Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Falls 15% – Here’s Why

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL)’s stock price dropped 15% on Wednesday. The company traded as low as $13.54 and last traded at $13.3510. 787,977 shares were traded during trading, an increase of 30% from the average daily volume of 607,790 shares. The stock had previously closed at $15.71.

Analysts Set New Price Targets

CDNL has been the subject of a number of research analyst reports. Truist Financial cut their price target on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a “buy” rating for the company in a report on Monday, October 19th. Weiss Ratings lowered shares of Cardinal Infrastructure Group from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, October 23rd. Oppenheimer lowered their target price 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. Stifel Nicolaus dropped their target price on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, August 12th. Finally, Zacks Research downgraded shares of Cardinal Infrastructure Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Four equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $46.75.

Cardinal Infrastructure Group Stock Performance

The firm has a fifty day moving average of $25.62 and a 200-day moving average of $43.17. 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 stock has a market capitalization of $691.21 million and a price-to-earnings ratio of 26.47.

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

Insiders Place Their Bets

In other Cardinal Infrastructure Group news, COO Benjamin Wood bought 25,700 shares of the business’s stock in a transaction on Friday, August 14th. The stock was bought at an average price of $39.48 per share, for a total transaction of $1,014,636.00. Following the completion of the transaction, the chief operating officer owned 45,700 shares in the company, valued at approximately $1,804,236. The trade was a 128.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard Bennett Wimmer bought 7,500 shares of the business’s stock in a transaction on Monday, August 17th. The shares were acquired at an average price of $39.13 per share, with a total value of $293,475.00. Following the transaction, the director owned 29,349 shares of the company’s stock, valued at $1,148,426.37. The trade was a 34.33% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Emerald Advisers LLC increased its position in Cardinal Infrastructure Group by 12.7% during the first quarter. Emerald Advisers LLC now owns 578,600 shares of the company’s stock worth $22,944,000 after buying an additional 65,245 shares in the last quarter. Conversant Capital LLC acquired a new position in shares of Cardinal Infrastructure Group in the first quarter worth $18,702,000. Principal Financial Group Inc. raised 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 acquiring an additional 284,918 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Cardinal Infrastructure Group in the second quarter valued at $14,687,000. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Cardinal Infrastructure Group by 19.7% in the first quarter. Emerald Mutual Fund Advisers Trust now owns 359,063 shares of the company’s stock valued at $14,239,000 after acquiring an additional 59,068 shares in the last quarter.

About Cardinal Infrastructure Group

Cardinal Infrastructure Group is a vertically integrated civil infrastructure and site development platform serving residential, commercial, industrial and municipal projects.

CDNL delivers its suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects through wholly owned, market leading subsidiaries. Cardinal’s operations leverage in-house, highly skilled teams and equipment fleets 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.