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Do you like to follow the buying and selling trends of smart money investors? For a closer look at what hedge funds are doing, we ran a screen on the semiconductors industry.

We began by screening for semiconductor stocks with high growth projections, with 5-year projected EPS growth rates above 15%.

We then screened for those with bearish sentiment from institutional investors, with significant net institutional sales 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 underperform.

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Do you think these stocks are in hot water? Use this list as a starting point for your own analysis.

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

1. First Solar, Inc. (NASDAQ:FSLR): Manufactures and sells solar modules using a thin-film semiconductor technology. Market cap at $1.23B, most recent closing price at $14.23. Net institutional sales in the current quarter at -11.0M shares, which represents about 18.34% of the company's float of 59.99M shares.

2. Sigma Designs, Inc. (NASDAQ:SIGM): Provides integrated system-on-chip solutions for the Internet protocol television, media processor, connected home and media player, prosumer and industrial audio/video, high definition television, and PC-based add-in markets. Market cap at $191.71M, most recent closing price at $5.87. Net institutional sales in the current quarter at -3.7M shares, which represents about 12.65% of the company's float of 29.26M shares.

3. Trina Solar Limited (NYSE:TSL): Designs, develops, manufactures, and sells photovoltaic modules worldwide. Market cap at $428.9M, most recent closing price at $6.15. Net institutional sales in the current quarter at -9.4M shares, which represents about 12.35% of the company's float of 76.10M shares.

4. Spreadtrum Communications Inc. (NASDAQ: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 at $835.38M, most recent closing price at $18.20. Net institutional sales in the current quarter at -3.2M shares, which represents about 9.89% of the company's float of 32.34M shares.

5. CEVA Inc. (NASDAQ:CEVA): Engages in designing and licensing silicon intellectual property for the handsets, portable multimedia, and consumer electronics markets. Market cap at $384.66M, most recent closing price at $16.58. Net institutional sales in the current quarter at -1.8M shares, which represents about 7.84% of the company's float of 22.95M shares.

6. MoSys, Inc. (NASDAQ:MOSY): Designs, develops, markets, and licenses embedded memory intellectual property used by the semiconductor industry and communications, networking, and storage equipment manufacturers. Market cap at $116.99M, most recent closing price at $3.02. Net institutional sales in the current quarter at -2.3M shares, which represents about 7.56% of the company's float of 30.43M shares.

7. Applied Micro Circuits Corp. (NASDAQ:AMCC): Designs, develops, markets, and supports integrated circuits for processing, transporting, and storing of information worldwide. Market cap at $346.41M, most recent closing price at $5.58. Net institutional sales in the current quarter at -3.1M shares, which represents about 6.37% of the company's float of 48.68M shares.

8. Silicon Laboratories Inc. (NASDAQ:SLAB): Engages in the design and development of analog-intensive and mixed-signal integrated circuits. Market cap at $1.51B, most recent closing price at $35.25. Net institutional sales in the current quarter at -2.3M shares, which represents about 5.84% of the company's float of 39.41M shares.

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

Source: 8 High-Growth Semiconductors Being Sold Off By Hedge Funds