8 Best Small-Cap Stocks Ready to Explode According to Analysts

2. Nikola Corporation (NASDAQ:NKLA)

Upside Potential as of May 21st: 108.73%

Market Cap: $714.9 million

Nikola Corporation (NASDAQ:NKLA) is an American manufacturer of heavy-duty commercial battery-electric vehicles, fuel-cell electric vehicles, and energy solutions.

Nikola reported revenue of $35.84 million in 2023, down 27.9% from the $49.73 million reported in 2022. However, the Arizona-based company has set a target to deliver as many as 350 hydrogen-powered fuel cell electric trucks in 2024, after cost controls and its first revenue from the vehicles helped the startup post a smaller loss for the fourth quarter of last year. Analysts from Wall Street have maintained a Moderate Buy position on stocks of Nikola Corporation (NASDAQ:NKLA), with an average price target of $1.1, representing an upside potential of 108.73%, and thus ranking it among the Best Small-Cap Stocks to Buy in 2024.

At the end of Q4 of 2024, 12 hedge funds held stakes in NKLA in the Insider Monkey database, with a collective value of approximately $55.75 million. One Fin Capital held the largest stake of 12 million shares, valued at almost $14.3 million.