While market advocates will wince at accusations that investing is nothing more than legalized gambling, for these stocks with massive upside potential, I for one will have to concede that only speculators should read ahead. Though these enterprises may have yield lifechanging returns, they can quickly leave you in the poor house.

At the same time, let me defend those who focus on top stocks with 1,000% growth potential. In baseball, nobody really remembers the guy who hit a bunch of singles. Before I get inundated with hate mail, let me be clear: there’s nothing wrong with singles but let’s be real. The fans focus on home runs. And that’s what these high growth stocks to buy are, the market equivalent of going yard. If that’s your thing, these highly risky ideas just might be up your alley.

NuScale Power (SMR)

One of the speculative stocks with massive upside potential, if you have some pocket change lying around, you might want to consider NuScale Power (NYSE:SMR). Focusing on small modular reactors or SMRs, NuScale brings a substantive change to nuclear power infrastructures. Because SMRs feature a smaller physical profile than their traditional powerplant counterparts, NuScale may help “decentralize” nuclear energy. Stated differently, it can bring power closer to the source of demand.

In particular, NuScale intrigues as one of the top stocks with 1,000% growth potential because of its desalination relevancies. Currently, desalination – or the process of converting ocean water into drinking water – is economically challenging, if not unviable. However, with the smaller, more efficient profile of SMRs, desalination could become a realistic solution to the global water crisis.

To be fair, investors must recognize that because SMR is one of the high growth stocks to buy, it also presents an aspirational profile. While NuScale carries zero debt, its deeply unprofitable at the moment. Nevertheless, analysts peg SMR as a consensus moderate buy. Their average price target lands at $11.75, implying nearly 51% upside potential.

SurgePays (SURG)

Based in Tennessee, SurgePays (NASDAQ:SURG) is a technology and telecom company focused on the underbanked and underserved communities. Notably, its SurgePhone Wireless network provides mobile broadband to low-income consumers nationwide. Also, it features a blockchain financial technology (fintech) platform to help lift small businesses in less-privileged neighborhoods. From a feel-good standpoint, SURG hits all the checkmarks.

However, it’s also a legitimate contender for stocks with massive upside potential. Right now, Wall Street analysts peg SURG as a consensus moderate buy. Their average price target hits $12.25, implying slightly over 85% upside potential. Notably, several days ago, Maxim Group’s Michael Diana pegged a $15 price target on SURG, implying almost 127% growth.

Financially, SurgePays features decent stability in the balance sheet. Its Altman Z-Score pings at 4.93, implying low bankruptcy risk. Where it fell short is its three-year revenue growth rate. However, 2022 turned out to be a stellar year for sales and its most recent performance (for the first quarter of 2023) should provide encouragement for speculators.

Zynex (ZYXI)

Headquartered in Englewood, Colorado, Zynex (NASDAQ:ZYXI) is a medical device manufacturer that produces and markets electrotherapy devices for use in pain management, physical rehabilitation, neurological diagnosis and cardiac monitoring. It ranks as one of the stocks with massive upside potential due to its broad medical relevancy. However, it’s a tricky narrative because since the beginning of this year, ZYXI lost over 32% of equity value.

Financially, though, Zynex seems like an underappreciated example of stocks to buy for huge returns. For example, it features decent stability in the balance sheet, with an equity-to-asset ratio of 0.58. This stat ranks better than 69.32% of companies listed in the medical distribution industry. Also, Zynex delivers on the operational front, posting an impressive three-year revenue growth rate of 49.2%. Also, its trailing-year net margin clocks in at 10.19%, beating out 89.66% of its peers.

Lastly, analysts peg ZYXI as a unanimous strong buy. Their average price target hits $22, implying 134% upside potential.

Idaho Strategic Resources (IDR)

Almost flirting with nano-capitalization territory, Idaho Strategic Resources (NYSEAMERICAN:IDR) is one of the more volatile examples of stocks with massive upside potential. Carrying a market cap of just under $59 million at time of writing, IDR is not for the faint of heart. Nevertheless, the gold producer which also focuses on rare earth element extraction just might deliver the goods.

Unless you’ve been living under a rock, you know that the U.S. is in a race with China and other adversarial nations to secure ample access to rare earths. According to Fortune Business Insight, the global underlying sector hit a valuation of $2.83 billion in 2021. By 2028, this segment could jump to $5.52 billion, representing a compound annual growth rate (CAGR) of 10%. Obviously, with IDR trading hands at such a low valuation, Idaho commands a massive total addressable market. As well, since Idaho focuses on domestic production, it could play a significant role in national infrastructure.

Perhaps unsurprisingly, Roth MKM’s Mike Niehueser predicted a $12 price target for IDR 10 months ago. That would be upside of 150%, making it one of the high potential stocks for massive gains.

CareCloud (CCLD)

Headquartered in Somerset, New Jersey, CareCloud (NASDAQ:CCLD) is a healthcare information technology company that provides services to healthcare providers and hospitals. A true nano-cap idea – meaning that it features a market cap below $50 million – CCLD presents high risks. Then again, you need such small enterprises to realistically qualify as one of the stocks with massive upside potential. After all, we’re talking 1,000% returns here over a relative few number of years.

Over time and if the stars align correctly, CareCloud could be a huge winner. According to Allied Market Research, the U.S. healthcare IT market reached a valuation of $96.93 billion in 2020. Experts project that by 2030, the segment will hit a whopping $344.07 billion. If so, this tally would print a CAGR of 13.4% (from 2021 to the forecast end).

Now, the drawback for CareCloud is that it could be a possible value trap. Nevertheless, speculators will also point to the company’s three-year revenue growth rate of 19.9%. As well, it features decent stability in the balance sheet. Even better, analysts peg CCLD as a moderate buy. Their average price target stands at $9, implying 205% upside potential.

Cara Therapeutics (CARA)

Hailing from Stamford, Connecticut, Cara Therapeutics (NASDAQ:CARA) advances lifechanging therapies for people suffering from chronic pruritus. According to its website, pruritus an unpleasant sensation that provokes the desire to scratch. It can be extremely debilitating for its sufferers, severely impairing quality of life. Again, from a feel-good narrative, CARA ranks among the stocks with massive upside potential with heart.

Unfortunately, you’re going to need more than a narrative to keep investors interested. That’s where Cara has fallen extremely short. Since the beginning of this year, shares stumbled nearly 69%. In the trailing one-year period, they’re under parity to the tune of 59%. Unsurprisingly, Gurufocus labeled CARA as a possible value trap.

Still, it could also be one of the top stocks with 1,000% growth potential because of other financial strengths to bolster its scientific relevance. For one thing, the company commands a stable, cash-rich balance sheet. Also, its three-year revenue growth rate impresses at 18.7%. Lastly, analysts peg CARA as a moderate buy. Their average price target clocks in at $17.57, implying nearly 417% upside potential.

TOMI Environmental Solutions (TOMZ)

Headquartered in Frederick, Maryland, TOMI Environmental Solutions (NASDAQ:TOMZ) is easily one of the riskiest ideas for stocks with massive upside potential. At time of writing, TOMZ carries a market cap of only $10 million. Right there, this reality should have several investors rushing for the exits. At the same time, its versatile disinfection and decontamination products may offer cynical relevancies.

Obviously, the global community understandably suffers from paranoia regarding the myriad problems associated with infections. Moreover, while many companies implemented initiatives such as work from home to mitigate the Covid-19 pandemic’s impact, social trends are slowly returning to normal. And that means more people will be in enclosed spaces together, perhaps necessitating disinfecting solutions.

However, the issue for TOMZ will be its financials. Thankfully, TOMI features a cash-rich balance sheet. Still, Gurufocus labels it a possible value trap. As well, its deeply unprofitable, with a trailing-year net margin of 44.76% below zero. However, about two weeks ago, H.C. Wainright’s Amit Dayal pegged TOMZ a buy. Also, the expert forecasts a $3.50 price target, implying nearly 592% upside potential. Thus, it could be one of the high growth stocks to buy for extreme speculators.

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.