If you aspire to one day topple entrepreneurial genius Elon Musk on the net wealth rankings through the equities market exclusively, you’re obviously going to need to conduct heavy research on the stocks that can make you rich. However, you also want to be smart about this. Just throwing your money at the cheapest and riskiest fare available will probably destroy your finances.

Therefore, prospective investors who want to undertake this wild journey will need an effective balance. If it were me, I’d go with objectively undervalued securities that feature a low price tag but are aligned with a reasonably stable balance sheet. This way, I can leverage the law of small numbers while focusing on higher-probability wagers. Finally, all the names below feature strong upside potential based on analysts’ assessments. We’re talking about an average projected upside of over 148%. So, if you want to make a big impression, these are the stocks that can make you rich.

Hudson Technologies (HDSN)

Based in Pearl River, New York, Hudson Technologies (NASDAQ:HDSN) is a publicly traded company that is committed to providing products and services that reduce greenhouse gas emissions, increase energy efficiency and promote sustainability. Fundamentally, it specializes in refrigerant sales and services related to improving efficiency metrics (if I’m interpreting its word salad correctly).

At the moment, HDSN trades hands at a few cents below $8. Unfortunately, it’s not the most confidence-inspiring entity, losing over 20% of equity value on a year-to-date basis. However, the company features a decently stable balance sheet. For instance, its Altman Z-Score pings at 5.8, indicating a low risk of bankruptcy.

Moreover, HDSN trades at a forward multiple of 6.28. As a discount to earnings, Hudson ranks better than 94.23% of the industry. Also, it benefits from excellent operational stats, with a three-year revenue growth rate of 22% and a net margin of 32%. Finally, Wall Street analysts peg HDSN as a consensus buy. Most recently, EF Hutton’s Chip Moore forecasted that shares will hit $14, implying over 80% upside potential. Therefore, it could be one of the stocks that can make you rich.

AdTheorent (ADTH)

A machine learning (ML) specialist, AdTheorent (NASDAQ:ADTH) directs this nascent technology toward the marketing industry. Essentially, it leverages ML and data science to deliver real-world value for advertisers and marketers. While ADTH sounds like one of the stocks that can make you rich, you’re also taking a huge risk here.

Since the Jan. opener, ADTH lost a bit more than 2%, which sounds reasonable. Just wait, though. In the past 365 days, it hemorrhaged nearly 85% of its equity value. Understandably, this circumstance sounds absolutely horrible and it is. Surprisingly, though, AdTheorent owns a robust balance sheet, with a strong cash account relative to debt. Also, its Altman Z-Score pings at 4.92, reflecting low bankruptcy risk.

In addition, the market prices ADTH at a trailing multiple of 5.89. As a discount to earnings, AdTheorent ranks better than 86.87% of the field. Also, ADTH trades at a sales multiple of 0.86. In contrast, the sector median is 1.24 times. Lastly, covering analysts peg ADTH as a consensus moderate buy. Their average price target stands at $2.92, implying nearly 84% upside potential.

Evolution Petroleum (EPM)

Given the geopolitical flashpoints pressuring available channels for global hydrocarbon supplies, it’s no wonder that fossil fuels accelerated in price throughout 2022. However, Evolution Petroleum (NYSEAMERICAN:EPM) – an independent energy firm focused on onshore oil and natural gas properties in the U.S. – failed to attract investors this year.

Since the start of the new year, EPM gave up nearly 20% of its equity value. Nevertheless, for the daring contrarian, EPM may represent one of the stocks that can make you rich. Notably, despite its market weakness, Evolution enjoys a stout balance sheet. In particular, its cash-to-debt ratio stands at 17.84 times, above 77.23% of the industry. Also, its Altman Z-Score pings at 5.51.

Regarding valuation, the market prices EPM at a trailing multiple of 4.51. As a discount to earnings, Evolution ranks better than 68.46% of the industry. As well, EPM benefits from strong operational stats, such as a three-year revenue growth rate of 35.9% and a net margin of 29.52%. In closing, Northland Securities’ Donovan Schafer, assesses EPM as a buy. Further, the expert forecasts shares hitting $11, implying nearly 97% upside potential.

Radiant Logistics (RLGT)

Based in Bellevue, Washington, Radiant Logistics (NYSEAMERICAN:RLGT) is a global transportation and supply chain management firm. So far this year, RLGT gained over 5%, which is a respectable performance. However, it does have a significant challenge ahead. In the past 365 days, RLGT gave up nearly 18% of its equity value.

Still, for those looking to swing for the fences, RLGT could be one of the stocks that can make you rich. With a price tag of less than $6 at the time of writing, it has the law of small numbers working for it. Plus, the market prices shares at a trailing multiple of 6.15. In contrast, the sector median value is 12.37 times. Financially, it delivers the goods against an operational framework. Its three-year revenue growth rate is 18.2% while its book growth during the same period is 15.9%. Both stats rank within the top 20% of the underlying industry. Finally, Vertical Research’s Jeff Kauffman pegs RLGT as a buy. Further, the expert’s price target of $11 implies 101% upside potential.

VAALCO Energy (EGY)

Specializing in hydrocarbon exploration, VAALCO Energy (NYSE:EGY) features operations primarily in the Etame Marin block, which is off the shores of Gabon. Fundamentally, the normalization of society along with geopolitical catalysts imbue relevance for EGY stock. However, unlike other energy players, VAALCO hasn’t been off to a great performance. In the trailing year, it’s down nearly 32%.

Still, for those interested in stocks that can make you rich, Vaalco offers several compelling financial metrics. Operationally, the company features a robust three-year revenue growth rate of 24.7%. As well, its book growth during the same period comes in at 10.1%. For profitability, VAALCO’s net margin hits 19%, ranking above 72% of the underlying sector. In terms of valuation, the market prices EGY at a forward multiple of only 2. As a discount to earnings, Vaalco ranks better than nearly 95% of its peers. On a concluding note, Stifel Nicolaus pegs EGY as a buy. Also, the research firm projects shares hitting $10.71, implying growth potential of 149%.

Sensus Healthcare (SRTS)

Based in Boca Raton, Florida, Sensus Healthcare (NASDAQ:SRTS) specializes in a process called superficial radiation therapy. Per the company’s website, this approach provides a non-surgical alternative for treating non-melanoma skin cancer. It’s also an effective solution for keloids. Still, like any biotechnology firm, Sensus is news sensitive.

Unfortunately, an earnings miss for the company’s fourth quarter severely hurt shares. Since the start of the year, SRTS gave up 25% of its equity value. However, for those seeking stocks that can make you rich, SRTS could make speculators happy. To be fair, it’s a long shot because its three-year revenue growth rate went negative. However, Sensus presently owns a cash-rich balance sheet. Also, it’s a highly profitable enterprise. Notably, the market prices SRTS at a forward multiple of 6.22. As a discount to earnings, Sensus ranks better than 98% of the competition.

Lastly, covering analysts peg SRTS as a unanimous strong buy. Their average price target stands at $16, implying over 202% upside potential.

AbCellera Biologics (ABCL)

A biotech firm, AbCellera Biologics (NASDAQ:ABCL) researches and develops human antibodies. Per its corporate profile, AbCellera gained recognition for its leading role in the Pandemic Prevention Platform. Notably, AbCellera utilizes a proprietary tech platform that claims to develop “medical countermeasures within 60 days.” Still, it hasn’t had much to show for it recently, with shares down 19% in the trailing year.

Nevertheless, the volatility could signal an opportunity for speculators of stocks that can make you rich. Financially, AbCellera isn’t half bad. For instance, it features stability in the balance sheet, backed by an Altman Z-Score of 6.17. Operationally, the firm’s three-year revenue growth presently stands at 215.7% (though this will likely fade over time). As well, its net margin pings at nearly 33%.

Despite its compelling numbers, ABCL trades at a trailing multiple of 15.24. As a discount to earnings, AbCellera beats out 72.53% of its peers. To close out this list, Wall Street analysts peg ABCL as a unanimous buy. Their average price target stands at $29.60, implying over 288% upside potential.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Josh Enomoto 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.