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Investors follow the buying trends of company insiders because, after all, insiders know more about their companies than anyone else.

We ran a screen on high-growth stocks, with 5-year projected earnings per share growth above 20%, that appear undervalued to earnings growth (with PEG below 1). We screened this universe for those that have seen significant net insider buying over the last six months.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the 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 (NYSEARCA:SPY) index over the last month.

(Click chart for more detail)

Do you think insiders are calling it right on their companies? Use this list as a starting-off point for your own analysis.

List sorted by net insider purchases as a percent of share float.

1. American Superconductor Corporation (NASDAQ:AMSC): Diversified Electronics Industry. Market cap of $388.87M. 5-year projected EPS growth at 30.0%. PEG at 0.30. Net insider purchases over the last 6 months at 1.51M, which is 3.86% of the company's share float. The stock is a short squeeze candidate, with a short float at 22.57% (equivalent to 6.6 days of average volume). The stock is currently stuck in a downtrend, trading 9.56% below its SMA20, 13.09% below its SMA50, and 66.23% below its SMA200. The stock has lost 76.56% over the last year.

2. Jefferies Group Inc. (JEF): Investment Brokerage - Regional Industry. Market cap of $3.81B. 5-year projected EPS growth at 25.83%. PEG at 0.57. Net insider purchases over the last 6 months at 766.00K, which is 0.41% of the company's share float. The stock is currently stuck in a downtrend, trading 8.12% below its SMA20, 10.73% below its SMA50, and 20.99% below its SMA200. It's been a rough couple of days for the stock, losing 5.9% over the last week.

3. PennyMac Mortgage Investment Trust (NYSE:PMT): REIT Industry. Market cap of $445.27M. 5-year projected EPS growth at 25.0%. PEG at 0.38. Net insider purchases over the last 6 months at 77.25K, which is 0.34% of the company's share float. The stock has gained 6.3% over the last year.

*Insider data sourced from Yahoo! Finance, 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.