Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down – Time to Sell?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price 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 changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CDNL shares. Zacks Research lowered Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings downgraded Cardinal Infrastructure Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Stifel Nicolaus dropped their price target 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. Truist Financial assumed coverage on shares of Cardinal Infrastructure Group in a research report on Friday, September 25th. They set a “buy” rating and a $40.00 target price for the company. Finally, Oppenheimer cut their price target on Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $49.25.

Cardinal Infrastructure Group Stock Down 12.1%

The company has a 50 day simple moving average of $35.99 and a two-hundred day simple moving average of $51.50. 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 company has a market capitalization of $777.23 million and a P/E ratio of 29.41.

Cardinal Infrastructure Group (NASDAQ:CDNL) last issued its quarterly earnings data 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 business had revenue of $226.93 million during the quarter. As a group, equities analysts predict that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current year.

Insider Activity

In other news, Director Ivy Zelman acquired 12,647 shares of the company’s stock in a transaction on Friday, August 14th. The stock was bought at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the purchase, the director directly owned 32,891 shares of the company’s stock, valued at $1,302,812.51. This represents a 62.47% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Leon Wood acquired 51,400 shares of the company’s stock in a transaction on Friday, August 14th. The shares were purchased at an average cost of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the purchase, the director directly owned 51,400 shares of the company’s stock, valued at $2,023,104. This trade represents a ? increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 214,597 shares of company stock worth $8,285,516. Company insiders own 61.70% of the company’s stock.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System purchased a new stake in Cardinal Infrastructure Group in the 1st quarter worth about $28,000. Strs Ohio purchased a new position in shares of Cardinal Infrastructure Group during the first quarter valued at approximately $87,000. GatePass Capital LLC purchased a new position in shares of Cardinal Infrastructure Group during the first quarter valued at approximately $274,000. Bank of Nova Scotia purchased a new position in shares of Cardinal Infrastructure Group during the first quarter valued at approximately $366,000. Finally, Round Rock Advisors LLC grew its stake in shares of Cardinal Infrastructure Group by 18.7% during the second quarter. Round Rock Advisors LLC now owns 22,438 shares of the company’s stock valued at $2,114,000 after buying an additional 3,541 shares during the last quarter.

Cardinal Infrastructure Group Company Profile

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.