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The following is a list of undervalued stocks, as defined by the Price to Earnings Growth (NYSE:PEG) ratio. All of the stocks mentioned below have PEG ratios below 1, which usually signal undervalued conditions relative to projected earnings growth.

In addition, all of these stocks saw unusually high volume gains during Monday's session.

For each stock we'll list the Relative Volume indicator, which shows Monday's trading volume as a multiple of the three month average.

This list might offer an interesting starting point for momentum investors. Full details below.

All data sourced from Finviz.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research. Note: The numbers on top of items represent the forward P/E ratio, if available.

The list has been sorted by the change in price during Monday's session.

1. InterDigital, Inc. (NASDAQ:IDCC): Wireless Communications Industry. Market cap of $2.04B. PEG ratio at 0.76. Monday's relative volume at 3.87, with the stock gaining 8.39% during the session. Short float at 16.31%, which implies a short ratio of 10.23 days. The stock has gained 65.84% over the last year.

2. Himax Technologies, Inc. (NASDAQ:HIMX): Semiconductor Industry. Market cap of $454.68M. PEG ratio at 0.95. Monday's relative volume at 3.29, with the stock gaining 7.08% during the session. Short float at 0.17%, which implies a short ratio of 0.82 days. The stock has lost -11.68% over the last year.

3. TriQuint Semiconductor, Inc. (NASDAQ:TQNT): Semiconductor Industry. Market cap of $2.09B. PEG ratio at 0.73. Monday's relative volume at 2.36, with the stock gaining 5.64% during the session. Short float at 5.47%, which implies a short ratio of 2.05 days. The stock has gained 116.5% over the last year.

4. AeroVironment, Inc. (NASDAQ:AVAV): Aerospace/Defense Products & Services Industry. Market cap of $636.05M. PEG ratio at 0.91. Monday's relative volume at 1.98, with the stock gaining 5.12% during the session. Short float at 7.98%, which implies a short ratio of 7.83 days. The stock has gained 0.52% over the last year.

5. China MediaExpress Holdings, Inc. (OTCPK:CCME): Advertising Agencies Industry. Market cap of $319.77M. PEG ratio at 0.98. Monday's relative volume at 2.03, with the stock gaining 2.62% during the session. Short float at 26.76%, which implies a short ratio of 4.18 days. The stock has gained 57% over the last year.

6. Iconix Brand Group, Inc. (NASDAQ:ICON): Apparel Footwear & Accessories Industry. Market cap of $1.48B. PEG ratio at 0.86. Monday's relative volume at 3.6, with the stock gaining 2.15% during the session. Short float at 11.09%, which implies a short ratio of 15.69 days. The stock has gained 59.02% over the last year.

7. Best Buy Co. Inc. (NYSE:BBY): Electronics Stores Industry. Market cap of $13.94B. PEG ratio at 0.93. Monday's relative volume at 1.57, with the stock gaining 1.68% during the session. Short float at 4.16%, which implies a short ratio of 1.91 days. The stock has lost -13.63% over the last year.

8. Nidec Corp. (NYSE:NJ): Industrial Electrical Equipment Industry. Market cap of $14.34B. PEG ratio at 0.9. Monday's relative volume at 1.57, with the stock gaining 1.5% during the session. Short float at 0.04%, which implies a short ratio of 4.07 days. The stock has gained 7.7% over the last year.

9. Protective Life Corp. (NYSE:PL): Life Insurance Industry. Market cap of $2.41B. PEG ratio at 0.72. Monday's relative volume at 2.1, with the stock gaining 0.61% during the session. Short float at 3.93%, which implies a short ratio of 6.11 days. The stock has gained 68.66% over the last year.

10. PartnerRe Ltd. (NYSE:PRE): Property & Casualty Insurance Industry. Market cap of $6.04B. PEG ratio at 0.71. Monday's relative volume at 1.76, with the stock gaining 0.57% during the session. Short float at 2.79%, which implies a short ratio of 5.09 days. The stock has gained 13.9% over the last year.

Source: 10 Undervalued Stocks With High Volume Gains