U.S. Undervalued Small Caps

WM Technology

Market Cap: US$157.3m

An online cannabis marketplace, provides ecommerce and compliance software solutions to retailers and brands in cannabis market in the United States and internationally.

Farmers National Banc

Market Cap: US$500.4m

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.

Harmony Biosciences Holdings

Market Cap: US$2.0b

A commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States.

LexinFintech Holdings

Market Cap: US$696.6m

Offers online direct sales and online consumer finance services in the People’s Republic of China.

Dingdong (Cayman)

Market Cap: US$364.3m

Operates an e-commerce company in China.

Here Group

Market Cap: US$306.2m

Designs and sells pop toys in China.

Imperial Petroleum

Market Cap: US$204.1m

Provides seaborne transportation services worldwide.

Perfect

Market Cap: US$185.4m

An artificial intelligence software as a service company, provides artificial intelligence (AI)- and augmented reality (AR)-powered solutions for beauty, fashion, and skincare industries worldwide.

Third Coast Bancshares

Market Cap: US$521.9m

Operates as the bank holding company for Third Coast Bank that provides various commercial banking solutions to small and medium-sized businesses and professionals in the United States.

Strategic Education

Market Cap: US$1.9b

Provides education services through campus-based and online post-secondary education, and programs to develop job-ready skills.

Nicolet Bankshares

Market Cap: US$1.9b

Operates as the bank holding company for Nicolet National Bank that provides banking products and services for businesses and individuals in Wisconsin, Michigan, and Minnesota.

Skyward Specialty Insurance Group

Market Cap: US$2.0b

An insurance holding company, underwrites commercial property and casualty insurance products in the United States.

Investar Holding

Market Cap: US$234.3m

Operates as the bank holding company for Investar Bank that provides a range of commercial banking products to individuals, professionals, and small to medium-sized businesses in south Louisiana, southeast Texas, and Alabama in the United States.

Steelcase

Market Cap: US$1.8b

Provides a portfolio of furniture and architectural products and services in the United States and internationally.

Standard Motor Products

Market Cap: US$840.4m

Manufactures and distributes replacement automotive parts in the United States and internationally.

Shoals Technologies Group

Market Cap: US$1.4b

Provides electrical balance of system (EBOS) solutions and components in the United States and internationally.

Metropolitan Bank Holding

Market Cap: US$714.1m

Operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services.

OptimizeRx

Market Cap: US$288.2m

Operates as a digital healthcare technology company.

Carter Bankshares

Market Cap: US$385.6m

Operates as the bank holding company for Carter Bank & Trust that provides various retail and commercial banking products and insurance services in the United States.

Hackett Group

Market Cap: US$497.0m

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

Niagen Bioscience

Market Cap: US$559.8m

Operates as a bioscience company engages in developing healthy aging products.

Delcath Systems

Market Cap: US$304.1m

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

ATRenew

Market Cap: US$915.6m

Operates pre-owned consumer electronics transactions and services platform in the People’s Republic of China.

Heritage Financial

Market Cap: US$753.8m

Operates as the bank holding company for Heritage Bank that provides various financial services to small and medium sized businesses and individuals in the United States.

Calavo Growers

Market Cap: US$391.0m

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.

National Bank Holdings

Market Cap: US$1.4b

Operates as the bank holding company for NBH Bank that provides various banking products and financial services to commercial, business, and consumer clients in the United States.

Sun Country Airlines Holdings

Market Cap: US$664.7m

An air carrier company, operates scheduled passenger, air cargo, charter air transportation, and related services in the United States, Latin America, and internationally.

Insteel Industries

Market Cap: US$626.8m

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

Colony Bankcorp

Market Cap: US$287.0m

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.

Sunrise Realty Trust

Market Cap: US$126.3m

Engages in commercial real estate lending business in the United States.

Malibu Boats

Market Cap: US$496.2m

Designs, engineers, manufactures, markets, and sells various recreational powerboats.

GoodRx Holdings

Market Cap: US$1.0b

Offers information and tools that enable consumers to compare prices and save on their prescription drug purchases in the United States.

Hudson Technologies

Market Cap: US$299.1m

Through its subsidiary, Hudson Technologies Company, provides solutions to recurring problems within the refrigeration industry in the United States.

Peapack-Gladstone Financial

Market Cap: US$442.6m

Operates as the bank holding company for Peapack Private Bank & Trust that provides private banking and wealth management services in the United States.

Capital Southwest

Market Cap: US$1.2b

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.

Pennant Group

Market Cap: US$861.0m

Provides healthcare services in the United States.