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Interested in exploring growth stock ideas? To help you get started, we've identified a few growth stocks that are seeing significant levels of short covering (potentially a bullish development)

We collected data on short seller trends, and identified a list of high growth stocks that have seen a sharp decrease in shares shorted over the last month (i.e. a decrease in bets that these stocks will decline).

This is significant, especially when you consider that short sellers tend to be more sophisticated investors (due to the fact that they require strict credit approval to perform these trades). So if these investors are turning bullish on a stock, it's worth paying close attention.

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.

Short sellers think there's more upside than downside to these names--do you agree?

List sorted by projected EPS growth rate.

1. Gulfport Energy Corp. (NASDAQ:GPOR): Develops, and produces oil and gas in the Louisiana Gulf Coast. EPS grew by 26.13% over the past five years, and analysts project EPS growth for the next five years at 43.50%. Shares shorted have decreased from 4.23M to 3.67M over the last month, a decrease which represents about 1.29% of the company's float of 43.29M shares.

2. Companhia Brasileira de Distribuicao (NYSE:CBD): Operates as a retailer of food products, clothing, home appliances, and other products through its chain of hypermarkets, supermarkets, specialized and department stores, convenience stores, and the Internet in Brazil. EPS grew by 18.64% over the past five years, and analysts project EPS growth for the next five years at 30.83%. Shares shorted have decreased from 5.24M to 3.93M over the last month, a decrease which represents about 1.53% of the company's float of 85.74M shares.

3. Mercadolibre, Inc. (NASDAQ:MELI): Through its subsidiaries, hosts online commerce and payments platforms in Latin America. EPS grew by 130.79% over the past five years, and analysts project EPS growth for the next five years at 28.80%. Shares shorted have decreased from 3.11M to 2.74M over the last month, a decrease which represents about 1.36% of the company's float of 27.20M shares.

4. Smart Balance, Inc (SMBL): Distributes various food products in the United States and internationally. EPS grew by 64.88% over the past five years, and analysts project EPS growth for the next five years at 26.67%. Shares shorted have decreased from 3.55M to 3.06M over the last month, a decrease which represents about 1.% of the company's float of 48.84M shares.

5. Aruba Networks, Inc. (NASDAQ:ARUN): Provides distributed enterprise networks that securely connect local and remote users to corporate information technology resources worldwide. EPS grew by 87.37% over the past five years, and analysts project EPS growth for the next five years at 24.66%. Shares shorted have decreased from 20.31M to 18.83M over the last month, a decrease which represents about 1.47% of the company's float of 100.39M shares.

6. GeoResources, Inc. (NASDAQ:GEOI): Engages in the acquisition, re-engineering, development, and exploration of oil and gas reserves in the Southwest, Gulf Coast, and the Williston Basin areas of the United States. EPS grew by 18.10% over the past five years, and analysts project EPS growth for the next five years at 23.53%. Shares shorted have decreased from 3.64M to 3.36M over the last month, a decrease which represents about 1.41% of the company's float of 19.83M shares.

7. STEC, Inc. (NASDAQ:STEC): Designs, manufactures, and markets enterprise-class flash solid-state drives (SSDs) for use in high-performance storage and server systems. EPS grew by 44.41% over the past five years, and analysts project EPS growth for the next five years at 23.05%. Shares shorted have decreased from 9.30M to 7.51M over the last month, a decrease which represents about 5.16% of the company's float of 34.66M shares.

8. Discovery Communications, Inc. (NASDAQ:DISCA): Operates as a non fiction media and entertainment company worldwide. EPS grew by 65.29% over the past five years, and analysts project EPS growth for the next five years at 21.53%. Shares shorted have decreased from 10.00M to 8.45M over the last month, a decrease which represents about 1.26% of the company's float of 122.66M shares.

9. Cninsure Inc. (NASDAQ:CISG): Provides insurance brokerage and agency services, and insurance claims adjusting services in the People's Republic of China. EPS grew by 26.22% over the past five years, and analysts project EPS growth for the next five years at 20.53%. Shares shorted have decreased from 6.04M to 4.58M over the last month, a decrease which represents about 5.52% of the company's float of 26.47M shares.

10. NetEase.com, Inc. (NASDAQ:NTES): Engages in the development of applications, services, and other technologies for the Internet in China. EPS grew by 22.51% over the past five years, and analysts project EPS growth for the next five years at 19.63%. Shares shorted have decreased from 1.49M to 800.17K over the last month, a decrease which represents about 1.06% of the company's float of 65.32M shares.

11. MedAssets, Inc. (NASDAQ:MDAS): Provides technology enabled products and services for hospitals, health systems, and other non-acute healthcare providers in the United States. EPS grew by 22.45% over the past five years, and analysts project EPS growth for the next five years at 19.29%. Shares shorted have decreased from 2.64M to 2.13M over the last month, a decrease which represents about 1.16% of the company's float of 43.91M shares.

12. First Solar, Inc. (NASDAQ:FSLR): Manufactures and sells solar modules using a thin-film semiconductor technology. EPS grew by 84.45% over the past five years, and analysts project EPS growth for the next five years at 19.10%. Shares shorted have decreased from 21.83M to 20.61M over the last month, a decrease which represents about 2.05% of the company's float of 59.57M shares.

13. Bio-Reference Laboratories Inc. (NASDAQ:BRLI): Provides clinical laboratory testing services for the detection, diagnosis, evaluation, monitoring, and treatment of diseases primarily in the greater New York metropolitan area. EPS grew by 24.93% over the past five years, and analysts project EPS growth for the next five years at 18.80%. Shares shorted have decreased from 6.78M to 4.23M over the last month, a decrease which represents about 10.31% of the company's float of 24.74M shares.

14. Keynote Systems Inc. (NASDAQ:KEYN): Provides Internet and mobile cloud monitoring solutions worldwide. EPS grew by 199.60% over the past five years, and analysts project EPS growth for the next five years at 18.75%. Shares shorted have decreased from 1.01M to 862.83K over the last month, a decrease which represents about 1.13% of the company's float of 13.01M shares.

15. STR Holdings, Inc. (NYSE:STRI): Engages in the manufacture and sale of encapsulants to the solar module industry. EPS grew by 27.35% over the past five years, and analysts project EPS growth for the next five years at 18.33%. Shares shorted have decreased from 7.03M to 6.50M over the last month, a decrease which represents about 1.55% of the company's float of 34.22M shares.

16. Rovi Corporation (NASDAQ:ROVI): Provides digital entertainment technology solutions for the discovery and management of entertainment content. EPS grew by 46.76% over the past five years, and analysts project EPS growth for the next five years at 18.17%. Shares shorted have decreased from 5.48M to 3.35M over the last month, a decrease which represents about 1.94% of the company's float of 109.66M shares.

17. Lindsay Corporation (NYSE:LNN): Designs, manufactures, and sells automated agricultural irrigation systems that are primarily used in the agricultural industry to increase or stabilize crop production while conserving water, energy, and labor in the United States and internationally. EPS grew by 23.75% over the past five years, and analysts project EPS growth for the next five years at 17.93%. Shares shorted have decreased from 1.62M to 1.45M over the last month, a decrease which represents about 1.37% of the company's float of 12.44M shares.

*EPS projections sourced from Finviz, short seller data sourced from Yahoo Finance.

Source: Top 17 Growth Stocks With Bullish Short Seller Trends