U.S. Undervalued Small Caps

DHT Holdings

Market Cap: US$2.0b

Through its subsidiaries, owns and operates crude oil tankers primarily in Monaco, Singapore, Norway, and India.

Plumas Bancorp

Market Cap: US$288.3m

Operates as the bank holding company for the Plumas Bank that provides various banking products and services for small and middle market businesses and individuals in California, Nevada, and Oregon.

Limbach Holdings

Market Cap: US$1.1b

Operates as a building systems solution company in the United States.

Byrna Technologies

Market Cap: US$473.8m

A less-lethal self-defense technology company, develops, manufactures, and sells less-lethal personal security solutions in the United States, South Africa, Europe, South America, Asia, and Canada.

Legacy Education

Market Cap: US$122.5m

Provides education services to students, high school graduates, and working parents in the United States.

CorMedix

Market Cap: US$949.2m

A biopharmaceutical company, focuses on developing and commercializing therapeutic products for life-threatening diseases and conditions in the United States.

Opera

Market Cap: US$1.4b

Provides mobile and PC web browsers and related products and services in Norway and internationally.

Orange County Bancorp

Market Cap: US$328.7m

Through its subsidiaries, provides commercial and consumer banking products and services.

HBT Financial

Market Cap: US$773.2m

Operates as the bank holding company for Heartland Bank and Trust Company that provides financial products and services to consumers, businesses, and municipal entities in Illinois and Eastern Iowa.

CoreCivic

Market Cap: US$1.9b

Owns and operates partnership correctional, detention, and residential reentry facilities in the United States.

Hanmi Financial

Market Cap: US$719.8m

Operates as the holding company for Hanmi Bank that provides business banking products and services in the United States.

Miller Industries

Market Cap: US$469.2m

Manufactures and sells towing and recovery equipment.

Delcath Systems

Market Cap: US$399.5m

An interventional oncology company, focuses on the treatment of primary and metastatic liver cancers in the United States and Europe.

Hackett Group

Market Cap: US$517.5m

Operates as an intellectual property platform-based generative artificial intelligence strategic consulting and executive advisory digital transformation in the United States, Europe, and internationally.

Travelzoo

Market Cap: US$110.4m

Operates as an Internet media company that provides travel, entertainment, and local experiences worldwide.

Waterdrop

Market Cap: US$654.6m

Through its subsidiaries, provides online insurance brokerage services to match and connect users with related insurance products underwritten by insurance companies in the People’s Republic of China.

Chain Bridge Bancorp

Market Cap: US$203.4m

Operates as a bank holding company for Chain Bridge Bank, N.A.

Abeona Therapeutics

Market Cap: US$282.0m

A clinical-stage biopharmaceutical company, develops gene and cell therapies for life-threatening diseases.

Citizens & Northern

Market Cap: US$300.5m

Operates as the bank holding company for Citizens & Northern Bank that provides various banking and related services to individual and corporate customers.

MetroCity Bankshares

Market Cap: US$668.1m

Operates as the bank holding company for Metro City Bank that provides banking products and services in the United States.

Colony Bankcorp

Market Cap: US$285.5m

Operates as the bank holding company for Colony Bank that provides various banking products and services to retail and commercial customers in the United States.

Insteel Industries

Market Cap: US$604.6m

Manufactures and markets steel wire reinforcing products for concrete construction applications.

Calavo Growers

Market Cap: US$424.7m

Calavo Growers, Inc. markets and distributes avocados, prepared avocados, and other perishable foods to retail grocery, foodservice, club stores, mass merchandisers, food distributors, and wholesale customers worldwide.

CF Bankshares

Market Cap: US$148.9m

Operates as the bank holding company for CFBank, National Association that provides various banking products and services.

Civista Bancshares

Market Cap: US$404.0m

Operates as the financial holding company for Civista Bank that provides community banking services in the United States.

J.Jill

Market Cap: US$233.0m

Operates as an omnichannel retailer for women’s apparel in the United States.

Northpointe Bancshares

Market Cap: US$579.4m

Operates as the bank holding company for Northpointe Bank provides various banking products and services in the United States.

Tactile Systems Technology

Market Cap: US$325.7m

A medical technology company, develops and provides medical devices to treat underserved chronic diseases in the United States.

Richardson Electronics

Market Cap: US$163.8m

Provides engineered solutions, power grid and microwave tube, and related consumables in North America, the Asia Pacific, Europe, and Latin America.

AdaptHealth

Market Cap: US$1.3b

Distributes home medical equipment (HME), medical supplies, and home and related services in the United States.

Verint Systems

Market Cap: US$1.2b

Provides customer engagement solutions worldwide.

SIGA Technologies

Market Cap: US$607.2m

A commercial-stage pharmaceutical company, focuses on the health security market in the United States.

LTC Properties

Market Cap: US$1.6b

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through RIDEA, triple-net leases, joint ventures, and structured finance solutions.

OP Bancorp

Market Cap: US$200.2m

Operates as the bank holding company for Open Bank that provides banking products and services.

Capital Southwest

Market Cap: US$1.1b

Specializes in credit and private equity and venture capital investments in middle market companies, mezzanine, later stage, mature, late venture, emerging growth, buyouts, industry consolidation, recapitalizations and growth capital investments.

Farmers National Banc

Market Cap: US$523.7m

Operates as a bank holding company for The Farmers National Bank of Canfield that engages in the banking, trust, retirement consulting, insurance, and financial management businesses.