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

Key Points

• Cardinal Infrastructure Group shares opened 6.4% higher at $15.56 after previously closing at $14.62, later trading around $15.28 on volume of 117,231 shares.
• Analyst sentiment remains mixed but leans positive: four analysts rate the stock Buy, one rates it Hold and one Sell. The consensus rating is “Moderate Buy,” with a $49.25 price target, despite several recent target-price cuts and a Zacks downgrade to “Strong Sell.”
• The company missed quarterly earnings expectations, reporting adjusted EPS of $0.26 versus the $0.48 consensus estimate, while insiders bought 214,597 shares worth about $8.3 million over the past 90 days; insiders own 61.7% of the stock.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report) gapped up prior to trading on Monday. The stock had previously closed at $14.62, but opened at $15.56. Cardinal Infrastructure Group shares last traded at $15.2750, with a volume of 117,231 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on CDNL shares. Stifel Nicolaus reduced their price objective on 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. Oppenheimer decreased their price objective on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, August 12th. Truist Financial assumed coverage on shares of Cardinal Infrastructure Group in a research note on Friday, September 25th. They set a "buy" rating and a $40.00 target price for the company. Zacks Research cut shares of Cardinal Infrastructure Group from a "hold" rating to a "strong sell" rating in a report on Thursday. Finally, Weiss Ratings downgraded shares of Cardinal Infrastructure Group from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, October 8th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.25.

Cardinal Infrastructure Group Stock Up 5.2%

The company has a debt-to-equity ratio of 0.32, a current ratio of 3.59 and a quick ratio of 3.59. The stock's fifty day simple moving average is $33.13 and its 200-day simple moving average is $51.05. The stock has a market cap of $730.04 million and a P/E ratio of 27.95.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last posted 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 firm had revenue of $226.93 million during the quarter. On average, research analysts anticipate that Cardinal Infrastructure Group Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Leon Wood bought 51,400 shares of the firm's stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average price of $39.36 per share, for a total transaction of $2,023,104.00. Following the transaction, the director directly owned 51,400 shares of the company's stock, valued at approximately $2,023,104. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ivy Zelman bought 12,647 shares of the stock in a transaction on Friday, August 14th. The shares were bought at an average cost of $39.61 per share, for a total transaction of $500,947.67. Following the purchase, the director owned 32,891 shares in the company, valued at $1,302,812.51. This trade represents a 62.47% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 214,597 shares of company stock valued at $8,285,516 in the last ninety days. Insiders own 61.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wasatch Advisors LP raised its holdings in Cardinal Infrastructure Group by 1.3% during the first quarter. Wasatch Advisors LP now owns 693,050 shares of the company's stock worth $27,483,000 after purchasing an additional 9,064 shares in the last quarter. Emerald Advisers LLC boosted its stake in Cardinal Infrastructure Group by 12.7% during the 1st quarter. Emerald Advisers LLC now owns 578,600 shares of the company's stock valued at $22,944,000 after purchasing an additional 65,245 shares in the last quarter. Conversant Capital LLC bought a new position in Cardinal Infrastructure Group during the 1st quarter valued at $18,702,000. Principal Financial Group Inc. increased its position in shares of Cardinal Infrastructure Group by 198.8% during the 1st quarter. Principal Financial Group Inc. now owns 428,263 shares of the company's stock valued at $16,983,000 after purchasing an additional 284,918 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Cardinal Infrastructure Group during the 2nd quarter valued at $14,687,000.

About Cardinal Infrastructure Group

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.

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.