Cardinal Infrastructure Group Inc.’s Lock-Up Period To End on June 8th (NASDAQ:CDNL)

Cardinal Infrastructure Group’s (NASDAQ:CDNL) lock-up period will end on Monday, June 8th. Cardinal Infrastructure Group had issued 11,500,000 shares in its initial public offering on December 10th. The total size of the offering was $241,500,000 based on an initial share price of $21.00. After the end of Cardinal Infrastructure Group’s lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CDNL shares. DA Davidson increased their target price on shares of Cardinal Infrastructure Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, February 19th. Stifel Nicolaus raised their price target on shares of Cardinal Infrastructure Group from $41.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, May 13th. Zacks Research downgraded shares of Cardinal Infrastructure Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Oppenheimer initiated coverage on shares of Cardinal Infrastructure Group in a report on Thursday. They set an “outperform” rating and a $60.00 price target on the stock. Finally, Weiss Ratings initiated coverage on shares of Cardinal Infrastructure Group in a report on Monday, March 9th. They set a “sell (e)” rating on the stock. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.67.

Cardinal Infrastructure Group Trading Up 0.4%

Cardinal Infrastructure Group stock opened at $52.10 on Monday. The firm’s fifty day simple moving average is $47.11. Cardinal Infrastructure Group has a 1-year low of $21.98 and a 1-year high of $63.18.

Cardinal Infrastructure Group (NASDAQ:CDNL) last announced its earnings results on Monday, March 23rd. The company reported $1.98 EPS for the quarter. The firm had revenue of $418.92 million during the quarter. On average, research analysts expect that Cardinal Infrastructure Group will post 1.84 EPS for the current year.

Insider Buying and Selling at Cardinal Infrastructure Group

In other news, COO Benjamin Wood bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average price of $51.30 per share, for a total transaction of $1,026,000.00. Following the acquisition, the chief operating officer directly owned 20,000 shares of the company’s stock, valued at $1,026,000. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Ivy Zelman bought 6,921 shares of the company’s stock in a transaction that occurred on Thursday, March 26th. The stock was purchased at an average price of $36.33 per share, for a total transaction of $251,439.93. Following the acquisition, the director directly owned 15,326 shares in the company, valued at approximately $556,793.58. This trade represents a 82.34% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 61.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $28,000. Strs Ohio bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $87,000. Barclays PLC bought a new position in Cardinal Infrastructure Group in the 4th quarter worth $152,000. GatePass Capital LLC bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $274,000. Finally, Bank of Nova Scotia bought a new position in Cardinal Infrastructure Group in the 1st quarter worth $366,000.

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.