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InnerWorkings, Inc. (INWK): Hedge Funds and Insiders Are Bullish, What Should You Do?

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InnerWorkings, Inc. (NASDAQ:INWK) was in 9 hedge funds’ portfolio at the end of the first quarter of 2013. INWK has seen an increase in enthusiasm from smart money of late. There were 7 hedge funds in our database with INWK holdings at the end of the previous quarter.

InnerWorkings, Inc. (NASDAQ:INWK)

In the 21st century investor’s toolkit, there are a multitude of indicators shareholders can use to track Mr. Market. Some of the most innovative are hedge fund and insider trading sentiment. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the top money managers can beat the S&P 500 by a very impressive amount (see just how much).

Equally as integral, positive insider trading activity is another way to parse down the investments you’re interested in. Just as you’d expect, there are many stimuli for an insider to downsize shares of his or her company, but just one, very clear reason why they would behave bullishly. Various empirical studies have demonstrated the valuable potential of this method if you understand what to do (learn more here).

Now, we’re going to take a gander at the latest action encompassing InnerWorkings, Inc. (NASDAQ:INWK).

Hedge fund activity in InnerWorkings, Inc. (NASDAQ:INWK)

Heading into Q2, a total of 9 of the hedge funds we track were long in this stock, a change of 29% from the first quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a select group of notable hedge fund managers who were boosting their stakes considerably.

When looking at the hedgies we track, Cupps Capital Management, managed by Drew Cupps, holds the largest position in InnerWorkings, Inc. (NASDAQ:INWK). Cupps Capital Management has a $6 million position in the stock, comprising 0.6% of its 13F portfolio. The second largest stake is held by Driehaus Capital, managed by Richard Driehaus, which held a $2 million position; 0.1% of its 13F portfolio is allocated to the stock. Other hedgies that hold long positions include D. E. Shaw’s D E Shaw, Cliff Asness’s AQR Capital Management and Israel Englander’s Millennium Management.

Now, some big names have jumped into InnerWorkings, Inc. (NASDAQ:INWK) headfirst. D E Shaw, managed by D. E. Shaw, created the most valuable position in InnerWorkings, Inc. (NASDAQ:INWK). D E Shaw had 0.4 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $0.3 million position during the quarter. The other funds with brand new INWK positions are Mike Vranos’s Ellington and Ken Gray and Steve Walsh’s Bryn Mawr Capital.

What have insiders been doing with InnerWorkings, Inc. (NASDAQ:INWK)?

Insider trading activity, especially when it’s bullish, is at its handiest when the company in question has seen transactions within the past six months. Over the last six-month time period, InnerWorkings, Inc. (NASDAQ:INWK) has seen 2 unique insiders buying, and 1 insider sales (see the details of insider trades here).

Let’s check out hedge fund and insider activity in other stocks similar to InnerWorkings, Inc. (NASDAQ:INWK). These stocks are Team, Inc. (NYSE:TISI), RPX Corp (NASDAQ:RPXC), Insperity Inc (NYSE:NSP), WNS (Holdings) Limited (ADR) (NYSE:WNS), and LivePerson, Inc. (NASDAQ:LPSN). This group of stocks are in the business services industry and their market caps resemble INWK’s market cap.

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