Top 5 Small-Cap Stocks With Highest Upside Potential

In this piece, we will take a look at the top five small-cap  stocks with the highest upside potential. If you want to find out more about different investment areas and small cap investing in particular, then check out Top 12 Small-Cap Stocks With Highest Upside Potential.

5. Johnson Outdoors Inc. (NASDAQ:JOUT)

Share Price Upside: 87%

Johnson Outdoors Inc. (NASDAQ:JOUT) is a fishing products company that sells a variety of items and equipment such as anchors, sonars, and GPS systems. The shares have a perfect Strong Buy rating and the shares have a massive $51 upside. The firm’s business is tied to the economy and discretionary purchasing powers due to the hobbies of its customers.

After sifting through 943 hedge funds for 2023’s first quarter, Insider Monkey discovered that ten had held Johnson Outdoors Inc. (NASDAQ:JOUT)’s shares. Out of these, the firm’s largest shareholder is Jim Simons’ Renaissance Technologies with a stake of $16.6 million.

4. RCI Hospitality Holdings, Inc. (NASDAQ:RICK)

Share Price Upside: 94%

RCI Hospitality Holdings, Inc. (NASDAQ:RICK) owns and operates bars, restaurants, and nightclubs. The firm’s third fiscal quarter results saw nightclub revenue rise due to acquisitions but restaurant sales dropped in a tough macroeconomic environment.

As of March 2023, 13 of the 943 hedge funds part of Insider Monkey’s database had invested in the firm. Adam Wyden’s ADW Capital is RCI Hospitality Holdings, Inc. (NASDAQ:RICK)’s biggest investor as it owns $74 million worth of shares.

3. Piedmont Lithium Inc. (NASDAQ:PLL)

Share Price Upside: 115%

Piedmont Lithium Inc. (NASDAQ:PLL), as the name suggests, is a lithium firm. The company has a little over three thousand acres of land in the U.S., which can significantly benefit it due to restrictions on electric vehicle manufacturing passed through the Inflation Reduction Act.

Insider Monkey took a look at 943 hedge fund portfolios for 2023’s first quarter and found out that 13 had owned Piedmont Lithium Inc. (NASDAQ:PLL)’s shares.

2. ModivCare Inc. (NASDAQ:MODV)

Share Price Upside: 144%

ModivCare Inc. (NASDAQ:MODV) provides medical services such as patient monitoring and transportation. Since February, all analyst notes that have covered the shares have kept their rating at either Buy, Overweight, or Outperform.

Insider Monkey’s Q1 2023 survey of 943 hedge funds revealed that 14 had bought ModivCare Inc. (NASDAQ:MODV)’s shares. The firm was facing a bit of a controversy earlier this year when it and its former CEO entered into a dispute about the compensation he was owed after leaving.

1. Cassava Sciences, Inc. (NASDAQ:SAVA)

Share Price Upside: 434%

The second biotechnology firm on our list, Cassava Sciences, Inc. (NASDAQ:SAVA) not only tops it but takes the average analyst share price upside to a whopping 434%. H.C. Wainwright and B. Riley are the two firms that cover the shares, and both have continued to rate them as a Buy for months.

As 2023’s first quarter ended, eight of the 943 hedge funds part of Insider Monkey’s database owned Cassava Sciences, Inc. (NASDAQ:SAVA)’s shares. Ken Griffin’s Citadel Investment Group is the biggest shareholder among these with an investment worth $3.33 million which saw a 329% boost during Q1 2023.

Disclosure: None. You can also take a look at 11 High Growth Utility Stocks to Buy and 15 High Growth Large Cap Stocks to Invest In.

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