Cardinal Infrastructure Group (NASDAQ:CDNL) Now Covered by Truist Financial

Key Points

• Truist Financial initiated coverage of Cardinal Infrastructure Group with a “buy” rating and a $40 price target, implying 45.24% upside from the previous close.
• Analyst sentiment remains generally positive, with four buy ratings and two holds producing a “Moderate Buy” consensus and an average price target of $49.25. However, the company recently reported quarterly EPS of $0.26, missing the $0.48 consensus estimate.
• Cardinal shares opened at $27.54 after falling 4%, well below their 50-day and 200-day moving averages. Insiders have bought 214,597 shares worth approximately $8.29 million over the past 90 days.

Stock analysts at Truist Financial assumed coverage on shares of Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) in a report released on Friday, Briefing.com reports. The brokerage set a "buy" rating and a $40.00 price target on the stock. Truist Financial's price target suggests a potential upside of 45.24% from the company's previous close.

Several other analysts have also issued reports on CDNL. Stifel Nicolaus reduced their price objective on shares of Cardinal Infrastructure Group from $63.00 to $52.00 and set a "buy" rating on the stock in a 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 report on Monday, July 13th. Weiss Ratings raised shares of Cardinal Infrastructure Group from a "sell (e+)" rating to a "hold (c)" rating in a research note on Tuesday. Finally, Oppenheimer decreased 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 report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $49.25.

Cardinal Infrastructure Group Stock Down 4.0%

Shares of NASDAQ:CDNL opened at $27.54 on Friday. The business has a fifty day moving average of $46.19 and a two-hundred day moving average of $52.02. 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 cap of $1.31 billion and a P/E ratio of 50.07. Cardinal Infrastructure Group has a 52-week low of $21.98 and a 52-week high of $96.40.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.22). The firm had revenue of $226.93 million during the quarter. On average, research analysts expect that Cardinal Infrastructure Group will post 1.85 earnings per share for the current year.

Insider Activity at Cardinal Infrastructure Group

In other news, Director Richard Melvin Jr. Lee bought 34,000 shares of the company's stock in a transaction on Friday, August 14th. The stock was bought at an average cost of $36.82 per share, with a total value of $1,251,880.00. Following the transaction, the director directly owned 68,254 shares in the company, valued at $2,513,112.28. The trade was a 99.26% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ivy Zelman purchased 12,647 shares of the business's stock in a transaction on Friday, August 14th. The shares were acquired at an average price of $39.61 per share, for a total transaction of $500,947.67. Following the completion of the purchase, the director directly owned 32,891 shares of the company's stock, valued at approximately $1,302,812.51. This trade represents a 62.47% 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 worth $8,285,516 over the last ninety days. Company insiders own 61.70% of the company's stock.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Several institutional investors have recently modified their holdings of the business. Round Rock Advisors LLC grew its stake in Cardinal Infrastructure Group by 18.7% during the 2nd quarter. Round Rock Advisors LLC now owns 22,438 shares of the company's stock worth $2,114,000 after purchasing an additional 3,541 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Cardinal Infrastructure Group in the 2nd quarter valued at about $14,687,000. Ranger Investment Management L.P. acquired a new position in shares of Cardinal Infrastructure Group during the second quarter worth about $11,768,000. Bank of America Corp DE increased its stake in shares of Cardinal Infrastructure Group by 139.4% during the first quarter. Bank of America Corp DE now owns 125,804 shares of the company's stock worth $4,989,000 after buying an additional 73,259 shares during the period. Finally, California State Teachers Retirement System purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter worth approximately $28,000.

About Cardinal Infrastructure Group

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