Cardinal Infrastructure Group (NASDAQ:CDNL) Shares Up 9.7% - Here's What Happened

Key Points

• Cardinal Infrastructure Group shares rose 9.7% to about $15.13, although trading volume was roughly 80% below the average daily level.
• Analyst sentiment remains mixed: four analysts rate the stock a Buy and two rate it a Sell, producing an average Hold rating and a consensus price target of $46.75 after several target reductions.
• The company missed its latest earnings estimate, reporting $0.26 in EPS versus $0.48 expected, while insiders bought 214,597 shares worth approximately $8.3 million during the past quarter.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report)'s share price shot up 9.7% on Monday. The stock traded as high as $14.88 and last traded at $15.1330. 119,330 shares were traded during trading, a decline of 80% from the average daily volume of 600,287 shares. The stock had previously closed at $13.80.

Analyst Upgrades and Downgrades

CDNL has been the topic of a number of research analyst reports. Truist Financial reduced their price target on shares of Cardinal Infrastructure Group from $40.00 to $30.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. Oppenheimer reduced their target price on shares of Cardinal Infrastructure Group from $80.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Weiss Ratings lowered Cardinal Infrastructure Group from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday. Zacks Research lowered Cardinal Infrastructure Group from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 15th. Finally, Stifel Nicolaus reduced their price target on Cardinal Infrastructure Group from $63.00 to $52.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $46.75.

Cardinal Infrastructure Group Stock Up 11.7%

The company has a market cap of $731.56 million and a P/E ratio of 27.96. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.59 and a current ratio of 3.59. The business's fifty day moving average is $30.43 and its two-hundred day moving average is $50.12.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last released its earnings results on Tuesday, August 11th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. Equities analysts predict that Cardinal Infrastructure Group Inc. will post 1.76 EPS for the current year.

Insider Buying and Selling

In other news, CEO Jeremy Spivey bought 83,350 shares of the company's stock in a transaction on Friday, August 14th. The stock was bought at an average cost of $38.41 per share, with a total value of $3,201,473.50. Following the transaction, the chief executive officer directly owned 83,350 shares in the company, valued at $3,201,473.50. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Benjamin Wood purchased 25,700 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average cost of $39.48 per share, with a total value of $1,014,636.00. Following the completion of the acquisition, the chief operating officer directly owned 45,700 shares of the company's stock, valued at $1,804,236. This represents a 128.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 214,597 shares of company stock valued at $8,285,516 over the last quarter. 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 made changes to their positions in the business. Kings Path Partners LLC bought a new stake in Cardinal Infrastructure Group during the third quarter valued at $319,000. Round Rock Advisors LLC boosted its stake in shares of Cardinal Infrastructure Group by 18.7% during the 2nd quarter. Round Rock Advisors LLC now owns 22,438 shares of the company's stock worth $2,114,000 after acquiring an additional 3,541 shares in the last quarter. Wellington Management Group LLP acquired a new stake in Cardinal Infrastructure Group during the 2nd quarter worth about $14,687,000. Ranger Investment Management L.P. purchased a new position in Cardinal Infrastructure Group during the 2nd quarter worth approximately $11,768,000. Finally, Bank of America Corp DE boosted its position in Cardinal Infrastructure Group by 139.4% during the 1st quarter. Bank of America Corp DE now owns 125,804 shares of the company's stock worth $4,989,000 after acquiring an additional 73,259 shares during the period.

Cardinal Infrastructure Group Company Profile

Cardinal Infrastructure Group is a vertically integrated civil infrastructure and site development platform serving residential, commercial, industrial and municipal projects. CDNL delivers its suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects through wholly owned, market leading subsidiaries. Cardinal's operations leverage in-house, highly skilled teams and equipment fleets 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.

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