Readystate Asset Management LP Decreases Position in Cardinal Infrastructure Group Inc. $CDNL

Readystate Asset Management LP lowered its stake in shares of Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) by 77.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,709 shares of the company’s stock after selling 57,741 shares during the quarter. Readystate Asset Management LP’s holdings in Cardinal Infrastructure Group were worth $1,574,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System purchased a new position in Cardinal Infrastructure Group in the first quarter valued at $28,000. Strs Ohio acquired a new stake in shares of Cardinal Infrastructure Group in the 1st quarter valued at about $87,000. Barclays PLC purchased a new position in shares of Cardinal Infrastructure Group during the fourth quarter worth approximately $152,000. Zuckerman Investment Group LLC purchased a new position in Cardinal Infrastructure Group during the 4th quarter worth $242,000. Finally, XTX Topco Ltd purchased a new position in shares of Cardinal Infrastructure Group during the fourth quarter worth about $242,000.

Insider Buying and Selling

In other news, Director Leon Wood bought 51,400 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $39.36 per share, with a total value of $2,023,104.00. Following the completion of the transaction, the director owned 51,400 shares in the company, valued at approximately $2,023,104. This trade represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Melvin Jr. Lee acquired 34,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was purchased at an average price of $36.82 per share, for a total transaction of $1,251,880.00. Following the acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 214,597 shares of company stock valued at $8,285,516 over the last ninety days. Insiders own 61.70% of the company’s stock.

Cardinal Infrastructure Group Price Performance

Shares of NASDAQ CDNL opened at $36.43 on Tuesday. The stock has a market capitalization of $1.73 billion and a PE ratio of 66.24. 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 fifty day moving average of $57.10 and a 200-day moving average of $51.97. Cardinal Infrastructure Group Inc. has a 52-week low of $21.98 and a 52-week high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.22). The firm had revenue of $226.93 million during the quarter. On average, analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cardinal Infrastructure Group in a report on Thursday, August 27th. Oppenheimer reduced their price target on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Finally, Stifel Nicolaus reduced their price objective on Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, August 12th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.33.

Cardinal Infrastructure Group 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.