InnerWorkings, Inc. (INWK): Is It A Good Stock To Buy?

As industrywide interest jumped, key hedge funds have jumped into InnerWorkings, Inc. (NASDAQ:INWK) headfirst. Ellington, led by Mike Vranos, initiated the largest position in InnerWorkings, Inc. (NASDAQ:INWK). Ellington had $1.2 million invested in the company at the end of the quarter. Amy Minella’s Cardinal Capital also initiated a $0.7 million position during the quarter. The only other fund with a brand new INWK position is Gavin Saitowitz and Cisco J. del Valle’s Springbok Capital.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as InnerWorkings, Inc. (NASDAQ:INWK) but similarly valued. We will take a look at Chromcraft Revington, Inc. (NYSEAMEX:CRC), Cobalt International Energy, Inc. (NYSE:CIE), CalAmp Corp. (NASDAQ:CAMP), and Stoneridge, Inc. (NYSE:SRI). This group of stocks’ market values are closest to INWK’s market value.

As you can see these stocks had an average of 20 hedge funds with bullish positions and the average amount invested in these stocks was $146 million. That figure was $54 million in INWK’s case. Chromcraft Revington, Inc. (NYSEAMEX:CRC) is the most popular stock in this table. On the other hand CalAmp Corp. (NASDAQ:CAMP) is the least popular one with only 11 bullish hedge fund positions. InnerWorkings, Inc. (NASDAQ:INWK) is not the least popular stock in this group but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard CRC might be a better candidate to consider taking a long position in.

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