8 Best Micro Cap Stocks to Buy According to Analysts

6. Zynex, Inc. (NASDAQ:ZYXI)

Market Cap as Of October 29: $281.87 Million

Stock Upside Potential: 97.37%

Number of Hedge Fund Holders: 14

Zynex, Inc. (NASDAQ:ZYXI) is a healthcare company that designs, manufactures, and sells medical devices for treating chronic and acute pain. It offers NexWave, a dual channel, multi-modality interferential current, transcutaneous electrical nerve stimulation, and neuromuscular electrical stimulation (NMES) device that is marketed to physicians and therapists.

Zynex, Inc. (NASDAQ:ZYXI) has received a significant boost from the Food and Drug Administration, strengthening its prospects in the pain management segment with the approval of TensWave. The device, which aligns with the company’s commitment to improving patient outcomes through innovative medical technology, has been clinically proven to reduce chronic and acute pain without using any medication.

Likewise, TensWave should strengthen the company’s prospects in the pain management device market, which is growing at a compound annual growth rate of 8.6% and is projected to be worth $3.3 billion by 2026. On the other hand, Zynex, Inc. (NASDAQ:ZYXI) delivered solid third-quarter results driven by a 13% increase in orders for its solutions, which led to revenues of $50 million compared to $49.9 million a year ago. Revenue per sales rep increased 25% year-over-year to approximately $530,000 in the third quarter of 2024

Amid the underlying growth, analysts on Wall Street rate the stock as a Buy with an average price target of $18, implying 97.37% upside potential from current levels.