Cardinal Infrastructure Group (NASDAQ:CDNL) Reaches New 12-Month High - Here's Why

Key Points

• Cardinal Infrastructure Group hit a new 52-week high, trading as high as $39.80 (last $39.65) on volume of 373,706 shares, up from a prior close of $37.35.
• Analyst and institutional interest is rising: ratings average a Moderate Buy with an average price target of $38.00, several firms raised targets or upgraded coverage, and multiple institutions opened large new positions worth tens of millions.
• Insider confidence: Director Ivy Zelman bought 6,921 shares at $36.33, increasing her stake by 82.34%.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $39.80 and last traded at $39.65, with a volume of 373706 shares trading hands. The stock had previously closed at $37.35.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. DA Davidson raised their target price on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a "buy" rating in a research note on Thursday, February 19th. Stifel Nicolaus restated a "buy" rating and issued a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday. Zacks Research raised Cardinal Infrastructure Group from a "hold" rating to a "strong-buy" rating in a report on Friday, March 6th. Finally, Weiss Ratings initiated coverage on Cardinal Infrastructure Group in a research report on Monday, March 9th. They set a "sell (e)" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $38.00.

Cardinal Infrastructure Group Stock Performance

The firm's fifty day moving average price is $29.95.

Insiders Place Their Bets

In other news, Director Ivy Zelman bought 6,921 shares of the firm's stock in a transaction on Thursday, March 26th. The shares were bought at an average cost of $36.33 per share, for a total transaction of $251,439.93. Following the acquisition, the director directly owned 15,326 shares of the company's stock, valued at $556,793.58. This trade represents a 82.34% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Trading of Cardinal Infrastructure Group

Several institutional investors have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new position in Cardinal Infrastructure Group in the fourth quarter valued at approximately $31,082,000. Ophir Asset Management Pty Ltd acquired a new stake in Cardinal Infrastructure Group during the fourth quarter worth $23,865,000. Wasatch Advisors LP purchased a new stake in Cardinal Infrastructure Group in the fourth quarter valued at $16,539,000. Adage Capital Partners GP L.L.C. purchased a new stake in Cardinal Infrastructure Group in the fourth quarter valued at $14,992,000. Finally, TimesSquare Capital Management LLC acquired a new position in shares of Cardinal Infrastructure Group in the 4th quarter valued at $14,612,000.

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.

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