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If you're looking for short squeeze ideas, the following list might interest you.

Below is a list of 15 stocks that are heavily shorted, with float shorts above 15%. Interestingly, these stocks are also undervalued relative to their industry peers on three different price multiples: MRQ P/E, PEG, and MRQ P/CF.

With such low valuations, are these companies ready for a reversal? Read the data below as a starting point for your own analysis.

Price multiples sourced from Fidelity, all other data sourced from Finviz.



List sorted by float short. (Note: Data collected on Friday afternoon)

1. Veeco Instruments Inc. (NASDAQ:VECO): Semiconductor Equipment & Materials Industry. Market cap of $1.92B. Float short at 27.58%. MRQ P/E ratio at 5.14 vs. industry average of 12.71. PEG ratio at 0.58 vs. industry average at 1.35. P/CF ratio at 4.88 vs. industry average of 12.33.

2. Diamond Foods, Inc. (NASDAQ:DMND): Processed & Packaged Goods Industry. Market cap of $1.08B. Float short at 26.66%. MRQ P/E ratio at 14.17 vs. industry average of 19.61. PEG ratio at 2.1 vs. industry average at 2.22. P/CF ratio at 9.95 vs. industry average of 14.77.

3. GameStop Corp. (NYSE:GME): Electronics Stores Industry. Market cap of $2.96B. Float short at 25.52%. MRQ P/E ratio at 13.6 vs. industry average of 21.74. PEG ratio at 0.66 vs. industry average at 1.13. P/CF ratio at 7.46 vs. industry average of 13.03.

4. Ebix Inc. (NASDAQ:EBIX): Business Software & Services Industry. Market cap of $947.06M. Float short at 21.70%. MRQ P/E ratio at 15.83 vs. industry average of 30.76. PEG ratio at 1.28 vs. industry average at 1.95. P/CF ratio at 12.91 vs. industry average of 23.71.

5. Rock-Tenn Co. (RKT): Paper & Paper Products Industry. Market cap of $2.59B. Float short at 21.41%. MRQ P/E ratio at 12.92 vs. industry average of 19.23. PEG ratio at 1.58 vs. industry average at 3.26. P/CF ratio at 7.43 vs. industry average of 15.91.

6. JA Solar Holdings Co., Ltd. (NASDAQ:JASO): Semiconductor Industry. Market cap of $1.11B. Float short at 20.45%. MRQ P/E ratio at 2.7 vs. industry average of 12.71. PEG ratio at 0.27 vs. industry average at 1.35. P/CF ratio at 2.29 vs. industry average of 12.33.

7. Garmin Ltd. (NASDAQ:GRMN): Scientific & Technical Instruments Industry. Market cap of $7.06B. Float short at 19.70%. MRQ P/E ratio at 12.67 vs. industry average of 19.67. PEG ratio at 1.38 vs. industry average at 2.43. P/CF ratio at 11.25 vs. industry average of 14.45.

8. NuVasive, Inc. (NASDAQ:NUVA): Medical Instruments & Supplies Industry. Market cap of $1.06B. Float short at 19.29%. MRQ P/E ratio at 4.82 vs. industry average of 21.19. PEG ratio at 0.72 vs. industry average at 1.53. P/CF ratio at 3.71 vs. industry average of 13.53.

9. Cephalon Inc. (NASDAQ:CEPH): Biotechnology Industry. Market cap of $4.24B. Float short at 19.06%. MRQ P/E ratio at 12.06 vs. industry average of 15.4. PEG ratio at 1.85 vs. industry average at 3.45. P/CF ratio at 7.39 vs. industry average of 13.59.

10. Amedisys Inc. (NASDAQ:AMED): Home Health Care Industry. Market cap of $1.06B. Float short at 18.57%. MRQ P/E ratio at 11.66 vs. industry average of 17.48. PEG ratio at 0.85 vs. industry average at 1.1. P/CF ratio at 8.73 vs. industry average of 12.52.

11. Bridgepoint Education, Inc. (NYSE:BPI): Education & Training Services Industry. Market cap of $929.07M. Float short at 18.42%. MRQ P/E ratio at 9.72 vs. industry average of 13.9. PEG ratio at 0.55 vs. industry average at 0.62. P/CF ratio at 7.89 vs. industry average of 19.65.

12. InterDigital, Inc. (NASDAQ:IDCC): Wireless Communications Industry. Market cap of $1.93B. Float short at 17.42%. MRQ P/E ratio at 13.99 vs. industry average of 14.8. PEG ratio at 0.71 vs. industry average at 1.63. MRQ P/CF ratio at 13.7 vs. industry average of 23.18.

13. Life Time Fitness Inc. (NYSE:LTM):
Sporting Activities Industry. Market cap of $1.51B. Float short at 16.58%. MRQ P/E ratio at 20.91 vs. industry average of 29.78. PEG ratio at 1.21 vs. industry average at 1.43. MRQ P/CF ratio at 9.31 vs. industry average of 16.63.

14. American Axle & Manufacturing Holdings Inc. (NYSE:AXL): Auto Parts Industry. Market cap of $974.82M. Float short at 15.24%. MRQ P/E ratio at 7.08 vs. industry average of 14.42. PEG ratio at 0.51 vs. industry average at 0.83. MRQ P/CF ratio at 3.35 vs. industry average of 11.75.

15. Meredith Corp. (NYSE:MDP): Publishing Industry. Market cap of $1.55B. Float short at 15.15%. MRQ P/E ratio at 9.69 vs. industry average of 16.26. PEG ratio at 0.94 vs. industry average at 1.23. MRQ P/CF ratio at 7.75 vs. industry average of 9.14.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.