Although the equities sector recovered reasonably well from 2022’s harsh glare, rising headwinds force consideration of cheap growth stocks to buy now. Essentially, some enterprises with upside potential may be overlooked by other investors, presenting contrarian opportunities. To be sure, the below enterprises present higher risk profiles than your commonly discussed securities. However, companies that natively attract public attention may do so because of their established predictability. With these undervalued growth stocks, investors will be taking a more adventurous approach. For the list below, we’ll be working our way up the risk-reward spectrum; that way, we have something for everyone. So, without any more delay, below are the bargain growth stocks with huge potential.

Murphy USA (MUSA)

Specializing in the downstream component of the hydrocarbon energy industry, Murphy USA (NYSE:MUSA) operates a chain of retail gasoline stations. A smart enterprise, management strategically locates Murphy USA stations primarily near Walmart (NYSE:WMT) stores. Focused on lower pricing, the energy firm should be able to steal market share under this inflationary paradigm. Thus, it’s one of the cheap growth stocks to buy now.

According to Gurufocus, Murphy’s three-year revenue growth rate stands at 30.5%, above 89.41% of sector peers. Also, its EBITDA growth rate impresses at 56.9%, above 90.94% of rivals. As well, it’s consistently profitable. Nevertheless, MUSA represents one of the undervalued growth stocks to consider. Right now, MUSA trades at a forward multiple of 12.59. As a discount to projected earnings, Murphya ranks better than 65.15% of the competition.

Finally, while analysts peg MUSA as a consensus hold, the top price target lands at $360, implying nearly 27% upside potential. Thus, it’s one of the relevant bargain growth stocks with huge potential.

Patrick Industries (PATK)

Headquartered in Elkhart, Indiana, Patrick Industries (NASDAQ:PATK) might not stand out as the most well-recognized However, according to its website, Patrick is home to many of the most well-respected brands in recreational vehicles (RVs), marine, manufactured housing, and industrial categories. Despite being seemingly vulnerable to consumer economy headwinds, PATK gained nearly 7% since the Jan. opener. Thus, it’s worth a look for cheap growth stocks to buy now.

On the financials, Patrick posts a three-year revenue growth rate of 25.7%, above 93.54% of sector players. Also, its EBITDA growth rate during the same period impresses at 40%, above 88.86%. Not to be outdone, the 36-month book growth rate is 27.1%, outflanking 89.36% of its peers. Yet PATK ranks among the low-priced growth stocks to watch. Presently, PATK trades at a forward multiple of 9.97. As a discount to projected earnings, Patrick ranks better than nearly 61% of the competition.

Lastly, analysts peg PATK as a consensus moderate buy. On average, their price target comes out to $78, implying 20% upside potential.

AMN Healthcare Services (AMN)

One of the enterprises that struggles to explain what it does on its main website page, AMN Healthcare Services (NYSE:AMN) bills itself as a leader in cost-effective workforce management solutions. This focus involves temporary staffing services to full-service recruitment process outsourcing. Since the start of the year, AMN dipped more than 12%. However, in the trailing one-year period, shares gained nearly 4% of equity value.

Financially, it qualifies as one of the cheap growth stocks to buy now. First, it benefits from monstrous growth on the top line. Its three-year sales growth rate pings at 35.8%, above 87.17% of companies listed in the healthcare provider industry. Also, its EBITDA growth rate during the same period is 52.3%, above 90.62%. For the second component, the market prices AMN at a forward multiple of 12.7. As a discount to projected earnings, AMN ranks better than 87.83% of the competition. Thus, it’s easily one of the undervalued growth stocks.

To close out, analysts peg AMN as a consensus strong buy. On average, their price target stands at $109.17, implying over 17% upside potential.

Winnebago Industries (WGO)

On the surface, Winnebago Industries (NYSE:WGO) doesn’t exactly seem like a relevant investment at this hour. With myriad pressures impacting the consumer economy, few can afford RVs. Still, the Covid-19 crisis widened the wealth gap, meaning that those who can afford RVs can do so quite easily. Sure enough, WGO gained nearly 11% of its equity value since the beginning of this year. And in the trailing one-year period, it’s up 4%.

For those willing to take a contrarian view regarding cheap growth stocks to buy now, Winnebago could be intriguing. First, its three-year revenue growth rate pings at 33.9%, above 93.96% of sector peers. Also, its EBITDA growth rate in the aforementioned period impresses at 48.2%, above 91.46%. On the value front, the market prices WGO at a forward multiple of 7.52. As a discount to earnings, Winnebago ranks better than 72.47% of the competition. Thus, it’s possibly a viable candidate for bargain growth stocks with huge potential.

Turning to Wall Street, analysts peg WGO as a consensus moderate buy. Overall, their price target hits $71.80, implying over 23% upside potential.

Caesars Entertainment (CZR)

An enticing though higher-risk name among cheap growth stocks to buy now, Caesars Entertainment (NASDAQ:CZR) carries one of the more recognizable brands within the hotel and casino ecosystem. Since the Jan. opener, CZR gained over 7% of its equity value. However, in the past 365 days, shares slipped almost 11%. Still, for the intrepid contrarian, CZR could be interesting as people clamor to get out of the house and vacation. That’s especially true for young consumers.

Financially, Caesars doesn’t exactly offer the most confidence-inspiring profile. Nevertheless, it does enjoy significant growth. For instance, its three-year sales growth rate pings at 16.5%, ranked above 88.33% of companies listed in the travel and leisure industry. As well, its book growth rate during the same period impresses at 6.3%.

For value, CZR trades at 0.83 times trailing sales. In contrast, the sector median stat comes in at a loftier 1.92 times. Also, shares trade at 6.98 times operating cash flow. As a discount to the underlying metric, Caesars ranks better than 69.38% of its peers. Lastly, analysts peg CZR as a consensus strong buy. On average, their price target comes out to $72.22, implying 59% upside potential. Thus, it’s one of the relatively low-priced growth stocks to watch.

Rigel Pharmaceuticals (RIGL)

Saving the riskiest ideas for last, Rigel Pharmaceuticals (NASDAQ:RIGL) ranks among the best growth stocks under $10. Based in San Francisco, California, Rigel focuses on developing and providing novel therapies to improve the lives of patients with hematologic disorders and cancer. Since the beginning of this year, RIGL shed more than 13% of its equity value. In the past one-year period, it’s down 44%.

To be sure, Rigel suffers from a distressed balance sheet. Therefore, you shouldn’t enter into this space without factoring in potential volatility. However, its three-year revenue growth rate pings at 25.3%, above 73.6% of its peers. For value, RIGL trades at 1.59 times trailing sales. In sharp contrast, the sector median stat is 9.42 times. Of course, being so undervalued on paper, Gurufocus warns that Rigel could be a value trap. As a speculator, you’re going to need to decide if it’s junk or if it ranks among the cheap growth stocks to buy now.

Interestingly, analysts peg RIGL as a consensus moderate buy. Their average price target comes out to $6.67, implying 475% upside potential.

Paratek Pharmaceuticals (PRTK)

Another entry for best growth stocks under $10, Paratek Pharmaceuticals (NASDAQ:PRTK) focuses on complex medical issues and unmet needs. However, it’s going to require a significant dosage of patience. Trading hands at less than two bucks a pop, PRTK doesn’t natively offer much confidence. Also, since the start of the year, PRTK slipped more than 9%. Also, keep in mind that it lost 85% in the past five years.

As with Rigel Pharmaceuticals above, Paratek suffers from a distressed balance sheet. However, the biotechnology firm hopes to attract speculators with its three-year revenue growth rate of 76.4%. Also, its EBITDA growth rate during the same period comes out to 37.7%.

On the valuation front, PRTK trades at 0.62 times trailing sales. On paper, this stat ranks better than nearly 97% of biotech competitors. However, the sustainability issue makes Gurufocus issue a value trap warning. Ordinarily, I might agree wholeheartedly. However, analysts peg PRTK as a unanimous strong buy. Their average price target stands at $6.67, implying nearly 295% upside potential. Therefore, it could be one of the speculative cheap growth stocks to buy now.

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.