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

We began by screening the retail industry for stocks with bearish sentiment, with float shorts above 10%.

We then screened for those with bullish sentiment from institutional investors, 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.

(click to enlarge)

Do you think these stocks will soon turn around? 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. Barnes & Noble, Inc. (NYSE:BKS): Operates as a content, commerce, and technology company in the United States. Market cap at $1.02B, most recent closing price at $16.86. Float short at 73.71%. Net institutional purchases in the current quarter at 4.0M shares, which represents about 20.61% of the company's float of 19.41M shares.

2. GameStop Corp. (NYSE:GME): Operates as a retailer of video game products and personal computer entertainment software. Market cap at $2.51B, most recent closing price at $19.05. Float short at 50.00%. Net institutional purchases in the current quarter at 15.9M shares, which represents about 12.25% of the company's float of 129.82M shares.

3. RadioShack Corp. (NYSE:RSH): Engages in the retail sale of consumer electronic goods and services through its RadioShack store chain and kiosk operations. Market cap at $475.28M, most recent closing price at $4.74. Float short at 35.90%. Net institutional purchases in the current quarter at 10.7M shares, which represents about 10.87% of the company's float of 98.46M shares.

4. The Children (NASDAQ:PLCE): Operates as a children's specialty apparel retailer in North America. Market cap at $1.11B, most recent closing price at $45.86. Float short at 22.24%. Net institutional purchases in the current quarter at 1.7M shares, which represents about 8.52% of the company's float of 19.96M shares.

5. hhgregg, Inc. (NYSE:HGG): Operates as a specialty retailer of consumer electronics, home appliances, and related services. Market cap at $363.83M, most recent closing price at $9.95. Float short at 29.93%. Net institutional purchases in the current quarter at 1.2M shares, which represents about 8.19% of the company's float of 14.66M shares.

6. Deckers Outdoor Corp. (NYSE:DECK): Engages in the design, production, marketing, and brand management of footwear and accessories for outdoor activities and everyday casual lifestyle use. Market cap at $2.17B, most recent closing price at $56.08. Float short at 21.82%. Net institutional purchases in the current quarter at 2.9M shares, which represents about 7.72% of the company's float of 37.55M shares.

7. Buckle Inc. (NYSE:BKE): Operates as a retailer of casual apparel, footwear, and accessories for young men and women in the continental United States. Market cap at $2.02B, most recent closing price at $42.44. Float short at 27.15%. Net institutional purchases in the current quarter at 1.7M shares, which represents about 6.12% of the company's float of 27.76M shares.

8. Vitamin Shoppe, Inc. (NYSE:VSI): Operates as a specialty retailer and direct marketer of nutritional products. Market cap at $1.43B, most recent closing price at $49.79. Float short at 10.76%. Net institutional purchases in the current quarter at 1.4M shares, which represents about 5.34% of the company's float of 26.22M shares.

9. rue21, Inc. (NASDAQ:RUE): Operates as a specialty apparel retailer in the United States. Market cap at $678.37M, most recent closing price at $27.43. Float short at 28.22%. Net institutional purchases in the current quarter at 832.0K shares, which represents about 5.18% of the company's float of 16.07M shares.

*Institutional data sourced from Fidelity, 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.