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The following is a list of micro-cap stocks that have hit new 52-week highs on strong volume. For each stock we'll list the Relative Volume indicator, which expresses today's trading volume as a multiple of the three month average daily volume.

This list might offer an interesting starting point for momentum investors looking for small-cap exposure. 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 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 Relative Volume indicator.

1. UFP Technologies Inc. (NASDAQ:UFPT):

Packaging & Containers Industry. Market cap of $112.27M.

From their website: The company is a custom converter specializing in fabricating specialty foams, plastics, and natural fiber materials into packaging, components, and end products. Their core business is foam fabrication, where it specializes in creating custom solutions with diverse materials and converting expertise.

Relative volume at 6.46. Short float at 0.28%, which implies a short ratio of 0.17 days. The stock has gained 150.69% over the last year.

2. Bryn Mawr Bank Corp. (NASDAQ:BMTC):

Regional Bank. Market cap of $225.15M.

From their website: Bryn Mawr Trust offers a full range of personal and business banking services, consumer and commercial loans, equipment leasing, mortgages, insurance, and wealth management services.

Relative volume at 4.59. Short float at 1.94%, which implies a short ratio of 8.32 days. The stock has gained 20.33% over the last year.

Recent Developments: Announced that it declared a quarterly dividend of $0.15 per share, an increase of $0.01, or 7.1%, from the prior quarter (Feb 2011). Announced the closing of a registered direct offering of 1,548,167 shares of its common stock (May 2010).

3. Johnson Outdoors Inc. (NASDAQ:JOUT):

Sporting Goods Industry. Market cap of $151.53M.

From their website: While we expect the outdoor recreation industry to begin a slow recovery in 2010, we recognize that Johnson Outdoors must remain prepared to address economic challenges. Thus, we have undertaken a highly strategic transformation of our entire organization, better positioning Johnson Outdoors for sustained profitability in both up and down markets.

Relative volume at 4.32. Short float at 1.53%, which implies a short ratio of 9.75 days. The stock has gained 45.16% over the last year.

Recent Developments: Announced that its Humminbird Side Imaging technology received a second patent (May 2010).

4. PCTEL, Inc. (NASDAQ:PCTI):

Internet Service Providers Industry. Market cap of $136.86M.

From their website: They are a global leader in propagation and optimization solutions for the wireless industry. The company designs and develops software-based radios for wireless network optimization and develops and distributes innovative antenna solutions.

Relative volume at 2.59. Short float at 2.33%, which implies a short ratio of 9.93 days. The stock has gained 25.81% over the last year.

Recent Developments: Announced that it anticipates reporting approximately $18.6 million in revenue for the fourth quarter of 2010, vs. a Reuters estimate of $16.9 million.

5. Bank of Marin Bancorp (NASDAQ:BMRC):

Regional Bank. Market cap of $188.14M.

From their website: The bank serves Marin County, southern Sonoma County, and San Francisco, offering a broad range of deposit products, commercial and personal loans, cash management solutions, and wealth management services.

Relative volume at 1.79. Short float at 2.41%, which implies a short ratio of 12.31 days. The stock has gained 15.8% over the last year.

Recent Developments: Announced that its Board of Directors has declared a quarterly cash dividend of $0.16 per share (Jan 2011). Note that the company raised its dividend in Oct 2010.

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

Source: 5 Micro Cap Stocks Reaching New Highs on Strong Volume