The CEO-led cluster buy after a mixed earnings report is a strong conviction signal — management is putting capital to work at current levels despite margin headwinds. The raised revenue guidance and Allied Paving acquisition provide a catalyst narrative.
Price Chart
Executive Summary
Seven CDNL insiders, including the CEO, CFO, and COO, made open-market purchases totaling $2.99M in the week following a record Q2 earnings report that showed explosive revenue growth (+114% YoY) but severe margin compression. This cluster of C-suite and director buys, representing 0.16% of market cap, is a strong bullish signal that management sees the post-earnings sell-off as an opportunity, given the raised revenue guidance and the $120M Allied Paving acquisition.
Key Financial Metrics
Key Facts
- Seven insiders bought $2.99M in open-market purchases over 7 days (Aug 10-17, 2026)
- CEO Jeremy Spivey bought $3.2M across multiple trades at $36.58-$39.65
- CFO Michael Rowe bought $256K at $36.53; COO Benjamin Wood bought $534K at $39.22
- Total insider buying represents ~0.16% of CDNL's $1.9B market cap
- Purchases came 8 days after Q2 earnings: revenue $226.9M (+114% YoY), adjusted EBITDA margin 12.4% vs 18.6% prior year
- Company raised FY revenue guidance to $880-900M but lowered EBITDA margin guidance to 16-18% from 20%+
- Announced $120M acquisition of Allied Paving concurrent with earnings
Financial Impact
$2.99M in insider open-market purchases, representing 0.16% of market cap
Risk Factors
- Adjusted EBITDA margin collapsed to 12.4% from 18.6% in Q2, and full-year margin guidance was lowered to 16-18% from 20%+
- The $120M Allied Paving acquisition adds integration risk and near-term margin dilution
- Insider cluster at 0.16% of market cap is modest in absolute size; larger follow-on buys would strengthen the signal
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-CDNL-1787123218251 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | SC 13G | $15.20 | awaiting T+20 | — | $15.15 (−0.33%) |
Oct 19, 2026 8d ago | 8-K | $15.87 | awaiting T+20 | — | $15.15 (−4.54%) |
Oct 19, 2026 8d ago | Press Release | $15.87 | awaiting T+20 | — | $15.15 (−4.54%) |
Oct 13, 2026 14d ago | Press Release | $18.62 | awaiting T+20 | — | $15.15 (−18.64%) |
Oct 1, 2026 26d ago | 8-K | $30.73 | awaiting T+20 | — | $15.15 (−50.70%) |
Oct 1, 2026 26d ago | Press Release | $30.73 | awaiting T+20 | — | $15.15 (−50.70%) |
Aug 18, 2026 10w ago | Insider Cluster | $43.33 $31.75 | ▼ −26.73% | ▼ −25.89% | $15.15 (−65.04%) |
Aug 17, 2026 10w ago | Insider Cluster | $45.14 $33.64 | ▼ −25.49% | ▼ −24.50% | $15.15 (−66.44%) |
Aug 11, 2026 11w ago | 8-K | $38.27 $34.57 | ▼ −9.67% | ▼ −8.61% | $15.15 (−60.41%) |
Aug 11, 2026 11w ago | Press Release | $38.27 $34.57 | ▼ −9.67% | ▼ −8.61% | $15.15 (−60.41%) |
US Market Status
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