Looking for potential 10x stocks? Who isn’t these days? 

Many think that finding stocks with high growth potential boils down to being in the right place at the right time and buying the right stocks before their share prices skyrocket. While luck plays a factor in all of this, good old in-depth research and due diligence serve as a solid foundation for success. 

Now, while 10x-ing your money will be difficult with mature companies like Apple or Microsoft, small-cap companies can offer potentially higher returns—if you choose the right one. 

In this article, I’ll examine three stocks exhibiting strong growth potential. To get my list, I screened the market using the following criteria:

• Market Capitalization: Small cap stock with a market capitalization between $300 million and $3 billion,
• Analyst Coverage: Eight or more analysts covering the stock,
• Analyst Rating: Minimum buy rating,
• Revenue Growth: Revenue growth of at least 10% in the last annual report,
• Earnings Growth: Positive earnings growth in the last annual report,
• Price-to-Earnings Ratio (P/E): Between 10 and 40.

Then, I took the top three results based on revenue growth and arranged them from highest to lowest. Here’s what I got:

SilverCrest Metals (SILV)

SilverCrest Metals (NYSEAMERICAN:SILV) is a Canadian exploration and development company for high-value precious metals projects. The company specializes in precious metal mines in the Americas, focusing on the Las Chispas Operation in Hermosillo, Sonora, Mexico.

According to the company’s Q2’24 operational update, it has successfully managed production, grades, and recoveries, positioning it to meet its annual sales guidance. SilverCrest ended the quarter with $122.3 million in treasury assets and $72.7 million in recorded revenue.

Meanwhile, Silvercrest’s FY’23 report showcased the company’s growth in no uncertain terms. Revenue grew from $43.5 million the previous year to $245.1 million, an impressive 463% year-over-year increase. EPS also increased by 276% in the same period. 

“2023 marked a successful first full year of commercial production at Las Chispas,” said CEO N. Eric Fier, “with the Operation exceeding the high end of sales guidance, beating the low end of AISC guidance, delivering impressive operating margins of 61%, and generating $121.1 million in free cash flow.”

With a market cap of $1.34 billion, a buy rating from eight analysts, and a P/E ratio of 13.13, SILV is shaping up to be one of the best 10x stocks with massive potential. 

Skyward Specialty Insurance (SKWD)

Skyward Specialty Insurance Group (NASDAQ:SKWD) is an insurance company specializing in casualty and commercial property insurance. It offers clients various types of insurance protection, including professional liability, general liability, excess liability, auto, health, and other insurance products. 

Since its IPO in January 2023, its stock has grown rapidly. Its share price is up 63% in the last 12 months, and for good reason. Skyward reported a 27.6% YOY growth in gross premiums for FY’23. EPS also improved from $1.24 to $2.34, or by 89%. 

CEO Andrew Robinson said, “We capped off an outstanding year with another strong quarter, delivering a 90.7% combined ratio and growing gross written premiums by 21%… We have every reason to believe that 2024 will build on our outstanding success in 2023.”

With such stellar performance, unfettered optimism, and a strong buy rating from nine Wall Street analysts, SKWD is right up there with the top potential stocks that can 10x your portfolio. 

Payoneer Global (PAYO)

Payoneer Global Inc. (NASDAQ:PAYO) is a fintech company that operates a payment infrastructure platform. It provides clients with various services, such as virtual and physical MasterCard cards, cross-border payments, working capital, and other financial-related services. 

The company’s 2023 financial performance marked a strong inflection point, highlighting its ability to grow and turn the business into profit. It reported a 32% YOY revenue growth for FY’23 to $831.1 million, while adjusted EBITDA skyrocketed by 323%. Payoneer also reported a turnaround EPS from a 3-cent loss to a 26-cent profit to cap off an excellent year. 

The company also bolstered its executive lineup by adding Chief People Officer Elana Brickner, Chief Product Officer Oren Ryngler, Chief Transformation Officer John Davis, and Chief Technology Officer Sarit Frumkes. Their combined experiences are expected to impact Payoneer’s future performance positively.

“We made meaningful progress in 2023 to expand access for small and medium-sized businesses (SMBs) to the digital, global economy,” said CEO John Caplan. “I am confident we can deliver more value for our customers, employees, and shareholders in 2024 and beyond.”

Nine analysts rate Payoneer stock as a strong buy. The company has a market cap of $2 billion and a forward P/E ratio of 23.78. Investors looking for potential stocks to 10x their portfolios might want to look more closely at PAYO. 

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

On the date of publication, Rick Orford 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.