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Do you consider yourself a contrarian investor? If you like to look for opportunities against market trends, your answer may be yes. We ran a screen with that idea in mind.

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

Then we screened for those stocks that may also be undervalued, by comparing price trends to changes in EPS estimates over the last month.

Based on the assumption that P/E is equal to a constant k, increases in EPS should be matched by increases in price. When they don't match up, a mispricing may have occurred.

We screened for stocks with faster growth in EPS estimates than price over the last month, which may indicate that these names are being undervalued.

For an interactive version of this chart, click on the image below. Analyst ratings sourced from Zacks Investment Research.

Tool provided by Kapitall (kapitall.com).

Do you think these stocks are suffering from excessive pessimism? Use this list as a starting point for your own analysis.

List sorted by increase in EPS estimate over the last month.

1. Consolidated Communications Holdings Inc. (CNSL): Provides telecommunications services to residential and business customers in Illinois, Texas, and Pennsylvania. Market cap at $469.92M, most recent closing price at $15.69. Float short at 12.29%. The EPS estimate for the company's current year increased from 0.62 to 0.73 over the last 30 days, an increase of 17.74%. This increase came during a time when the stock price changed by 16.6% (from 14.4 to 16.79 over the last 30 days).

2. Logitech International SA (LOGI): Designs, manufactures, and markets hardware and software products that enable digital navigation, music and video entertainment, gaming, social networking, audio, and video communication over the Internet, video security, and home-entertainment control. Market cap at $1.74B, most recent closing price at $9.06. Float short at 11.01%. The EPS estimate for the company's current year increased from 0.71 to 0.8 over the last 30 days, an increase of 12.68%. This increase came during a time when the stock price changed by 0.51% (from 9.79 to 9.84 over the last 30 days).

3. 3D Systems Corp. (DDD): Engages in the design, development, manufacture, marketing, and servicing of 3D printers and related products, print materials, and services. Market cap at $1.89B, most recent closing price at $34.33. Float short at 18.74%. The EPS estimate for the company's current year increased from 1.07 to 1.14 over the last 30 days, an increase of 6.54%. This increase came during a time when the stock price changed by 5.47% (from 31.28 to 32.99 over the last 30 days).

4. AOL, Inc. (AOL): Operates as a Web services company that offers a suite of brands and offerings for the worldwide audience. Market cap at $2.58B, most recent closing price at $27.57. Float short at 11.35%. The EPS estimate for the company's current year increased from 0.77 to 0.81 over the last 30 days, an increase of 5.19%. This increase came during a time when the stock price changed by 4.1% (from 26.81 to 27.91 over the last 30 days).

*EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 4 Highly Shorted Tech Stocks Undervalued By EPS Trends