Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Down 5.3% – Here’s Why
by Mitch Edgeman · The Markets DailyCardinal Infrastructure Group Inc. (NASDAQ:CDNL – Get Free Report)’s stock price traded down 5.3% during mid-day trading on Tuesday . The stock traded as low as $29.76 and last traded at $29.8420. Approximately 104,805 shares changed hands during trading, a decline of 80% from the average daily volume of 529,369 shares. The stock had previously closed at $31.52.
Analysts Set New Price Targets
Several research firms have recently issued reports on CDNL. Oppenheimer reduced their price objective on shares of 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. 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 upgraded shares of Cardinal Infrastructure Group from a “sell (e+)” rating to a “hold (c)” rating in a report on Tuesday. Finally, Stifel Nicolaus decreased their price target on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, August 12th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.33.
Read Our Latest Research Report on Cardinal Infrastructure Group
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 company has a market capitalization of $1.36 billion and a PE ratio of 52.15. The stock’s 50-day moving average is $47.07 and its two-hundred day moving average is $52.04.
Cardinal Infrastructure Group (NASDAQ:CDNL – Get Free Report) last announced 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 business had revenue of $226.93 million during the quarter. On average, equities analysts predict that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current year.
Insider Activity at Cardinal Infrastructure Group
In other Cardinal Infrastructure Group news, CEO Jeremy Spivey bought 83,350 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was acquired at an average cost of $38.41 per share, for a total transaction of $3,201,473.50. Following the completion of the transaction, the chief executive officer owned 83,350 shares in the company, valued at $3,201,473.50. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard Melvin Jr. Lee purchased 34,000 shares of the business’s stock in a transaction dated 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 completion of the acquisition, 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 214,597 shares of company stock worth $8,285,516 over the last quarter. 61.70% of the stock is owned by insiders.
Institutional Trading of Cardinal Infrastructure Group
Several institutional investors and hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System bought a new position in Cardinal Infrastructure Group in the first quarter worth approximately $28,000. Strs Ohio bought a new stake in Cardinal Infrastructure Group during the 1st quarter valued at $87,000. GatePass Capital LLC purchased a new stake in shares of Cardinal Infrastructure Group in the 1st quarter worth $274,000. Bank of Nova Scotia purchased a new stake in shares of Cardinal Infrastructure Group in the 1st quarter worth $366,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Cardinal Infrastructure Group during the 1st quarter worth $1,040,000.