Here is What Hedge Funds Think About InnerWorkings, Inc. (INWK)

Due to the fact that InnerWorkings, Inc. (NASDAQ:INWK) has witnessed falling interest from the aggregate hedge fund industry, logic holds that there were a few hedge funds that elected to cut their full holdings in the third quarter. It’s worth mentioning that Israel Englander’s Millennium Management cut the biggest investment of the “upper crust” of funds tracked by Insider Monkey, valued at an estimated $0.1 million in stock. John Overdeck and David Siegel’s fund, Two Sigma Advisors, also dropped its stock, about $0.1 million worth of shares. These moves are intriguing to say the least, as total hedge fund interest fell by 1 fund in the third quarter.

Let’s now take a look at hedge fund activity in other stocks similar to InnerWorkings, Inc. (NASDAQ:INWK). We will take a look at Alico, Inc. (NASDAQ:ALCO), InterNAP Network Services (NASDAQ:INAP), Village Super Market, Inc. (NASDAQ:VLGEA), and Independent Bank Corporation(MI) (NASDAQ:IBCP). This group of stocks’ market values are closest to INWK’s market value.

As you can see these stocks had an average of 9 hedge funds with bullish positions and the average amount invested in these stocks was $65 million. That figure was $88 million in INWK’s case. Independent Bank Corporation(MI) (NASDAQ:IBCP) is the most popular stock in this table. On the other hand Village Super Market, Inc. (NASDAQ:VLGEA) is the least popular one with only 6 bullish hedge fund positions. While InnerWorkings, Inc. (NASDAQ:INWK) is not the most popular stock in this group, hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard IBCP might be a better candidate to consider a long position.