Cardinal Infrastructure Group Inc. (CDNL) shares rose 4% on Tuesday after company insiders disclosed a $8.2 million buying spree, according to regulatory filings.
The purchases, executed on August 14, were led by Chief Executive Officer Jeremy Spivey, who acquired 83,350 shares for approximately $3.2 million at weighted average prices between $36.58 and $39.65 per share. Other executives and directors also participated, including Director Anthony Wood Jr., who bought 51,400 shares for about $2.02 million at prices ranging from $39.16 to $39.75.
Director Richard Melvin Lee Jr. purchased 34,000 shares worth roughly $1.25 million at prices between $36.59 and $37.73, while Chief Operating Officer Benjamin Wood acquired 25,700 shares for approximately $1.01 million at weighted average prices of $39.22 and $39.77. Director Ivy Zelman bought 12,647 shares valued at about $500,947 at a weighted average price of $39.61, and Chief Financial Officer Michael Rowe Jr. purchased 7,000 shares for around $255,710 at an average price of $36.53.
All transactions were completed on August 14 and disclosed in Form 4 filings submitted to the U.S. Securities and Exchange Commission on August 17. The coordinated buying activity follows a period of trading activity that has drawn market attention to the company’s stock performance.
