second quarter worth approximately $14,687,000.

About Cardinal Infrastructure Group