Cardinal Infrastructure Group (NASDAQ:CDNL) Sets New 52-Week High - Time to Buy?

Key Points

• Cardinal Infrastructure Group hit a new 52-week high of $43.30 and last traded at $41.28, well above its 50-day moving average of $31.12.
• Wall Street sentiment is mostly positive — MarketBeat shows an average rating of Moderate Buy with an average target of $38 after upgrades from DA Davidson, Zacks and Stifel, though Weiss Ratings issued a sell.
• Significant insider and institutional buying: director Ivy Zelman bought 6,921 shares (~$251k) and several large funds (Schonfeld, Ophir, Wasatch, Adage, TimesSquare) established new positions worth tens of millions.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report)'s stock price hit a new 52-week high on Tuesday . The stock traded as high as $43.30 and last traded at $41.28, with a volume of 495775 shares trading hands. The stock had previously closed at $42.17.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CDNL. DA Davidson raised their target price on Cardinal Infrastructure Group from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Thursday, February 19th. Zacks Research raised Cardinal Infrastructure Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, March 6th. Stifel Nicolaus reaffirmed a "buy" rating and set a $41.00 target price (up from $38.00) on shares of Cardinal Infrastructure Group in a research report on Monday, March 30th. Finally, Weiss Ratings began coverage on Cardinal Infrastructure Group in a report on Monday, March 9th. They issued a "sell (e)" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $38.00.

Cardinal Infrastructure Group Price Performance

The business has a 50 day moving average price of $31.12.

Insider Activity

In other Cardinal Infrastructure Group news, Director Ivy Zelman purchased 6,921 shares of the company's stock in a transaction dated Thursday, March 26th. The stock was purchased at an average price of $36.33 per share, for a total transaction of $251,439.93. Following the transaction, the director owned 15,326 shares in the company, valued at $556,793.58. The trade was a 82.34% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Institutional Trading of Cardinal Infrastructure Group

Large investors have recently modified their holdings of the business. Schonfeld Strategic Advisors LLC purchased a new position in shares of Cardinal Infrastructure Group in the fourth quarter worth about $31,082,000. Ophir Asset Management Pty Ltd purchased a new stake in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $23,865,000. Wasatch Advisors LP bought a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $16,539,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $14,992,000. Finally, TimesSquare Capital Management LLC bought a new position in shares of Cardinal Infrastructure Group during the fourth quarter valued at approximately $14,612,000.

About Cardinal Infrastructure Group

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.