Is Independence Contract Drilling Inc (ICD) A Good Stock To Buy?

Hedge Funds and other institutional investors have just completed filing their 13Fs with the Securities and Exchange Commission, revealing their equity portfolios as of the end of September. At Insider Monkey, we follow over 700 of the best-performing investors and by analyzing their 13F filings, we can determine the stocks that they are collectively bullish on. One of their picks is Independence Contract Drilling Inc (NYSE:ICD), so let’s take a closer look at the sentiment that surrounds it in the current quarter.

Hedge fund interest in Independence Contract Drilling Inc shares was flat at the end of last quarter. This is usually a negative indicator. At the end of this article we will also compare ICD to other stocks, including Derma Sciences Inc (NASDAQ:DSCI), Commercial Vehicle Group, Inc. (NASDAQ:CVGI), and Golden Entertainment Inc (NASDAQ:GDEN) to get a better sense of its popularity.

Today there are plenty of tools stock market investors can use to appraise publicly traded companies. Two of the most useful tools are hedge fund and insider trading activity. We have shown that, historically, those who follow the top picks of the top money managers can outpace their index-focused peers by a superb margin (see the details here).

Keeping this in mind, we’re going to review the new action regarding Independence Contract Drilling Inc (NYSE:ICD).

Hedge fund activity in Independence Contract Drilling Inc (NYSE:ICD)

At the end of the third quarter, a total of 5 of the hedge funds tracked by Insider Monkey held long positions in this stock, unchanged from the previous quarter. With hedge funds’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were upping their stakes meaningfully (or already accumulated large positions).

Of the funds tracked by Insider Monkey, Phill Gross and Robert Atchinson’s Adage Capital Management has the largest position in Independence Contract Drilling Inc (NYSE:ICD), worth close to $2.7 million, accounting for less than 0.1%% of its total 13F portfolio. On Adage Capital Management’s heels is Driehaus Capital, managed by Richard Driehaus, which holds a $1.8 million position; 0.1% of its 13F portfolio is allocated to the company. The remaining members of the smart money that hold long positions include Gary Claar’s Claar Advisors, Kevin Michael Ulrich and Anthony Davis’s Anchorage Advisors and Jim Simons’ Renaissance Technologies.