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The put/call ratio is often used as an indicator for the sentiment surrounding a stock. When the ratio rises, it indicates that more options traders are bearish on the stock, and vice versa.

We ran a screen on tech stocks that appear undervalued relative to earnings growth, with PEG below 1. We searched this universe for stocks that have seen significant decreases in their put/call ratio over the last 10 trading days.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.



We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.



Do you think options traders are calling it right on these names? Use this list as a starting point for your own analysis.

List sorted by decrease in put/call ratio.

1. Siliconware Precision Industries Co. Ltd. (NASDAQ:SPIL): Semiconductor Equipment and Materials Industry. Market cap of $3.22B. PEG at 0.89. Put/call ratio decreased 100.0% over the last 10 trading days (from 1.19 to 0.00). Offers a good dividend, and appears to have good liquidity to back it up - dividend yield at 5.45%, current ratio at 1.97, and quick ratio at 1.73. The stock has performed poorly over the last month, losing 12.69%.

2. VimpelCom Ltd. (NASDAQ:VIP): Wireless Communications Industry. Market cap of $16.28B. PEG at 0.50. Put/call ratio decreased 74.33% over the last 10 trading days (from 5.61 to 1.44). The stock has had a couple of great days, gaining 5.75% over the last week.

3. Tessera Technologies Inc. (NASDAQ:TSRA): Semiconductor Equipment and Materials Industry. Market cap of $893.07M. PEG at 0.60. Put/call ratio decreased 70.44% over the last 10 trading days (from 2.03 to 0.60). The stock has had a couple of great days, gaining 13.37% over the last week.

4. Tele Norte Leste Participacoes S.A. (NYSE:TNE):
Telecom Services Industry. Market cap of $6.75B. PEG at 0.32. Put/call ratio decreased 64.29% over the last 10 trading days (from 1.40 to 0.50). Offers a good dividend, and appears to have good liquidity to back it up - dividend yield at 3.54%, current ratio at 1.5, and quick ratio at 1.49. The stock has lost 13.02% over the last year.

5. Perfect World Co., Ltd. (NASDAQ:PWRD): Multimedia and Graphics Software Industry. Market cap of $1.01B. PEG at 0.59. Put/call ratio decreased 61.54% over the last 10 trading days (from 0.65 to 0.25). The stock has lost 14.24% over the last year.

6. ON Semiconductor Corp. (NASDAQ:ONNN): Semiconductor Industry. Market cap of $4.05B. PEG at 0.96. Put/call ratio decreased 60.92% over the last 10 trading days (from 0.87 to 0.34). The stock has performed poorly over the last month, losing 10.17%.

7. ASML Holding NV (NASDAQ:ASML): Semiconductor Equipment and Materials Industry. Market cap of $16.13B. PEG at 0.73. Put/call ratio decreased 60.66% over the last ten trading days (from 0.61 to 0.24). The stock has had a couple of great days, gaining 9.35% over the last week.

8. DST Systems Inc. (NYSE:DST): Information and Delivery Services Industry. Market cap of $2.59B. PEG at 0.89. Put/call ratio decreased 53.19% over the last 10 trading days (from 0.47 to 0.22). The stock has had a good month, gaining 10.16%.

9. Yingli Green Energy Holding Co. Ltd. (NYSE:YGE):
Semiconductor Industry. Market cap of $1.15B. PEG at 0.23. Put/call ratio decreased 47.22% over the last 10 trading days (from 0.72 to 0.38). This is a risky stock that is significantly more volatile than the overall market (beta = 2.99). The stock has had a couple of great days, gaining 5.3% over the last week.

10. SunPower Corporation (SPWRA):
Semiconductor Industry. Market cap of $2.04B. PEG at 0.84. Put/call ratio decreased 45.06% over the last 10 trading days (from 1.62 to 0.89). This is a risky stock that is significantly more volatile than the overall market (beta = 2.01). It has been a rough couple of days for the stock, losing 7.61% over the last week. The stock has had a good month, gaining 20.76%.

11. Freescale Semiconductor Inc. (NYSE:FSL): Semiconductor Industry. Market cap of $6.95B. PEG at 0.59. Put/call ratio decreased 44.59% over the last 10 trading days (from 1.48 to 0.82).

12. NetEase.com, Inc. (NASDAQ:NTES): Internet Software and Services Industry. Market cap of $6.51B. PEG at 0.89. Put/call ratio decreased 41.58% over the last 10 trading days (from 1.01 to 0.59). Exhibiting strong upside momentum - currently trading 7.35% above its SMA20, 12.07% above its SMA50, and 17.05% above its SMA200. The stock has had a good month, gaining 12.84%.

13. EarthLink Inc. (NASDAQ:ELNK): Internet Service Providers Industry. Market cap of $834.98M. PEG at 0.78. Put/call ratio decreased 35.48% over the last 10 trading days (from 0.31 to 0.20). The stock is a short squeeze candidate, with a short float at 8.38% (equivalent to 5.95 days of average volume). The stock has lost 8.33% over the last year.

14. Cohu, Inc. (NASDAQ:COHU): Semiconductor Equipment and Materials Industry. Market cap of $319.49M. PEG at 0.42. Put/call ratio decreased 34.95% over the last 10 trading days (from 3.29 to 2.14). The stock has lost 9.71% over the last year.

15. Jabil Circuit Inc. (NYSE:JBL): Printed Circuit Boards Industry. Market cap of $4.36B. PEG at 0.76. Put/call ratio decreased 31.87% over the last 10 trading days (from 0.91 to 0.62). This is a risky stock that is significantly more volatile than the overall market (beta = 2.12). The stock has gained 28.58% over the last year.

*Options data sourced from Schaeffer’s, all other data sourced from Finviz.

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

Source: 15 Undervalued Tech Stocks With Bullish Options Sentiment