These exciting small cap ASX shares could double in 2023: analysts

Check out these highly rated small cap ASX shares for 2023…

| More on:
A man in a suit looks surprised as he looks through binoculars.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you're interested in investing at the small side of the market, then you may want to look at the ASX shares below.

These small cap ASX shares have been rated as buys and tipped to have major upside potential in 2023. Here's what you need to know about them:

Catapult Group International Ltd (ASX: CAT)

The first small cap ASX share to look at is Catapult. It is a global sports technology company that provides elite sporting organisations with real time data and analytics to monitor and measure athletes. It has been growing its annualised contract value (ACV) at a solid rate in recent years. Pleasingly, this has continued in FY 2023 despite the tough economic environment. In November, it reported a 21% increase in ACV on a constant currency basis to US$70 million during the first half. Another positive was its record-level retention, with ACV churn at just 4%. Looking ahead, management expects its full year ACV growth to be at least 20% with ACV churn in the range of 4.5% to 6%.

The team at Canaccord Genuity appears to have been pleased with its performance. The broker currently has a buy rating and $1.50 price target on the company's shares. This compares to the latest Catapult share price of 72 cents.

Hipages Group Holdings Ltd (ASX: HPG)

A final ASX small cap share to look at is Hipages. It is a leading online platform provider that provides job leads to tradies from homeowners and organisations looking for qualified professionals. While the tough economic environment has stifled its growth in FY 2023, it is still growing a solid rate. First quarter revenue was up 8% over the prior corresponding period to $16.1 million. This was driven by an increase in average revenue per user, job volumes, and subscriptions.

Analysts at Goldman Sachs are very positive on the company due to their belief that the company can capture a significant portion of industry advertising spend in the future. In fact, the broker has likened Hipages to the early days of Carsales.com Ltd (ASX: CAR) and REA Group Limited (ASX: REA).

Goldman currently has a buy rating and $2.10 price target on its shares. This is more than double the current Hipages share price of 97.5 cents.

Should you invest $1,000 in Catapult Group International right now?

Before you buy Catapult Group International shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Catapult Group International wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 7 February 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Catapult Group International and Hipages Group. The Motley Fool Australia has positions in and has recommended Catapult Group International and Hipages Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Small Cap Shares

A man slumps crankily over his morning coffee as it pours with rain outside.
Small Cap Shares

Why this Telstra-linked ASX small cap stock just crashed 90%

This small cap is having a very bad session. What's going on?

Read more »

A young boy wearing a hat, sunnies and striped singlet looks fierce and flexes his arm in victory.
Small Cap Shares

The ASX small-cap stock trading at 'half of the earnings multiple of industry leaders'

A leading fund manager sees a lot of untapped value for this soaring ASX small-cap stock.

Read more »

A man has a surprised and relieved expression on his face. as he raises his hands up to his face in response to the high fluctuations in the Galileo share price today
Small Cap Shares

These small cap ASX stocks could rise 15% to 70%

Analysts think big returns could be on the cards for buyers of these stocks.

Read more »

A female ASX investor looks through a magnifying glass that enlarges her eye and holds her hand to her face with her mouth open as if looking at something of great interest or surprise.
Small Cap Shares

2 under-$5 ASX hidden gems worth your attention

These buy-rated shares are flying under the radar. Let's see why analysts are bullish on them.

Read more »

Miner looking at a tablet.
Resources Shares

2 small-cap ASX mining shares exploding 40%+ on China tariff news

Investors are sending the small-cap ASX mining shares flying higher on Wednesday.

Read more »

Siblings jumping on a trampoline.
Small Cap Shares

3 ASX small-cap shares with a 'solid growth outlook' for 2025

A leading fund manager expects strong growth from these ASX small-cap stocks in 2025.

Read more »

A little girl with red hair runs excitedly with a rocket strapped to her back, trying to launch.
Small Cap Shares

Guess which ASX small-cap stock exploded 154% on big US news!

ASX small-cap stocks carry added risk, but also sometimes offer supersized rewards.

Read more »

A group of businesspeople clapping.
Healthcare Shares

This fund returned 109% in 2024. Here are 2 of its best-performing ASX shares

Small caps proved to be the winners last year.

Read more »