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

We ran a screen for highly shorted stocks (with short floats over 10%) trading between $1 and $5 a share, considering many investors prefer to invest in the low price range.

We then screened for those with optimism from company insiders, with significant net insider purchases over the last six months. When insiders put their own money on the line to purchase their company's shares it indicates they are bullish about the firm's future, and believe current share price is undervalued.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the 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. MannKind Corp. (NASDAQ:MNKD): Focuses on the discovery, development, and commercialization of therapeutic products for diabetes and cancer. Short float at 15.4%. Market cap at $533.34M, most recent closing price at $2.17. Over the last six months, insiders were net buyers of 31,269,350 shares, which represents about 24.74% of the company's 126.38M share float.

2. Office Depot, Inc. (NYSE:ODP): Together with its subsidiaries, supplies office products and services. Short float at 11%. Market cap at $964.08M, most recent closing price at $3.38. Over the last six months, insiders were net buyers of 6,916,980 shares, which represents about 2.94% of the company's 235.07M share float.

3. Opko Health, Inc. (NYSE:OPK): Engages in the discovery, development, and commercialization of novel and proprietary technologies primarily in the United States, Chile, and Mexico. Short float at 23%. Market cap at $1.4B, most recent closing price at $4.71. Over the last six months, insiders were net buyers of 6,485,900 shares, which represents about 4.94% of the company's 131.39M share float.

4. SIRIUS XM Radio Inc. (NASDAQ:SIRI): Provides satellite radio services in the United States and Canada. Short float at 11%. Market cap at $15.57B, most recent closing price at $2.99. Over the last six months, insiders were net buyers of 181,866,400 shares, which represents about 5.76% of the company's 3.16B share float.

Short and insider data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 4 Highly Shorted Stocks Under $5 Being Bought By Insiders