Traders Are Bullish InnerWorkings, Inc. (INWK) After The Stock Formed Multiple Top Chart Pattern

September 17, 2017 - By Marguerite Chambers

Investors sentiment decreased to 0.97 in Q4 2016. Its down 1.06, from 2.03 in 2016Q3. It is negative, as 13 investors sold InnerWorkings, Inc. shares while 46 reduced holdings. 20 funds opened positions while 37 raised stakes. 41.52 million shares or 0.88% less from 41.89 million shares in 2016Q3 were reported.
Paradigm Asset Management Commerce Limited Com accumulated 18,800 shares. 2.28M were reported by Hcsf Ltd Limited Liability Company. Citigroup reported 42,129 shares stake. Cardinal Capital Lc Ct, a Connecticut-based fund reported 203,800 shares. Prelude Management Ltd Limited Liability Company holds 0.01% of its portfolio in InnerWorkings, Inc. (NASDAQ:INWK) for 8,200 shares. Tiaa Cref Invest Mgmt Lc, a New York-based fund reported 107,538 shares. Eagle Boston Invest Mngmt accumulated 1.02M shares. Moreover, Rhumbline Advisers has 0% invested in InnerWorkings, Inc. (NASDAQ:INWK) for 46,984 shares. Finemark Natl Bancorp stated it has 5,713 shares or 0% of all its holdings. First Advsrs Limited Partnership invested 0% in InnerWorkings, Inc. (NASDAQ:INWK). Federated Investors Pa has 621 shares. Atria Invests Ltd invested 0.02% of its portfolio in InnerWorkings, Inc. (NASDAQ:INWK). Perritt Cap Mngmt owns 233,400 shares for 0.56% of their portfolio. Da Davidson reported 12,896 shares. 24,258 were accumulated by Voya Investment Mgmt Ltd Limited Liability Company.

The stock of InnerWorkings, Inc. (INWK) shows a multiple tops pattern with $11.97 target or 8.00 % above today’s $11.08 share price. The 9 months chart pattern indicates low risk for the $603.92 million company. It was reported on Sep, 17 by Finviz.com. If the $11.97 price target is reached, the company will be worth $48.31M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock decreased 0.09% or $0.01 on September 15, reaching $11.08. About 650,509 shares traded or 143.65% up from the average. InnerWorkings, Inc. (NASDAQ:INWK) has risen 36.17% since September 17, 2016 and is uptrending. It has outperformed by 19.47% the S&P500.

Analysts await InnerWorkings, Inc. (NASDAQ:INWK) to report earnings on November, 14. They expect $0.13 EPS, up 18.18 % or $0.02 from last year’s $0.11 per share. INWK’s profit will be $7.09 million for 21.31 P/E if the $0.13 EPS becomes a reality. After $0.12 actual EPS reported by InnerWorkings, Inc. for the previous quarter, Wall Street now forecasts 8.33 % EPS growth.

InnerWorkings, Inc. (NASDAQ:INWK) Ratings Coverage

Among 3 analysts covering Innerworkings (NASDAQ:INWK), 3 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Innerworkings had 4 analyst reports since August 7, 2015 according to SRatingsIntel. Wunderlich maintained it with “Buy” rating and $1500 target in Thursday, June 29 report. The firm has “Outperform” rating by Barrington Research given on Monday, February 27.

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