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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.

We last wrote about this screen on August 11, 2010. Since then, 19 out of the 30 stocks mentioned in that article have outperformed the S&P 500. The historical performance analysis of this screen can be accessed here.

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.

The list has been sorted by the average rank of short float, short ratio and Put/Call ratio.

1. CoStar Group Inc. (NASDAQ:CSGP): Business Services Industry. Market cap of $1.07B. Short float at 21.74%, which implies a short ratio of 45.95 days. Call open interest at 204 contracts vs. put open interest at 1,582 contracts (Put/Call ratio of 7.75).

2. World Acceptance Corp. (NASDAQ:WRLD): Credit Services Industry. Market cap of $592.89M. Short float at 24.13%, which implies a short ratio of 18.3 days. Call open interest at 1,449 contracts vs. put open interest at 2,558 contracts (Put/Call ratio of 1.77).

3. BJ's Restaurants, Inc. (NASDAQ:BJRI): Restaurants Industry. Market cap of $783.17M. Short float at 21.68%, which implies a short ratio of 26.26 days. Call open interest at 350 contracts vs. put open interest at 1,550 contracts (Put/Call ratio of 4.43).

4. Quidel Corp. (NASDAQ:QDEL): Diagnostic Substances Industry. Market cap of $352.99M. Short float at 22.25%, which implies a short ratio of 20.95 days. Call open interest at 1,096 contracts vs. put open interest at 4,256 contracts (Put/Call ratio of 3.88).

5. Sturm, Ruger & Co. Inc. (NYSE:RGR): Sporting Goods Industry. Market cap of $291.72M. Short float at 16.6%, which implies a short ratio of 16.21 days. Call open interest at 651 contracts vs. put open interest at 4,936 contracts (Put/Call ratio of 7.58).

6. Equity One Inc. (NYSE:EQY): REIT. Market cap of $1.69B. Short float at 13.94%, which implies a short ratio of 13.63 days. Call open interest at 436 contracts vs. put open interest at 3,967 contracts (Put/Call ratio of 9.1).

7. Pool Corp (NASDAQ:POOL): Sporting Goods Industry. Market cap of $1.03B. Short float at 11.85%, which implies a short ratio of 17.07 days. Call open interest at 520 contracts vs. put open interest at 982 contracts (Put/Call ratio of 1.89).

8. USANA Health Sciences Inc. (NYSE:USNA): Drug Related Products Industry. Market cap of $619.54M. Short float at 10.81%, which implies a short ratio of 14.24 days. Call open interest at 915 contracts vs. put open interest at 577 contracts (Put/Call ratio of 0.63).

9. Sonic Automotive Inc. (NYSE:SAH): Auto Dealerships Industry. Market cap of $554.72M. Short float at 20.15%, which implies a short ratio of 12.36 days. Call open interest at 1,116 contracts vs. put open interest at 3,339 contracts (Put/Call ratio of 2.99).

10. Astec Industries, Inc. (NASDAQ:ASTE): Farm & Construction Machinery Industry. Market cap of $701.22M. Short float at 11.33%, which implies a short ratio of 13.42 days. Call open interest at 371 contracts vs. put open interest at 340 contracts (Put/Call ratio of 0.92).

11. Concur Technologies, Inc. (NASDAQ:CNQR): Technical & System Software Industry. Market cap of $2.53B. Short float at 15.97%, which implies a short ratio of 12.05 days. Call open interest at 1,847 contracts vs. put open interest at 7,310 contracts (Put/Call ratio of 3.96).

12. Mylan, Inc. (NASDAQ:MYL): Generic Drugs Industry. Market cap of $5.97B. Short float at 26.21%, which implies a short ratio of 13.52 days. Call open interest at 59,217 contracts vs. put open interest at 67,785 contracts (Put/Call ratio of 1.14).

13. Digital Realty Trust Inc. (NYSE:DLR): REIT. Market cap of $5.18B. Short float at 14.96%, which implies a short ratio of 11.01 days. Call open interest at 789 contracts vs. put open interest at 5,673 contracts (Put/Call ratio of 7.19).

14. Dr. Reddy's Laboratories Ltd. (NYSE:RDY): Drug Manufacturer. Market cap of $6.13B. Short float at 7.83%, which implies a short ratio of 23.03 days. Call open interest at 1,072 contracts vs. put open interest at 4,434 contracts (Put/Call ratio of 4.14).

15. Cabot Microelectronics Corp. (NASDAQ:CCMP): Semiconductor Equipment & Materials Industry. Market cap of $783.45M. Short float at 11.18%, which implies a short ratio of 18.24 days. Call open interest at 684 contracts vs. put open interest at 588 contracts (Put/Call ratio of 0.86).

16. DineEquity, Inc. (NYSE:DIN): Restaurants Industry. Market cap of $911.02M. Short float at 19.9%, which implies a short ratio of 11.89 days. Call open interest at 4,103 contracts vs. put open interest at 8,680 contracts (Put/Call ratio of 2.12).

17. Aegean Marine Petroleum Network Inc. (NYSE:ANW): Basic Materials Wholesale Industry. Market cap of $830.76M. Short float at 13.96%, which implies a short ratio of 6.14 days. Call open interest at 1,002 contracts vs. put open interest at 4,033 contracts (Put/Call ratio of 4.02).

18. Power Integrations Inc. (NASDAQ:POWI): Semiconductor Industry. Market cap of $913.76M. Short float at 15.16%, which implies a short ratio of 11.23 days. Call open interest at 479 contracts vs. put open interest at 321 contracts (Put/Call ratio of 0.67).

19. National Financial Partners Corp. (NYSE:NFP): Insurance Brokers Industry. Market cap of $596.11M. Short float at 12.03%, which implies a short ratio of 9.77 days. Call open interest at 262 contracts vs. put open interest at 911 contracts (Put/Call ratio of 3.48).

20. Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL): Restaurants Industry. Market cap of $1.2B. Short float at 9.3%, which implies a short ratio of 7.76 days. Call open interest at 2,345 contracts vs. put open interest at 12,876 contracts (Put/Call ratio of 5.49).

21. Penn Virginia Corp. (NYSE:PVA): Independent Oil & Gas Industry. Market cap of $685.68M. Short float at 14.03%, which implies a short ratio of 9.1 days. Call open interest at 1,045 contracts vs. put open interest at 3,491 contracts (Put/Call ratio of 3.34).

22. FirstMerit Corporation (NASDAQ:FMER): Regional Bank. Market cap of $1.96B. Short float at 7.13%, which implies a short ratio of 10.17 days. Call open interest at 331 contracts vs. put open interest at 2,210 contracts (Put/Call ratio of 6.68).

23. Associated Banc-Corp (NASDAQ:ASBC): Regional Bank. Market cap of $2.25B. Short float at 7.78%, which implies a short ratio of 10.52 days. Call open interest at 780 contracts vs. put open interest at 1,854 contracts (Put/Call ratio of 2.38).

24. Microchip Technology Inc. (NASDAQ:MCHP): Semiconductor Industry. Market cap of $5.76B. Short float at 12.00%, which implies a short ratio of 7.88 days. Call open interest at 11,161 contracts vs. put open interest at 12,765 contracts (Put/Call ratio of 1.14).

25. Standard Microsystems Corp. (NASDAQ:SMSC): Semiconductor Industry. Market cap of $545.4M. Short float at 7.13%, which implies a short ratio of 12.33 days. Call open interest at 207 contracts vs. put open interest at 1,945 contracts (Put/Call ratio of 9.4).

26. H&R Block, Inc. (NYSE:HRB): Personal Services Industry. Market cap of $3.81B. Short float at 9.16%, which implies a short ratio of 4.83 days. Call open interest at 65,965 contracts vs. put open interest at 121,888 contracts (Put/Call ratio of 1.85).

27. Allegheny Energy Inc. (AYE): Electric Utilities Industry. Market cap of $4.18B. Short float at 7.61%, which implies a short ratio of 5.84 days. Call open interest at 4,727 contracts vs. put open interest at 3,255 contracts (Put/Call ratio of 0.69).

28. Triumph Group, Inc. (NYSE:TGI): Aerospace/Defense Products & Services Industry. Market cap of $1.92B. Short float at 8.63%, which implies a short ratio of 7.88 days. Call open interest at 596 contracts vs. put open interest at 1,622 contracts (Put/Call ratio of 2.72).

29. Mohawk Industries Inc. (NYSE:MHK): Textile Industrial Industry. Market cap of $3.78B. Short float at 10.44%, which implies a short ratio of 8.34 days. Call open interest at 8,885 contracts vs. put open interest at 13,174 contracts (Put/Call ratio of 1.48).

30. Interactive Brokers Group, Inc. (NASDAQ:IBKR): Investment Brokerage Industry. Market cap of $714.78M. Short float at 7.71%, which implies a short ratio of 7.59 days. Call open interest at 13,485 contracts vs. put open interest at 233,500 contracts (Put/Call ratio of 17.32).

Disclosure: No positions

Source: 30 Stocks Showing Excessive Pessimism