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The following is a list of oversold stocks, as defined by the Relative Strength, or RSI(14), indicator. All of these stocks have RSI(14) ratings below 35, which usually signals oversold conditions.

In addition, all of these stocks have seen institutional inflows over the last 3 months. Will these investors double down on these investments, or will they take their losses and send these stocks lower?

We won't discuss why these stocks are oversold--there may be many good reasons why these stocks are underperforming. The goal here is to give you a starting point for your own analysis...

RSI(14) data sourced from Finviz, institutional trading data sourced from Reuters.

click for expanded image

The list has been sorted by the change in institutional ownership.

1. Mitel Networks Corp. (NASDAQ:MITL): Communication Equipment Industry. Market cap of $325M. RSI(14) at 32. Institutional investors currently own 59,884,331 shares vs. 24,067,224 shares held three months ago (+148.82% change).

2. The Governor and Company of The Bank of Ireland (NYSE:IRE): Foreign Regional Banks Industry. Market cap of $4,571B. RSI(14) at 32.38. Institutional investors currently own 4,227,243 shares vs. 2,651,618 shares held three months ago (+59.42% change).

3. DG FastChannel, Inc. (NASDAQ:DGIT): Business Services Industry. Market cap of $521M. RSI(14) at 34.94. Institutional investors currently own 28,280,121 shares vs. 22,473,841 shares held three months ago (+25.84% change).

4. Immunogen Inc. (NASDAQ:IMGN): Biotechnology Industry. Market cap of $374M. RSI(14) at 33.76. Institutional investors currently own 52,178,352 shares vs. 41,618,616 shares held three months ago (+25.37% change).

5. Rubicon Technology, Inc. (NASDAQ:RBCN): Semiconductor Industry. Market cap of $459M. RSI(14) at 34.54. Institutional investors currently own 28,011,237 shares vs. 22,551,654 shares held three months ago (+24.21% change).

6. Momenta Pharmaceuticals Inc. (NASDAQ:MNTA): Biotechnology Industry. Market cap of $652M. RSI(14) at 34.64. Institutional investors currently own 37,649,725 shares vs. 31,665,207 shares held three months ago (+18.9% change).

7. SkyPeople Fruit Juice, Inc. (NASDAQ:SPU): Soft Drinks Industry. Market cap of $5,922B. RSI(14) at 35.21. Institutional investors currently own 2,435,179 shares vs. 2,137,228 shares held three months ago (+13.94% change).

8. MFS Intermediate Income Trust (NYSE:MIN): Closed-End Fund. Market cap of $790M. RSI(14) at 32.59. Institutional investors currently own 23,916,887 shares vs. 21,066,419 shares held three months ago (+13.53% change).

9. Diamond Foods, Inc. (NASDAQ:DMND): Processed & Packaged Goods Industry. Market cap of $864M. RSI(14) at 32.3. Institutional investors currently own 21,750,750 shares vs. 19,827,900 shares held three months ago (+9.7% change).

10. Capitol Federal Financial (NASDAQ:CFFN): Savings & Loans Industry. Market cap of $1,806B. RSI(14) at 22.31. Institutional investors currently own 9,200,509 shares vs. 8,439,620 shares held three months ago (+9.02% change).

11. Advanced Energy Industries, Inc. (NASDAQ:AEIS): Diversified Electronics Industry. Market cap of $532M. RSI(14) at 33.82. Institutional investors currently own 37,862,401 shares vs. 35,503,930 shares held three months ago (+6.64% change).

12. Northfield Bancorp, Inc. (NASDAQ:NFBK): Regional Bank. Market cap of $466M. RSI(14) at 34.36. Institutional investors currently own 6,402,375 shares vs. 6,036,752 shares held three months ago (+6.06% change).

13. Hawaiian Electric Industries Inc. (NYSE:HE): Electric Utilities Industry. Market cap of $2,146B. RSI(14) at 32.21. Institutional investors currently own 37,328,832 shares vs. 35,219,980 shares held three months ago (+5.99% change).

14. Bowne & Co. Inc. (BNE): Business Services Industry. Market cap of $440M. RSI(14) at 34.76. Institutional investors currently own 37,397,769 shares vs. 35,413,755 shares held three months ago (+5.6% change).

15. Skechers USA Inc. (NYSE:SKX): Apparel Footwear & Accessories Industry. Market cap of $1,033B. RSI(14) at 27.18. Institutional investors currently own 35,026,447 shares vs. 33,262,586 shares held three months ago (+5.3% change).

16. Cenveo Inc. (NYSE:CVO): Paper & Paper Products Industry. Market cap of $306M. RSI(14) at 34.72. Institutional investors currently own 55,709,509 shares vs. 52,983,755 shares held three months ago (+5.14% change).

17. Winn-Dixie Stores Inc. (NASDAQ:WINN): Grocery Stores Industry. Market cap of $385M. RSI(14) at 35.06. Institutional investors currently own 48,417,197 shares vs. 46,160,913 shares held three months ago (+4.89% change).

18. International Game Technology (NYSE:IGT): Diversified Computer Systems Industry. Market cap of $4,319B. RSI(14) at 35.02. Institutional investors currently own 262,053,944 shares vs. 251,657,109 shares held three months ago (+4.13% change).

19. Resolute Energy Corporation (NYSE:REN): Independent Oil & Gas Industry. Market cap of $573M. RSI(14) at 34.68. Institutional investors currently own 59,611,062 shares vs. 57,448,079 shares held three months ago (+3.77% change).

20. Adobe Systems Inc. (NASDAQ:ADBE): Application Software Industry. Market cap of $14,008B. RSI(14) at 32.97. Institutional investors currently own 469,335,656 shares vs. 452,412,659 shares held three months ago (+3.74% change).

Disclosure: No positions

Source: 20 Oversold Stocks Being Chased by Smart Money