Cardinal Infrastructure Group (NASDAQ:CDNL) Reaches New 52-Week High - Here's What Happened

Key Points

• Cardinal Infrastructure Group (NASDAQ:CDNL) hit a new 52-week high, trading as high as $55.05 (last $54.7450) on Friday, well above its 50‑day moving average of $39.18.
• Analyst coverage is mixed: the MarketBeat consensus is a Hold with a $38.00 target, though DA Davidson and Stifel have issued Buy ratings and raised targets to $35 and $41 respectively.
• Insider Director Ivy Zelman bought 6,921 shares at an average $36.33 on March 26, increasing her stake by 82.34%, and several institutional investors have recently added new positions.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $55.05 and last traded at $54.7450, with a volume of 91897 shares changing hands. The stock had previously closed at $53.03.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CDNL shares. Zacks Research lowered Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 20th. Weiss Ratings started coverage on Cardinal Infrastructure Group in a research note on Monday, March 9th. They issued a "sell (e)" rating on the stock. DA Davidson increased their target price on Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Thursday, February 19th. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $41.00 target price (up from $38.00) on shares of Cardinal Infrastructure Group in a research note on Monday, March 30th. Two equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $38.00.

Cardinal Infrastructure Group Price Performance

The business's 50 day moving average price is $39.18.

Insiders Place Their Bets

In related news, Director Ivy Zelman bought 6,921 shares of the business's stock in a transaction on Thursday, March 26th. The shares were purchased at an average price of $36.33 per share, with a total value of $251,439.93. Following the completion of the purchase, the director owned 15,326 shares of the company's stock, valued at $556,793.58. This represents a 82.34% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Institutional Investors Weigh In On Cardinal Infrastructure Group

A number of hedge funds have recently modified their holdings of CDNL. Strs Ohio acquired a new stake in shares of Cardinal Infrastructure Group during the first quarter worth about $87,000. Barclays PLC acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $152,000. XTX Topco Ltd acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $242,000. Zuckerman Investment Group LLC acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $242,000. Finally, Oxford Asset Management LLP acquired a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $355,000.

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.

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.