The right thesis, but the wrong execution.
They lowered their guidance, primarily due to the loss of a large customer. Their shares fell from $14.03/share to 10.48/share. Seeing that their largest customer was about 8% of revenues, we thought it was time to leap. We bought in at $10.52 on Thursday expecting a pop over the next couple of days. And then . . .
The stock dropped at the open before we bought in. Once we bought in, it hung in there and then started to drop. We sold off at $10.45 in a panic sale.
So, how was our analysis? INWK closed at $11.61 today. Instead of sticking to our guns, we realized a 0.7% loss instead of a 10.4% gain (as of today). We probably would have cashed out earlier as the intraday dips would have triggered trailing stop orders. However, poor execution led to a loss instead of a big gain over a short period of time.