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It's often suggested that “volume precedes price”; for that reason it's always helpful to look at the Money Flow Index (MFI), which is essentially a volume-weighted version of the popular Relative Strength indicator (RSI).

MFI is a more rigid indicator because it is volume-weighted, and is therefore a good measure of the strength of money flowing in and out of a stock. It compares "positive money flow" to "negative money flow" to create an indicator that can be compared to price in order to identify the strength or weakness of a trend.

All of the stocks mentioned below have seen their MFI(14) values increase over the last five days, suggesting that these stocks are being accumulated at current levels. Additionally, all of these stocks seem to be undervalued when comparing their current price to the street’s analysts’ target price (used as a proxy for fair value).

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With that in mind, which of these stocks are you most bullish about? Use this list as a starting point for your own analysis.

1. Cbeyond, Inc. (NASDAQ:CBEY): Diversified Communication Services Industry. Market cap of $366.24M. Current MFI(14) index at 21.48 vs. 19.03 five days ago. Analysts believe this stock is worth $15.89, which implies an upside of 37.81% from its current market price of $11.53. The stock is a short squeeze candidate, with a short float at 16.29% (equivalent to 23.99 days of average volume).

2. Scholastic Corporation (NASDAQ:SCHL): Books Industry. Market cap of $793.80M. Current MFI(14) at 27.23 vs. 20.02 five days ago. Analysts believe this stock is worth $37.0, which implies an upside of 37.24% from its current market price of $26.96. The stock is a short squeeze candidate, with a short float at 19.3% (equivalent to 18.48 days of average volume). The stock has performed poorly over the last month, losing 12.4%.

3. Cabela's Inc. (NYSE:CAB): Sporting Goods Stores Industry. Market cap of $1.72B. Current MFI(14) at 30.74 vs. 24.29 five days ago. Analysts believe this stock is worth $34.25, which implies an upside of 33.53% from its current market price of $25.65. The stock is a short squeeze candidate, with a short float at 8.98% (equivalent to 5.8 days of average volume). The stock has gained 38.82% over the last year.

4. Synaptics Inc. (NASDAQ:SYNA): Computer Peripherals Industry. Market cap of $854.28M. Current MFI(14) index at 29.23 vs. 21.4 five days ago. Analysts believe this stock is worth $33.38, which implies an upside of 32.78% from its current market price of $25.14. Might be undervalued at current levels, with a PEG ratio at 0.85, and P/FCF ratio at 9.49.

5. Thoratec Corp. (NASDAQ:THOR): Medical Instruments & Supplies Industry. Market cap of $1.55B. The MFI(14) index increased from 19.98 five days ago to 33.12 today. Analysts believe this stock is worth $34.56, which implies an upside of 30.66% from its current market price of $26.45.

6. Ebix Inc. (NASDAQ:EBIX): Business Software & Services Industry. Market cap of $835.76M. The MFI(14) index increased from 13.77 five days ago to 20.96 today. Analysts believe this stock is worth $30.5, which implies an upside of 28.96% from its current market price of $23.65. The stock is a short squeeze candidate, with a short float at 20.84% (equivalent to 6.7 days of average volume). The stock has had a couple of great days, gaining 12.34% over the last week. The stock has performed poorly over the last month, losing 16.85%.

7. ICF International Inc. (NASDAQ:ICFI): Management Services Industry. Market cap of $428.41M. The MFI(14) index increased from 5.49 five days ago to 32.2 today. Analysts believe this stock is worth $28.5, which implies an upside of 27.86% from its current market price of $22.29. Relatively low correlation to the market (beta = 0.41), which may be appealing to risk averse investors. The stock has lost 13.86% over the last year.

8. Peoples Financial Corp. (NASDAQ:PFBX): Regional Bank. Market cap of $79.16M. The MFI(14) index increased from 11.39 five days ago to 26.36 today. Analysts believe this stock is worth $19.0, which implies an upside of 22.27% from its current market price of $15.54.

9. Onyx Pharmaceuticals Inc. (NASDAQ:ONXX): Biotechnology Industry. Market cap of $2.14B. The MFI(14) index increased from 27.5 five days ago to 34.31 today. Analysts believe this stock is worth $41.6, which implies an upside of 21.67% from its current market price of $34.19. After a solid performance over the last year, ONXX has pulled back during recent sessions. The stock is 3.09% below its SMA20 and 3.84% below its SMA50, but remains 14.31% above its SMA200. The stock has gained 14.42% over the last year.

10. Riverbed Technology, Inc. (NASDAQ:RVBD): Networking & Communication Devices Industry. Market cap of $5.11B. The MFI(14) index increased from 27.92 five days ago to 33.56 today. Analysts believe this stock is worth $41.12, which implies an upside of 19.92% from its current market price of $34.29.

11. Mentor Graphics Corp. (NASDAQ:MENT): Technical & System Software Industry. Market cap of $1.64B. The MFI(14) index increased from 23.4 five days ago to 25 today. Analysts believe this stock is worth $17.2, which implies an upside of 18.95% from its current market price of $14.46. The stock has gained 79.93% over the last year.

12. Hallmark Financial Services Inc. (NASDAQ:HALL): Property & Casualty Insurance Industry. Market cap of $162.37M. The MFI(14) index increased from 19.69 five days ago to 25.43 today. Analysts believe this stock is worth $9.5, which implies an upside of 17.43% from its current market price of $8.09. The stock has performed poorly over the last month, losing 10.43%.

13. Wilshire Bancorp Inc. (NASDAQ:WIBC): Savings & Loans Industry. Market cap of $150.64M. The MFI(14) index increased from 24.97 five days ago to 28.18 today. Analysts believe this stock is worth $5.97, which implies an upside of 16.83% from its current market price of $5.11. The stock is a short squeeze candidate, with a short float at 14.62% (equivalent to 12.17 days of average volume).

14. Fred's Inc. (NASDAQ:FRED): Discount, Variety Stores Industry. Market cap of $519.15M. The MFI(14) index increased from 27.44 five days ago to 28.9 today. Analysts believe this stock is worth $15.43, which implies an upside of 14.47% from its current market price of $13.48.

15. UMB Financial Corporation (NASDAQ:UMBF): Regional Bank. Market cap of $1.53B. The MFI(14) index increased from 21.41 five days ago to 32.45 today. Analysts believe this stock is worth $42.0, which implies an upside of 11.73% from its current market price of $37.59. Relatively low correlation to the market (beta = 0.73), which may be appealing to risk averse investors. The stock is also a short squeeze candidate, with a short float at 5.47% (equivalent to 14.89 days of average volume). The stock has lost 7.14% over the last year.

MFI(14) data sourced from StrategyDesk, current price sourced from Google Finance and target analysts’ prices soured from Finviz.

Source: 15 Oversold, Undervalued Stocks Seeing Strong Buy Volume Accumulation