Are you on the lookout for investment opportunities that could potentially yield substantial returns? If so, cheap mid-cap stocks often represent an untapped gold mine for discerning investors. 

These companies, typically valued between $2 billion and $10 billion, offer a unique blend of growth potential and affordability. This makes them ideal for investors seeking to build long-term wealth in the stock market. Mid-cap stocks often have more room to expand and innovate than their larger counterparts. For those willing to do the research and embrace a bit of risk, investing in undervalued mid-cap companies can lead to exceptional returns over time.  

Now, here are the top cheap mid-cap stocks to buy to put you on the path to riches!

Sterling Infrastructure (STRL)

Sterling Infrastructure (NASDAQ:STRL) is a leading infrastructure provider in the United States specializing in transportation, civil construction and e-infrastructure solutions. The company’s robust backlog and diversified project portfolio make it well-positioned for continued growth in 2024.

Sterling Infrastructure is not a well known company on the stock market yet, but that will slowly be changing. They have been around for decades now but have largely remained unprofitable. After delivering record earnings results in the 2023 fiscal year, management has reiterated strong guidance for 2024. Their backlog is growing exponentially, as demand for infrastructure solutions remains robust.

In Sterling’s recent Q1 FY24 results, revenue increased 9% year-over-year (YOY) to $440 million. Earnings per share (EPS) rose by 56% to $1.00 per share, while generating $50 million in cash flow from operations. Moreover, their backlog hit a record $2.35 billion on strong demand in the data center and aviation markets. With strong revenue and adjusted EBITDA guidance for 2024, STRL stock remains one of the top cheap mid-cap stocks to buy now.

Science Applications International (SAIC)

Science Applications International (NASDAQ:SAIC) is undoubtedly one of the best cheap mid-cap stocks to buy in 2024. After delivering strong FY24 financial results in March, management’s updated FY25 guidance reflects higher revenue and free cash flow (FCF) generation.

Science Applications International is not a company that you typically hear about on Wall Street. However, SAIC has seen considerable growth in revenue and EPS growth with the stock far outpacing the S&P 500. Over the last decade, SAIC stock returned 334% to shareholders compared to the benchmark index’s 238%. The company specializes in a diverse range of software solutions for the intelligence community, from mission support analytics to cybersecurity solutions. In FY24, revenue decreased 3% YOY to $7.4 billion. However, EPS increased by 65% YOY to $8.88 per share. Their backlog at the end of fiscal 2024 was $22.8 billion, of which $3.5 billion was funded. This positions them for continued growth through the 2025 fiscal year.

ACM Research (ACMR)

ACM Research (NASDAQ:ACMR), a leading provider of semiconductor cleaning equipment is essential for the manufacturing of advanced semiconductor chips. With the global semiconductor industry experiencing rapid growth due to increasing demand for electronic devices and AI, ACM Research is poised to benefit significantly. 

There are many positive tailwinds to suggest rapid growth will continue in the 2024 fiscal year. Mainly the rebound in the semiconductor equipment market, but also due to increased demand for AI applications.

ACM Research has barely hit its stride and its advanced technology for the efficient cleaning of semiconductor wafers remains robust. After reporting record earnings results in FY23, things are already looking rosy in 2024. In their latest Q1 FY24 results, revenue more than doubled YOY to $152 million. EPS also skyrocketed 136% YOY to 26 cents per share. Total shipments in the first quarter were up 175%, driven by an expansion in their product offerings. With a strong outlook for the 2024 fiscal year, ACMR stock is set to continue benefiting from the positive growth tailwinds of the semiconductor industry.

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.