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Interested to know what the market thinks about a certain stock? One of the most telling indicators is shares shorted. Since shorting indicates a bearish outlook, stocks with higher short selling are being given a more bearish outlook by traders.

We ran a screen on the semiconductor industry of the tech sector for those seeing the most significant decreases in shares shorted month-over-month, indicating that short sellers are more bullish about these names than before.

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 agree with these short sellers? Use this list as a starting point for your own analysis.

List sorted by decrease in shares shorted.

1. ReneSola Ltd. (SOL): Engages in the manufacture and sale of solar wafers and solar power products. Market cap of $163.28M. Shares shorted has decreased from 7.15M to 5.57M month-over-month, a change representing 2.61% of the company's 60.54M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 3.13). The stock has had a couple of great days, gaining 11.9% over the last week. The stock has performed poorly over the last month, losing 27.69%.

2. OmniVision Technologies Inc. (OVTI): Designs, develops, and markets semiconductor image-sensor devices. Market cap of $667.04M. Shares shorted has decreased from 6.62M to 5.56M month-over-month, a change representing 1.90% of the company's 55.75M share float. The stock is currently stuck in a downtrend, trading 20.86% below its SMA20, 29.8% below its SMA50, and 59.71% below its SMA200. The stock has performed poorly over the last month, losing 34.68%.

3. Sequans Communications S.A. (SQNS): Designs, develops, and supplies 4G semiconductor solutions for wireless broadband applications. Market cap of $145.67M. Shares shorted has decreased from 1.14M to 867.54K month-over-month, a change representing 1.62% of the company's 16.79M share float. The stock is currently stuck in a downtrend, trading 13.78% below its SMA20, 18.18% below its SMA50, and 52.37% below its SMA200. It's been a rough couple of days for the stock, losing 10.78% over the last week.

4. Spreadtrum Communications Inc. (SPRD): Operates as a fabless semiconductor company that designs, develops, and markets baseband processor and RF transceiver solutions for wireless communications and mobile television markets. Market cap of $1.11B. Shares shorted has decreased from 2.51M to 1.96M month-over-month, a change representing 1.54% of the company's 35.81M share float. The stock has gained 43.67% over the last year.

5. GT Advanced Technologies Inc. (GTAT): Provides polysilicon production technology and multicrystalline ingot growth systems, and related photovoltaic (PV) manufacturing services for the solar industry worldwide. Market cap of $914.71M. Shares shorted has decreased from 20.82M to 19.15M month-over-month, a change representing 1.32% of the company's 126.65M share float. The stock has performed poorly over the last month, losing 19.66%.

6. Cypress Semiconductor Corporation (CY): Operates as a semiconductor company in the United States and internationally. Market cap of $2.76B. Shares shorted has decreased from 10.05M to 8.30M month-over-month, a change representing 1.21% of the company's 144.37M share float. The stock has gained 14.84% over the last year.

7. QLogic Corp. (QLGC): Engages in the design and supply of storage networking, high performance computing networking, and converged networking infrastructure solutions. Market cap of $1.42B. Shares shorted has decreased from 4.48M to 3.32M month-over-month, a change representing 1.16% of the company's 100.15M share float. Might be undervalued at current levels, with a PEG ratio at 0.93, and P/FCF ratio at 7.77. The stock has lost 20.85% over the last year.

8. Amkor Technology, Inc. (AMKR): Provides outsourced semiconductor packaging and test services in the United States and internationally. Market cap of $742.71M. Shares shorted has decreased from 14.01M to 13.09M month-over-month, a change representing 1.11% of the company's 82.83M share float. This is a risky stock that is significantly more volatile than the overall market (beta = 2.23). Might be undervalued at current levels, with a PEG ratio at 0.85, and P/FCF ratio at 12.79. It's been a rough couple of days for the stock, losing 8.69% over the last week.

9. First Solar, Inc. (FSLR): Manufactures and sells solar modules using a thin-film semiconductor technology. Market cap of $3.79B. Shares shorted has decreased from 22.43M to 21.83M month-over-month, a change representing 1.01% of the company's 59.57M share float. The stock is a short squeeze candidate, with a short float at 37.09% (equivalent to 5.61 days of average volume). The stock has performed poorly over the last month, losing 18.86%.

*Short data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 9 Semiconductors With Bullish Short Trends