Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Gap Down - Here's What Happened

Key Points

• Cardinal Infrastructure Group shares fell 12.1%, opening at $17.78 versus the prior close of $18.62 and later trading near $16.27. The stock’s market capitalization was approximately $777 million.
• Analyst sentiment remains moderately positive, with four Buy ratings and two Holds, although several firms recently cut their price targets. The consensus target is $49.25, well above the current price.
• The company missed quarterly earnings expectations, reporting $0.26 per share versus the $0.48 consensus estimate, while insiders bought 214,597 shares worth about $8.3 million during the last quarter.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report) gapped down prior to trading on Wednesday. The stock had previously closed at $18.62, but opened at $17.78. Cardinal Infrastructure Group shares last traded at $16.2660, with a volume of 774,120 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Weiss Ratings cut Cardinal Infrastructure Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Oppenheimer cut their target price 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. Stifel Nicolaus decreased their target price on shares of 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. Zacks Research downgraded shares of Cardinal Infrastructure Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Finally, Truist Financial started coverage on shares of Cardinal Infrastructure Group in a report on Friday, September 25th. They set a "buy" rating and a $40.00 price target for the company. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $49.25.

Cardinal Infrastructure Group Stock Down 12.1%

The company's fifty day moving average price is $35.99 and its 200-day moving average price is $51.50. The stock has a market capitalization of $777.23 million and a PE ratio of 29.41. The company has a quick ratio of 3.59, a current ratio of 3.59 and a debt-to-equity ratio of 0.32.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last released its 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 business had revenue of $226.93 million during the quarter. Analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 earnings per share for the current year.

Insiders Place Their Bets

In other Cardinal Infrastructure Group news, Director Leon Wood acquired 51,400 shares of Cardinal Infrastructure Group stock in a transaction that occurred on Friday, August 14th. The stock was bought at an average cost of $39.36 per share, for a total transaction of $2,023,104.00. Following the acquisition, the director owned 51,400 shares of the company's stock, valued at $2,023,104. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Ivy Zelman acquired 12,647 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were bought at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the acquisition, the director directly owned 32,891 shares of the company's stock, valued at $1,302,812.51. The trade was a 62.47% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cardinal Infrastructure Group

Hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System purchased a new position in shares of Cardinal Infrastructure Group in the first quarter worth approximately $28,000. Strs Ohio bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $87,000. Round Rock Advisors LLC grew its holdings in Cardinal Infrastructure Group by 18.7% during the second 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 during the period. GatePass Capital LLC purchased a new stake in Cardinal Infrastructure Group in the first quarter worth about $274,000. Finally, Wasatch Advisors LP raised its stake in shares of Cardinal Infrastructure Group by 1.3% in the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company's stock worth $27,483,000 after buying an additional 9,064 shares during the period.

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.

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