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This list might be an interesting one for the contrarians. To find these companies, we started with a universe of about 100 stocks showing bearish sentiment in the options market (i.e. very high Put/Call ratios).

For each stock in the starting universe, we added data on short float and short ratios. To narrow the universe down to 30, we ranked the entire universe according to an average of these three data points.

So, here it is: 30 stocks showing excessive pessimism, based on Put/Call ratios, short float and short ratios. Full analysis follows below. Options data sourced from Schaeffer's Research, and short float data sourced from Finviz.

1. World Acceptance Corp. (NASDAQ:WRLD): Market cap of $641.28M. Put / Call ratio at 8.01 (11,564 open put options, vs. 1,444 open call options). Short float at 27.52%, which implies a short ratio of 17.88 days.

2. Poniard Pharmaceuticals, Inc. (OTCPK:PARD): Market cap of $27.31M. Put / Call ratio at 18.95 (18,478 open put options, vs. 975 open call options). Short float at 11.54%, which implies a short ratio of 6.64 days.

3. Digital Realty Trust Inc. (NYSE:DLR): Market cap of $5.34B. Put / Call ratio at 3.16 (11,672 open put options, vs. 3,688 open call options). Short float at 15.37%, which implies a short ratio of 9.97 days.

4. Aruba Networks, Inc. (NASDAQ:ARUN): Market cap of $1.67B. Put / Call ratio at 2.35 (38,745 open put options, vs. 16,500 open call options). Short float at 25.74%, which implies a short ratio of 11.07 days.

5. Amedisys Inc. (NASDAQ:AMED): Market cap of $774.55M. Put / Call ratio at 2.35 (32,612 open put options, vs. 13,872 open call options). Short float at 36.83%, which implies a short ratio of 9.64 days.

6. MELA Sciences, Inc. (NASDAQ:MELA): Market cap of $150.85M. Put / Call ratio at 2.32 (59,267 open put options, vs. 25,514 open call options). Short float at 23.87%, which implies a short ratio of 10.92 days.

7. The Cheesecake Factory Incorporated (NASDAQ:CAKE): Market cap of $1.45B. Put / Call ratio at 2.97 (25,148 open put options, vs. 8,460 open call options). Short float at 16.7%, which implies a short ratio of 6.41 days.

8. The Great Atlantic & Pacific Tea Company, Inc. (GAP): Market cap of $189.96M. Put / Call ratio at 2.17 (22,151 open put options, vs. 10,199 open call options). Short float at 50.64%, which implies a short ratio of 12.49 days.

9. Acorda Therapeutics, Inc. (NASDAQ:ACOR): Market cap of $1.36B. Put / Call ratio at 3 (25,305 open put options, vs. 8,431 open call options). Short float at 9.01%, which implies a short ratio of 6.98 days.

10. K-Swiss Inc. (NASDAQ:KSWS): Market cap of $397.31M. Put / Call ratio at 4.01 (8,282 open put options, vs. 2,065 open call options). Short float at 6.3%, which implies a short ratio of 9.6 days.

11. Royal Caribbean Cruises Ltd. (NYSE:RCL): Market cap of $6.18B. Put / Call ratio at 5.33 (172,818 open put options, vs. 32,401 open call options). Short float at 10.17%, which implies a short ratio of 3.36 days.

12. Microvision Inc. (NASDAQ:MVIS): Market cap of $236.05M. Put / Call ratio at 1.99 (9,036 open put options, vs. 4,543 open call options). Short float at 13.74%, which implies a short ratio of 20.37 days.

13. NetLogic Microsystems Inc. (NASDAQ:NETL): Market cap of $1.87B. Put / Call ratio at 2.07 (33,627 open put options, vs. 16,258 open call options). Short float at 21.73%, which implies a short ratio of 8.97 days.

14. Legg Mason Inc. (NYSE:LM): Market cap of $4.84B. Put / Call ratio at 2.94 (55,758 open put options, vs. 18,961 open call options). Short float at 9.62%, which implies a short ratio of 4.71 days.

15. Cypress Semiconductor Corporation (NASDAQ:CY): Market cap of $1.81B. Put / Call ratio at 4.13 (50,336 open put options, vs. 12,192 open call options). Short float at 6.69%, which implies a short ratio of 3.25 days.

16. Gannett Co., Inc. (NYSE:GCI): Market cap of $3.22B. Put / Call ratio at 2.31 (39,620 open put options, vs. 17,127 open call options). Short float at 12.21%, which implies a short ratio of 5.8 days.

17. Harbin Electric, Inc. (NASDAQ:HRBN): Market cap of $574.8M. Put / Call ratio at 1.83 (8,956 open put options, vs. 4,888 open call options). Short float at 23.08%, which implies a short ratio of 10.26 days.

18. Pitney Bowes Inc. (NYSE:PBI): Market cap of $4.31B. Put / Call ratio at 2.89 (23,904 open put options, vs. 8,267 open call options). Short float at 6.41%, which implies a short ratio of 5.53 days.

19. Tanzanian Royalty Exploration Corp. (TRE): Market cap of $484.37M. Put / Call ratio at 2.72 (24,206 open put options, vs. 8,897 open call options). Short float at 3.58%, which implies a short ratio of 11 days.

20. Mariner Energy, Inc. (ME): Market cap of $2.47B. Put / Call ratio at 2.36 (21,542 open put options, vs. 9,119 open call options). Short float at 18.35%, which implies a short ratio of 2.92 days.

21. Echelon Corporation (NASDAQ:ELON): Market cap of $326.11M. Put / Call ratio at 1.83 (6,601 open put options, vs. 3,606 open call options). Short float at 12.31%, which implies a short ratio of 17.59 days.

22. Frontier Communications Corporation (NASDAQ:FTR): Market cap of $7.67B. Put / Call ratio at 3.4 (61,538 open put options, vs. 18,074 open call options). Short float at 5.17%, which implies a short ratio of 4 days.

23. Kinetic Concepts Inc. (NYSE:KCI): Market cap of $2.64B. Put / Call ratio at 3.33 (10,469 open put options, vs. 3,141 open call options). Short float at 4.79%, which implies a short ratio of 3.74 days.

24. Comerica Incorporated (CMA): Market cap of $6.58B. Put / Call ratio at 2.47 (53,482 open put options, vs. 21,671 open call options). Short float at 6.33%, which implies a short ratio of 3.77 days.

25. Consumer Staples Select Sector SPDR (NYSEARCA:XLP): Market cap of $2.94B. Put / Call ratio at 2.94 (142,353 open put options, vs. 48,403 open call options). Short float at 13.64%, which implies a short ratio of 1.83 days.

26. Continental Airlines, Inc. (CAL): Market cap of $3.44B. Put / Call ratio at 2.06 (59,907 open put options, vs. 29,063 open call options). Short float at 12.3%, which implies a short ratio of 3.46 days.

27. Varian Medical Systems Inc. (NYSE:VAR): Market cap of $6.97B. Put / Call ratio at 1.96 (9,972 open put options, vs. 5,089 open call options). Short float at 6.83%, which implies a short ratio of 6.3 days.

28. Focus Media Holding Ltd. (NASDAQ:FMCN): Market cap of $2.79B. Put / Call ratio at 1.79 (19,713 open put options, vs. 11,029 open call options). Short float at 8.47%, which implies a short ratio of 6.99 days.

29. ProLogis (NYSE:PLD): Market cap of $5.40B. Put / Call ratio at 2.35 (31,356 open put options, vs. 13,325 open call options). Short float at 6.49%, which implies a short ratio of 2.66 days.

30. Alkermes, Inc. (NASDAQ:ALKS): Market cap of $1.38B. Put / Call ratio at 1.9 (10,822 open put options, vs. 5,708 open call options). Short float at 6.55%, which implies a short ratio of 6.2 days.

Disclosure: No positions

Source: 30 Stocks Showing Excessive Pessimism