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Do you consider yourself a contrarian investor, always looking for opportunities against market trends? For ideas on how to start your own contrarian search, we ran a screen.

We began by screening for stocks with bearish sentiment, with float shorts above 10%. We then screened for those that also appear undervalued relative to earnings growth, with PEG below 1.

We then screened for those with bullish sentiment from institutional investors as well, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform.

Interactive Chart: Press Play to compare changes in market cap over the last two years for six of 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 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks deserve to be highly shorted? Use this list as a starting point for your own analysis.

List sorted by net institutional purchases over the last quarter as a percent of share float.

1. C&J Energy Services, Inc. (CJES): Provides specialty equipment services for oil and natural gas exploration and production companies in the Texas, Louisiana, and Oklahoma regions of the United States. Market cap at $951.2M, most recent closing price at $17.76. PEG at 0.32. Float short at 97.99%. Net institutional purchases in the current quarter at 9.0M shares, which represents about 25.08% of the company's float of 35.88M shares.

2. Molycorp, Inc. (MCP): Focuses on the production and sale of rare earth oxides from stockpiled feedstocks in the western hemisphere. Market cap at $2.1B, most recent closing price at $24.82. PEG at 0.66. Float short at 27.05%. Net institutional purchases in the current quarter at 10.8M shares, which represents about 21.89% of the company's float of 49.33M shares.

3. Skullcandy, Inc. (SKUL): Develops and distributes headphones and other audio accessories to retailers in the United States and to distributors in various countries worldwide. Market cap at $374.42M, most recent closing price at $13.43. PEG at 0.96. Float short at 52.01%. Net institutional purchases in the current quarter at 937.8K shares, which represents about 11.29% of the company's float of 8.31M shares.

4. Akorn, Inc. (AKRX): Engages in the manufacture and marketing of diagnostic and therapeutic pharmaceutical products, hospital drugs, and injectable pharmaceuticals in the United States and internationally. Market cap at $1.17B, most recent closing price at $12.54. PEG at 0.67. Float short at 16.14%. Net institutional purchases in the current quarter at 7.6M shares, which represents about 10.85% of the company's float of 70.06M shares.

5. Travelzoo Inc. (TZOO): Publishes travel and entertainment offers from various travel and entertainment companies in North America and Europe. Market cap at $397.72M, most recent closing price at $25.15. PEG at 0.64. Float short at 74.55%. Net institutional purchases in the current quarter at 740.2K shares, which represents about 9.92% of the company's float of 7.46M shares.

6. PDL BioPharma, Inc. (PDLI): Engages in the management of antibody humanization patents and royalty assets, which consist of Queen et al. Market cap at $903.69M, most recent closing price at $6.46. PEG at 0.39. Float short at 11.38%. Net institutional purchases in the current quarter at 12.4M shares, which represents about 9.65% of the company's float of 128.50M shares.

7. CARBO Ceramics Inc. (CRR): Manufactures and supplies ceramic proppants primarily used in the hydraulic fracturing of natural gas and oil wells in the United States and internationally. Market cap at $1.91B, most recent closing price at $82.08. PEG at 0.42. Float short at 35.88%. Net institutional purchases in the current quarter at 1.9M shares, which represents about 9.63% of the company's float of 19.73M shares.

8. Caribou Coffee Company, Inc. (CBOU): Operates coffeehouses primarily in the United States. Market cap at $252.24M, most recent closing price at $11.93. PEG at 0.88. Float short at 13.31%. Net institutional purchases in the current quarter at 1.7M shares, which represents about 9.11% of the company's float of 18.66M shares.

9. IPG Photonics Corporation (IPGP): Manufactures fiber lasers and amplifiers for use in a range of markets, such as materials processing, advanced technologies, telecommunications, and medical applications. Market cap at $2.52B, most recent closing price at $48.16. PEG at 0.75. Float short at 13.53%. Net institutional purchases in the current quarter at 3.4M shares, which represents about 8.34% of the company's float of 40.75M shares.

10. Resolute Energy Corporation (REN): Engages in the acquisition, exploration, exploitation, and development of oil and gas properties primarily in onshore properties in the United States. Market cap at $601.9M, most recent closing price at $9.62. PEG at 0.77. Float short at 14.03%. Net institutional purchases in the current quarter at 3.1M shares, which represents about 8.06% of the company's float of 38.46M shares.

11. Ethan Allen Interiors Inc. (ETH): Engages in the design, manufacture, sourcing, sale, and distribution of various home furnishings and accessories. Market cap at $625.4M, most recent closing price at $21.50. PEG at 0.68. Float short at 20.21%. Net institutional purchases in the current quarter at 1.8M shares, which represents about 7.92% of the company's float of 22.74M shares.

12. Questcor Pharmaceuticals, Inc. (QCOR): Provides prescription drugs for central nervous system and inflammatory disorders. Market cap at $2.62B, most recent closing price at $40.90. PEG at 0.66. Float short at 25.45%. Net institutional purchases in the current quarter at 4.6M shares, which represents about 7.71% of the company's float of 59.65M shares.

13. Higher One Inc. (ONE): Provides technology and payment services to the higher education industry in the United States. Market cap at $845.8M, most recent closing price at $15.24. PEG at 1. Float short at 27.47%. Net institutional purchases in the current quarter at 2.0M shares, which represents about 7.47% of the company's float of 26.77M shares.

14. Bill Barrett Corp. (BBG): Engages in the exploration, development, and production of natural gas and crude oil principally in the Rocky Mountain region of the United States. Market cap at $1.1B, most recent closing price at $21.90. PEG at 0.9. Float short at 14.85%. Net institutional purchases in the current quarter at 3.4M shares, which represents about 7.32% of the company's float of 46.42M shares.

15. Constant Contact, Inc. (CTCT): Provides on-demand email marketing, social media marketing, event marketing, and online survey solutions primarily in the United States. Market cap at $679.06M, most recent closing price at $21.94. PEG at 0.71. Float short at 27.29%. Net institutional purchases in the current quarter at 2.1M shares, which represents about 7.12% of the company's float of 29.49M shares.

16. Twin Disc Inc. (TWIN): Designs, manufactures, and sells marine and heavy duty off-highway power transmission equipment. Market cap at $235.46M, most recent closing price at $18.96. PEG at 0.55. Float short at 22.72%. Net institutional purchases in the current quarter at 595.1K shares, which represents about 6.98% of the company's float of 8.53M shares.

17. USANA Health Sciences Inc. (USNA): Develops, manufactures, distributes, and sells nutritional and personal care products worldwide. Market cap at $558.08M, most recent closing price at $37.68. PEG at 0.72. Float short at 36.77%. Net institutional purchases in the current quarter at 481.4K shares, which represents about 6.8% of the company's float of 7.08M shares.

18. Echo Global Logistics, Inc. (ECHO): Provides technology enabled transportation and supply chain management services in the United States. Market cap at $387.21M, most recent closing price at $17.0. PEG at 0.96. Float short at 11.26%. Net institutional purchases in the current quarter at 783.5K shares, which represents about 6.49% of the company's float of 12.07M shares.

19. POZEN Inc. (POZN): Develops products for the treatment of acute and chronic pain, and other pain-related conditions in the United States. Market cap at $216.32M, most recent closing price at $7.10. PEG at 0.17. Float short at 14.86%. Net institutional purchases in the current quarter at 1.2M shares, which represents about 5.64% of the company's float of 21.28M shares.

20. Body Central Corp. (BODY): Operates as a specialty retailer of young women's apparel and accessories in the South, Mid-Atlantic, and Midwest regions of the United States. Market cap at $244.19M, most recent closing price at $14.93. PEG at 0.6. Float short at 10.49%. Net institutional purchases in the current quarter at 799.3K shares, which represents about 5.18% of the company's float of 15.44M shares.

21. Newpark Resources Inc. (NR): Provides fluids management, waste disposal, and well site preparation products and services primarily to the oil and gas exploration and production industry. Market cap at $571.76M, most recent closing price at $6.22. PEG at 0.72. Float short at 11.86%. Net institutional purchases in the current quarter at 4.5M shares, which represents about 5.01% of the company's float of 89.90M shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 21 Undervalued, Highly Shorted Stocks Being Bought Up By Hedge Funds