Cardinal Infrastructure Group (NASDAQ:CDNL) Stock Falls 5.3% - Here's Why

Key Points

• Cardinal Infrastructure Group shares fell 5.3% to $28.99 in thin trading, with volume down 92% from the average session.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $49.25, despite several recent target reductions and one downgrade to “Hold.”
• The company missed quarterly earnings expectations, reporting $0.26 EPS versus the $0.48 consensus; however, insiders have purchased 214,597 shares worth about $8.3 million over the past three months.

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL - Get Free Report)'s stock price was down 5.3% during mid-day trading on Thursday. The stock traded as low as $29.87 and last traded at $28.99. 40,276 shares were traded during mid-day trading, a decline of 92% from the average session volume of 536,004 shares. The stock had previously closed at $30.60.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CDNL shares. Truist Financial initiated coverage on Cardinal Infrastructure Group in a research report on Friday, September 25th. They set a "buy" rating and a $40.00 target price on the stock. 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. Oppenheimer cut their price target 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 reduced their price objective on shares of 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. Finally, Weiss Ratings raised shares of Cardinal Infrastructure Group from a "sell (e+)" rating to a "hold (c)" rating in a research note on Tuesday, September 22nd. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cardinal Infrastructure Group presently has an average rating of "Moderate Buy" and a consensus price target of $49.25.

Cardinal Infrastructure Group Stock Down 6.5%

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 company has a fifty day simple moving average of $42.77 and a two-hundred day simple moving average of $51.98. The firm has a market capitalization of $1.36 billion and a PE ratio of 52.04.

Cardinal Infrastructure Group (NASDAQ:CDNL - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.22). The company had revenue of $226.93 million during the quarter. Analysts forecast that Cardinal Infrastructure Group Inc. will post 1.85 EPS for the current fiscal year.

Insider Buying and Selling at Cardinal Infrastructure Group

In related news, COO Benjamin Wood purchased 25,700 shares of the business's stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $39.48 per share, for a total transaction of $1,014,636.00. Following the acquisition, the chief operating officer owned 45,700 shares of the company's stock, valued at $1,804,236. The trade was a 128.50% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ivy Zelman purchased 12,647 shares of Cardinal Infrastructure Group stock in a transaction dated Friday, August 14th. The stock was bought at an average cost of $39.61 per share, with a total value of $500,947.67. Following the completion of the transaction, the director owned 32,891 shares in the company, valued at approximately $1,302,812.51. This represents a 62.47% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 214,597 shares of company stock worth $8,285,516. 61.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cardinal Infrastructure Group

Several institutional investors have recently added to or reduced their stakes in CDNL. California State Teachers Retirement System acquired a new stake in Cardinal Infrastructure Group in the 1st quarter worth approximately $28,000. Strs Ohio purchased a new position in shares of Cardinal Infrastructure Group in the first quarter worth $87,000. GatePass Capital LLC acquired a new stake in shares of Cardinal Infrastructure Group during the first quarter worth $274,000. Bank of Nova Scotia purchased a new stake in shares of Cardinal Infrastructure Group during the first quarter valued at $366,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Cardinal Infrastructure Group in the 1st quarter valued at $1,040,000.

About Cardinal Infrastructure Group

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