Small Cap Stocks to watch in March 2023- APX and NAN

​​​​​​​Key Highlights:

• Small cap stocks refer to companies with a relatively small market capitalisation.

• Investing in small cap stocks can be a way to diversify your portfolio and potentially earn higher returns.
• Appen and Nanosonics are two players with growth potential in coming period.

Small-cap stocks can be a great way to add diversification and potential growth to your investment portfolio compared to large cap stocks. Thus, making these stocks appealing investments. However, these stocks are quite risky and volatile. Hence, require thorough research before taking any investment decision. Here are two ASX small-cap stocks to consider buying in March 2023.

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Appen Limited (ASX: APX)

Appen is a global leader in the development of high-quality, human-annotated datasets for machine learning and artificial intelligence. Its customers include tech giants like Facebook, Microsoft, and Google. The company's business model is highly scalable, as it can quickly scale up or down its workforce of over 1 million contractors depending on the needs of its customers.

Despite the COVID-19 pandemic causing some disruptions to its operations, Appen's financial performance has remained strong. In its most recent half-yearly report, the company reported a 9% increase in revenue compared to the same period the previous year, while its underlying EBITDA grew by 17%. With the continued growth of artificial intelligence and machine learning, Appen is well-positioned to continue its growth trajectory.

• The stock closed at AU$2.65 with an increase of AU$0.219 or 9.053%.
• The stability of APX's share price over the past 3 months indicates that it has not exhibited significantly higher volatility compared to other Australian stocks.
• On average, the stock has delivered a return of 13.25% in the last 5 trading session.

Nanosonics Limited (ASX: NAN)

Nanosonics is a medical technology company that develops and sells infection control products. Its flagship product is the trophon EPR, an ultrasound probe disinfection system that uses proprietary technology to provide a fast and effective disinfection process. The company has a global customer base, including hospitals, clinics, and other healthcare facilities.

The COVID-19 pandemic has highlighted the importance of infection control measures in healthcare settings, and as a result, Nanosonics' products have seen increased demand. In its most recent half-yearly report, the company reported a 32% increase in revenue compared to the same period the previous year, while its net profit after tax increased by 97%. With a strong balance sheet and a growing market for infection control products, Nanosonics is poised for continued success.

• The current stock price for NAN is AU$5.060 and has increased by 0.190 points, or 3.901% from the previous close.
• Over the past 3 months, NAN's share price has shown relative stability compared to other Australian stocks.
• On average, the stock delivered a return of ~14.22% in the last 5 trading sessions.

Bottomline:

In conclusion, Appen and Nanosonics are two ASX small-cap stocks to consider buying in March 2023. Both companies operate in growing markets and have a track record of strong financial performance. As with any investment, it's important to conduct your own research and consider your own financial circumstances before making a decision.

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