Cardinal Infrastructure Group (NASDAQ:CDNL) Sets New 1-Year High – Time to Buy?

Cardinal Infrastructure Group Inc. (NASDAQ:CDNL) shares hit a new 52-week high on Wednesday . The stock traded as high as $39.80 and last traded at $39.65, with a volume of 373706 shares trading hands. The stock had previously closed at $37.35.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. DA Davidson boosted their price objective on Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 19th. Weiss Ratings began coverage on Cardinal Infrastructure Group in a research note on Monday, March 9th. They set a “sell (e)” rating on the stock. Stifel Nicolaus reissued a “buy” rating and set a $41.00 price target (up from $38.00) on shares of Cardinal Infrastructure Group in a report on Monday. Finally, Zacks Research upgraded Cardinal Infrastructure Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Cardinal Infrastructure Group Stock Performance

The company’s 50-day moving average is $30.54.

Insider Transactions at Cardinal Infrastructure Group

In related news, Director Ivy Zelman purchased 6,921 shares of the stock in a transaction dated Thursday, March 26th. The stock was bought at an average cost of $36.33 per share, for a total transaction of $251,439.93. Following the completion of the acquisition, the director owned 15,326 shares of the company’s stock, valued at approximately $556,793.58. This represents a 82.34% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Cardinal Infrastructure Group

A number of hedge funds have recently made changes to their positions in the stock. Taylor Frigon Capital Management LLC bought a new position in Cardinal Infrastructure Group during the fourth quarter worth $1,209,000. Kornitzer Capital Management Inc. KS acquired a new position in shares of Cardinal Infrastructure Group in the 4th quarter valued at about $850,000. TimesSquare Capital Management LLC bought a new stake in Cardinal Infrastructure Group during the 4th quarter valued at $14,612,000. Goldman Sachs Group Inc. bought a new position in shares of Cardinal Infrastructure Group in the fourth quarter valued at $3,893,000. Finally, CenterBook Partners LP bought a new stake in shares of Cardinal Infrastructure Group during the fourth quarter worth about $1,994,000.

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.