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

Now that we’ve mentioned the most bullish investors, let’s also take a look at some funds that got rid of their entire stakes in the stock during the third quarter. At the top of the heap, Todd J. Kantor’s Encompass Capital Advisors got rid of the largest stake of the 700 funds watched by Insider Monkey, comprising an estimated $3.2 million in stock. GLG Partners also cut its stock, about $2.3 million worth.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Independence Contract Drilling Inc (NYSE:ICD) but similarly valued. We will take a look at Blackstone/GSO Long-Short Credit Income (NYSE:BGX), Limelight Networks, Inc. (NASDAQ:LLNW), MiX Telematics Ltd – ADR (NYSE:MIXT), and Charter Financial Corp (NASDAQ:CHFN). This group of stocks’ market valuations resemble ICD’s market valuation.

As you can see these stocks had an average of 5.25 hedge funds with bullish positions and the average amount invested in these stocks was $17 million. That figure was $16 million in ICD’s case. Limelight Networks, Inc. (NASDAQ:LLNW) is the most popular stock in this table. On the other hand Blackstone/GSO Long-Short Credit Income (NYSE:BGX) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Independence Contract Drilling Inc (NYSE:ICD) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.