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Do you like to follow the buying trends of the 'Smart Money' investors? These investors, including hedge fund managers and mutual fund managers, are thought to have the experience and knowledge to make good trades. We ran a screen with this in mind.

We screened for stocks currently trading under $5 a share that are also rallying above their 20-day, 50-day, and 200-day moving averages. We then screened for those with the most significant net institutional purchases over the current quarter, indicating that institutional investors such as hedge fund managers expect these stocks to outperform.

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 hedge funds are calling it right on these names? Use this list as a starting point for your own analysis.

1. Array BioPharma, Inc. (NASDAQ:ARRY): Focuses on the discovery, development, and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases in North America, Europe, and the Asia Pacific. The stock is currently rallying 5.92% above its 20-day moving average, 18.64% above its 50-day MA, and 19.19% above its 200-day MA. Price at $2.80. Net institutional purchases in the current quarter at 5.7M shares, which represents about 11.78% of the company's float of 48.37M shares.

2. Cumulus Media Inc. (NASDAQ:CMLS): Engages in the acquisition, operation, and development of commercial radio stations in the United States. The stock is currently rallying 2.80% above its 20-day moving average, 10.17% above its 50-day MA, and 16.29% above its 200-day MA. Price at $3.83. Net institutional purchases in the current quarter at 29.5M shares, which represents about 51.69% of the company's float of 57.07M shares.

3. Dynavax Technologies Corporation (NASDAQ:DVAX): Discovers and develops novel products to prevent and treat infectious diseases. The stock is currently rallying 8.26% above its 20-day moving average, 17.72% above its 50-day MA, and 47.99% above its 200-day MA. Price at $4.11. Net institutional purchases in the current quarter at 19.2M shares, which represents about 16.25% of the company's float of 118.14M shares.

4. 8x8 Inc. (NASDAQ:EGHT): Develops and markets telecommunications services for Internet protocol, telephony, and video applications, as well as provides Web-based conferencing and unified communications services. The stock is currently rallying 3.62% above its 20-day moving average, 15.92% above its 50-day MA, and 14.76% above its 200-day MA. Price at $4.47. Net institutional purchases in the current quarter at 2.5M shares, which represents about 4.45% of the company's float of 56.23M shares.

5. FuelCell Energy Inc. (NASDAQ:FCEL): Engages in the development, manufacturing, and sale of high temperature fuel cells for clean electric power generation primarily in South Korea, the United States, Germany, Canada, and Japan. The stock is currently rallying 22.06% above its 20-day moving average, 29.99% above its 50-day MA, and 8.32% above its 200-day MA. Price at $1.27. Net institutional purchases in the current quarter at 4.0M shares, which represents about 3.39% of the company's float of 117.93M shares.

6. Flow International Corp. (NASDAQ:FLOW): Operates as a technology-based company providing waterjet cutting, surface preparation, and cleaning solutions in the United States, Europe, Asia, and internationally. The stock is currently rallying 8.59% above its 20-day moving average, 16.48% above its 50-day MA, and 31.27% above its 200-day MA. Price at $4.10. Net institutional purchases in the current quarter at 1.2M shares, which represents about 3.17% of the company's float of 37.84M shares.

7. FSI International Inc. (NASDAQ:FSII): Designs, manufactures, markets, and supports equipment used in the fabrication of microelectronics, such as advanced semiconductor devices. The stock is currently rallying 0.21% above its 20-day moving average, 12.89% above its 50-day MA, and 40.17% above its 200-day MA. Price at $4.39. Net institutional purchases in the current quarter at 1.3M shares, which represents about 3.79% of the company's float of 34.34M shares.

8. Guaranty Bancorp (NASDAQ:GBNK): Operates as the bank holding company for Guaranty Bank and Trust Company that provides various banking products and services to consumers, and small and medium-sized businesses. The stock is currently rallying 10.10% above its 20-day moving average, 14.37% above its 50-day MA, and 25.31% above its 200-day MA. Price at $1.70. Net institutional purchases in the current quarter at 34.0M shares, which represents about 48.29% of the company's float of 70.41M shares.

9. Gilat Satellite Networks Ltd. (NASDAQ:GILT): Provides Internet Protocol based digital satellite communication and networking products and services worldwide. The stock is currently rallying 0.13% above its 20-day moving average, 1.97% above its 50-day MA, and 0.39% above its 200-day MA. Price at $4.10. Net institutional purchases in the current quarter at 1.3M shares, which represents about 4.57% of the company's float of 28.44M shares.

10. Heritage Oaks Bancorp (NASDAQ:HEOP): Operates as the holding company for Heritage Oaks Bank that provides commercial banking services to retail customers, and small to medium-sized businesses in California. The stock is currently rallying 4.06% above its 20-day moving average, 10.72% above its 50-day MA, and 11.85% above its 200-day MA. Price at $3.96. Net institutional purchases in the current quarter at 3.3M shares, which represents about 24.74% of the company's float of 13.34M shares.

11. Hansen Medical, Inc. (NASDAQ:HNSN): Develops, manufactures, and markets medical robotics designed for accurate positioning, manipulation, and stable control of catheters and catheter-based technologies. The stock is currently rallying 13.66% above its 20-day moving average, 31.52% above its 50-day MA, and 16.95% above its 200-day MA. Price at $3.67. Net institutional purchases in the current quarter at 3.3M shares, which represents about 9.49% of the company's float of 34.78M shares.

12. MTR Gaming Group, Inc. (MNTG): Engages in racing, gaming, and entertainment businesses in the United States. The stock is currently rallying 8.11% above its 20-day moving average, 25.37% above its 50-day MA, and 13.15% above its 200-day MA. Price at $2.68. Net institutional purchases in the current quarter at 2.3M shares, which represents about 20.97% of the company's float of 10.97M shares.

13. MPG Office Trust, Inc. (NYSE:MPG-OLD): Engages in the ownership, management, acquisition, and development of office and real estate properties primarily in California. The stock is currently rallying 8.70% above its 20-day moving average, 20.48% above its 50-day MA, and 4.38% above its 200-day MA. Price at $2.65. Net institutional purchases in the current quarter at 1.3M shares, which represents about 3.05% of the company's float of 42.67M shares.

14. Mueller Water Products, Inc. (NYSE:MWA): Manufactures and markets a range of water infrastructure, flow control, and piping component system products for use in water distribution networks and water treatment facilities in the United States and Canada. The stock is currently rallying 8.15% above its 20-day moving average, 20.55% above its 50-day MA, and 6.83% above its 200-day MA. Price at $3.06. Net institutional purchases in the current quarter at 6.9M shares, which represents about 5.31% of the company's float of 129.83M shares.

15. Openwave Systems Inc. (OPWV): Provides software solutions for the communications and media industries in North America, Latin America, Europe, Africa, the Middle East, and the Asia-Pacific. The stock is currently rallying 6.71% above its 20-day moving average, 21.43% above its 50-day MA, and 18.57% above its 200-day MA. Price at $2.22. Net institutional purchases in the current quarter at 4.9M shares, which represents about 9.48% of the company's float of 51.69M shares.

16. Orexigen Therapeutics, Inc. (NASDAQ:OREX): Focuses on the development of pharmaceutical product candidates for the treatment of obesity. The stock is currently rallying 13.71% above its 20-day moving average, 44.81% above its 50-day MA, and 52.76% above its 200-day MA. Price at $3.04. Net institutional purchases in the current quarter at 7.5M shares, which represents about 25.7% of the company's float of 29.18M shares.

17. Park Sterling Bank Inc. (NASDAQ:PSTB): Operates as a bank holding company for Park Sterling Bank that provides banking products and services in North Carolina and South Carolina. The stock is currently rallying 1.07% above its 20-day moving average, 9.32% above its 50-day MA, and 7.00% above its 200-day MA. Price at $4.58. Net institutional purchases in the current quarter at 977.7K shares, which represents about 3.16% of the company's float of 30.91M shares.

18. Rentech, Inc. (NASDAQ:RTK): Provides alternative and clean energy solutions; and manufactures and sells nitrogen fertilizer products. The stock is currently rallying 3.83% above its 20-day moving average, 13.49% above its 50-day MA, and 49.88% above its 200-day MA. Price at $1.79. Net institutional purchases in the current quarter at 7.3M shares, which represents about 3.3% of the company's float of 221.09M shares.

19. Standard Pacific Corp. (NYSE:SPF): Operates as a diversified builder of single-family attached and detached homes in the United States. The stock is currently rallying 13.07% above its 20-day moving average, 28.75% above its 50-day MA, and 46.91% above its 200-day MA. Price at $4.68. Net institutional purchases in the current quarter at 2.9M shares, which represents about 3.04% of the company's float of 95.32M shares.

20. Zix Corp. (NASDAQ:ZIXI): Provides Internet-based applications in software as a service model that enables the use of secure email for sensitive information exchange primarily in the healthcare, financial services, insurance, and government sectors in the United States. The stock is currently rallying 1.34% above its 20-day moving average, 8.15% above its 50-day MA, and 1.44% above its 200-day MA. Price at $3.22. Net institutional purchases in the current quarter at 4.6M shares, which represents about 7.48% of the company's float of 61.46M shares.

*Institutional data sourced from Yahoo Finance, all other data sourced from Finviz.

Source: 20 Rallying Hedge Fund Stock Picks Trading Under $5