Cardinal Infrastructure Group (NASDAQ:CDNL) Downgraded by Zacks Research to "Strong Sell"

Key Points

• Zacks Research downgraded Cardinal Infrastructure Group to “strong sell” from “hold,” despite the broader analyst consensus remaining “Moderate Buy” with a $49.25 target price.
• CDNL shares fell 8.2% to $14.62, near the company’s 12-month low of $14.09, and are well below their 50-day and 200-day moving averages. The company also missed its latest quarterly EPS estimate, reporting $0.26 versus the expected $0.48.
• Insiders have shown buying interest, purchasing 214,597 shares worth about $8.3 million over the past 90 days; insiders collectively own 61.7% of the company.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report released on Thursday, Zacks reports.

Several other brokerages have also recently weighed in on CDNL. Truist Financial initiated coverage on Cardinal Infrastructure Group in a report on Friday, September 25th. They set a "buy" rating and a $40.00 target price for the company. Stifel Nicolaus decreased their price target on 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. Oppenheimer lowered their price objective on Cardinal Infrastructure Group from $80.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Finally, Weiss Ratings lowered Cardinal Infrastructure Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Four equities research 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.25.

Cardinal Infrastructure Group Trading Down 8.2%

NASDAQ CDNL traded down $1.30 during trading on Thursday, hitting $14.62. 3,004,144 shares of the company's stock traded hands, compared to its average volume of 1,023,889. The stock has a fifty day moving average of $33.13 and a two-hundred day moving average of $50.96. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.59 and a quick ratio of 3.59. Cardinal Infrastructure Group has a 12-month low of $14.09 and a 12-month high of $96.40. The firm has a market cap of $694.01 million and a P/E ratio of 26.58.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last announced 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 firm had revenue of $226.93 million during the quarter. As a group, sell-side analysts expect that Cardinal Infrastructure Group will post 1.76 EPS for the current year.

Insider Activity

In other Cardinal Infrastructure Group news, Director Leon Wood purchased 51,400 shares of the company's stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price 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. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ivy Zelman purchased 12,647 shares of the business's stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the acquisition, the director 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. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 214,597 shares of company stock valued at $8,285,516. 61.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Round Rock Advisors LLC boosted its stake in shares of Cardinal Infrastructure Group by 18.7% during the 2nd quarter. Round Rock Advisors LLC now owns 22,438 shares of the company's stock valued at $2,114,000 after purchasing an additional 3,541 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Cardinal Infrastructure Group in the second quarter worth about $14,687,000. Ranger Investment Management L.P. bought a new stake in Cardinal Infrastructure Group during the 2nd quarter valued at approximately $11,768,000. Bank of America Corp DE boosted its position in Cardinal Infrastructure Group by 139.4% during the 1st quarter. Bank of America Corp DE now owns 125,804 shares of the company's stock valued at $4,989,000 after acquiring an additional 73,259 shares in the last quarter. Finally, California State Teachers Retirement System purchased a new position in shares of Cardinal Infrastructure Group during the 1st quarter worth approximately $28,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.