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If you consider yourself a contrarian investor, here are some ideas you may find interesting.

We ran a screen on highly shorted stocks in the S&P 500 index (with short floats above 20%, a bearish signal) that are also seeing bullish sentiment from institutional investors such as hedge funds.

We screened for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform into the future.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the two stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

Do you think these stocks will soon turn around? Use this list as a starting point for your own analysis.

1. Lennar Corp. (NYSE:LEN): Operates as a home builder and provider of financial services in the United States. Market cap at $6.66B, most recent closing price at $34.90. Short float at 20.97%. Net institutional purchases in the current quarter at 35.5M shares, which represents about 21.86% of the company's float of 162.41M shares.

2. First Solar, Inc. (NASDAQ:FSLR): Manufactures and sells solar modules using a thin-film semiconductor technology. Market cap at $2.02B, most recent closing price at $23.25. Short float at 47%. Net institutional purchases in the current quarter at 3.7M shares, which represents about 6.14% of the company's float of 60.22M shares.

Institutional data sourced from Fidelity, short data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 2 Highly Shorted Stocks Institutions Are Buying