Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Up – Here’s What Happened

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $69.72, but opened at $73.51. Cardinal Infrastructure Group shares last traded at $72.6310, with a volume of 38,120 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on CDNL shares. Zacks Research cut shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday. Stifel Nicolaus raised their target price on Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, May 13th. Oppenheimer boosted their price target on shares of Cardinal Infrastructure Group from $60.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, June 15th. Finally, Weiss Ratings upgraded shares of Cardinal Infrastructure Group from a “sell (e)” rating to a “sell (e+)” rating in a research report on Monday, June 1st. Three 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $59.33.

Cardinal Infrastructure Group Price Performance

The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.73 and a current ratio of 1.73. The company’s fifty day moving average is $65.58. The firm has a market capitalization of $2.99 billion and a P/E ratio of 301.67.

Cardinal Infrastructure Group (NASDAQ:CDNL) last posted its earnings results on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The business had revenue of $418.92 million during the quarter. As a group, analysts forecast that Cardinal Infrastructure Group Inc. will post 1.86 earnings per share for the current year.

Insider Activity

In other Cardinal Infrastructure Group news, COO Benjamin Wood purchased 20,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were bought at an average cost of $51.30 per share, with a total value of $1,026,000.00. Following the completion of the acquisition, the chief operating officer owned 20,000 shares of the company’s stock, valued at approximately $1,026,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 61.70% of the company’s stock.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several institutional investors have recently bought and sold shares of CDNL. California State Teachers Retirement System acquired a new position in Cardinal Infrastructure Group during the 1st quarter valued at about $28,000. Strs Ohio bought a new position in shares of Cardinal Infrastructure Group in the first quarter valued at approximately $87,000. Barclays PLC acquired a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $152,000. Zuckerman Investment Group LLC bought a new stake in Cardinal Infrastructure Group during the fourth quarter worth approximately $242,000. Finally, XTX Topco Ltd acquired a new stake in Cardinal Infrastructure Group in the fourth quarter worth approximately $242,000.

Cardinal Infrastructure Group Company 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.