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This is a follow-up to a list we generated a few days ago (Top 16 Most Underestimated Small Cap Stocks). All of the stocks mentioned in that article had market caps smaller than $400M.

Judging by their earnings results relative to analyst estimates, they are also being underestimated by analysts (i.e. they are reporting "earnings surprises").

In addition, these three stocks have all seen insider buying over the last two years.

If you're interested in small-cap names, this list might offer an interesting starting point. Considering that analysts can't get it right with these names, it's a real possibility that there's still more good news to be priced in.

Earnings data sourced from AOL Money, short float data sourced from Finviz, average insider activity data from Fidelity, recent developments from Reuters.

Interactive Chart: Press Play to compare changes in market cap for the names mentioned below. Note: The numbers on top of items represent the forward P/E ratio, if available.

List sorted by insider transactions.

1. TICC Capital Corp. (NASDAQ:TICC):

Asset Management Industry. Market cap of $323.07M.

Analyst Surprises: The company has outperformed analyst earnings estimates by an average of 13.32% over the last year.

Insider Transactions: Insiders purchased an average of 18,760 shares per year over the last two years.

Other Sentiment Data: Short float at 3.86%, which implies a short ratio of 2.78 days. The stock has gained 123.32% over the last year.

Recent Developments: Announced close of previously announced public offering of 4.6M shares of the Company’s common stock (Dec. 2010).

2. CPI International, Inc. (CPII):

Diversified Electronics Industry. Market cap of $326.48M.

Analyst Surprises: The company has outperformed analyst earnings estimates by an average of 26.62% over the last year.

Insider Transactions: Insiders purchased an average of 10,372 shares per year over the last two years.

Other Sentiment Data: Short float at 1.18%, which implies a short ratio of 2.30 days. The stock has gained 73.30% over the last year.

Recent Developments: More than ten law offices announced separate investigations into possible breaches of fiduciary duty by the Company’s board members (Nov. 2010).

3. Roma Financial Corp. (NASDAQ:ROMA):

Savings & Loans Industry. Market cap of $312.92M.

Analyst Surprises: The company has outperformed analyst earnings estimates by an average of 15.24% over the last year.

Insider Transactions: Analysts purchased an average of 6,916 shares per year (over the last two years).

Other Sentiment Data: Short float at 3.39%, which implies a short ratio of 5.8 days. The stock has lost -9.74% over the last year.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 3 Underestimated Small Cap Stocks Backed by Insider Buying