The search for Nasdaq sleeper stocks to buy remains one many aggressive investors are on. However, at first glance, this search is one that seems incredibly risky. After all, compared to the other major equity indices, the technology-centric Nasdaq has suffered disproportionately. Much of this is due to an increasingly hawkish Federal reserve, with a monetary framework that doesn’t necessarily bode well for risk-taking.

Recently, the Federal Reserve decided to take on an interest rate hiking cycle, effectively restricting the money supply. Theoretically, such an action should mitigate inflation by reducing demand, thereby promoting deflationary forces. With deflation causing the dollar’s purchasing power to rise, investors have an incentive merely to sit on cash. That’s not great for Nasdaq sleeper stocks (or any other equities).

Still, the mad rush for the exits leaves many opportunities open for bold contrarian investors. Of course, one would have to be audacious to consider the below ideas. But if that happens to suit your style, these Nasdaq sleeper stocks to buy could positively light up your portfolio.

Upwork (UPWK)

Formerly known as Elance-oDesk, Upwork (NASDAQ:UPWK) represents a freelancing platform. The company helps bring independent contractors all over the world to connect with organizations with specific business needs. Bidding on available projects, Upwork unlocks value through introducing businesses to previously unidentified independent talent. From there, the sky’s the limit.

Upwork launched its initial public offering in October 2018. As of this writing, Upwork features a market capitalization of $1.84 billion. Since the start of this year, UPWK hemorrhaged 59% of equity value, making it a very underappreciated opportunity. Still, it might be an ideal candidate for Nasdaq sleeper stocks to buy.

Fundamentally, Upwork benefits strongly from trajectories bolstering the gig economy. Experts in the field project that this economic subsegment will command gross volume of $455.2 billion by 2023. Further, with companies recalling their employees back to the office, Upwork could see increased demand from disgruntled former cubicle warriors.

Dollar Tree (DLTR)

Dollar Tree (NASDAQ:DLTR) is simply a dollar discount store. Historically, the company got its name because everything in its stores was priced at a buck or less. Last year, though, Dollar Tree cheated up, offering products at $1.25. On paper, this action enabled the company to provide a wider range of merchandise.

Dollar Tree has been trading as a public entity since 1995. At time of writing, the dollar store features a market cap of $31.72 billion. Despite relevancies associated with economic challenges, DLTR has not performed outstandingly this year, up just 1%.

With the Fed imposing a deflationary ecosystem, the main risk centers on a rough landing – as in, a recession. Should this worst fear materialize, job losses could mount. Cynically, this narrative implies that Dollar Tree could experience rising demand. Thus, the red ink might only be temporary.

Five Below (FIVE)

Along the same vein as Dollar Tree above, Five Below (NASDAQ:FIVE) presents a compelling storyline. A chain of specialty discount stores, Five Below mostly sells products priced less than $5; hence the name. However, it also provides an assortment of products priced between $6 and $25. Primarily, the company targets tweens and teens.

FIVE stock began trading in the public equities sphere back in 2012. Presently, the company features a market cap of $7.8 billion. While the backdrop of Five Below (rough economic headwinds) should boost shares, FIVE fell over 31% on a year-to-date basis. However, this dynamic also implies that it could be one of the best Nasdaq sleeper stocks to buy.

The last sentence assumes that the discount retailer can attract customers through its doors. With the Fed possibly en route to spark a rough landing, that wouldn’t be a surprising outcome.

Interestingly, Gurufocus.com labels Five Below significantly undervalued. The retailer commands excellent longer-term growth and profitability metrics.

Intuit (INTU)

I’m going to break form a bit here and let the fundamentals speak for tax software firm Intuit (NASDAQ:INTU). Succinctly speaking, Intuit is one of the Nasdaq sleeper stocks to buy because it plays into the aforementioned gig economy. Here’s what Politico.com had to say on the matter.

“The IRS already knows from the W-2 filed by your employer how much you make in wages, and it already knows from forms filed by your financial service providers how much you earn in interest, dividends and capital gains—as well as how much you contribute to your individual retirement account.”

Thus, for several millions of taxpayers “who claim the standard deduction and have no other income sources or writeoffs, that information is all they need to calculate their taxes accurately.” Exactly. However, independent contractors or gig workers must file 1099 forms. Speaking from personal experience, that can get very complicated.

Fortunately, we have companies like Intuit that can help first-time gig workers navigate this tax minefield. Long term, INTU is a buy, irrespective of its status as one of the Nasdaq sleeper stocks.

Keurig Dr. Pepper (KDP)

An American beverage and coffeemaker conglomerate, Keurig Dr. Pepper (NASDAQ:KDP) may be one of the safer market ideas right now. While tech-driven names predominantly occupy the Nasdaq exchange, many (if not most) of these businesses feature discretionary profiles. In contrast, beverages tie in with biological needs, thus supporting Keurig Dr. Pepper.

Prior to the merger between Keurig Green Mountain and Dr. Pepper Snapple Group, the predecessor entity began trading in 2008. Currently, Keurig Dr. Pepper features a market cap of $52 billion. Since the January opener this year, KDP stock only lost about 2%, reflecting the resilience of its underlying industry. However, it lost about 5% of market value over the trailing week, meaning that some stakeholders are abandoning ship.

That might be a mistake. Cynically, should tough circumstances materialize in the economy, KDP provides two pick-me-up commodities: caffeine via Keurig and sugar via Dr. Pepper and other beverage brands. Gurufocus.com labels KDP a fairly valued enterprise, noting its solid profitability metrics.

Netflix (NFLX)

Streaming giant Netflix (NASDAQ:NFLX) once dominated the entertainment sector during the initial onset of Covid-19. With nothing to do and with live sports shut down, many turned to in-home entertainment. Naturally, streaming services along with video games benefitted from a hostage audience.

Today, though, circumstances shifted, in part due to phenomena such as revenge travel. No longer satisfied with digital entertainment, consumers opted for the real thing. That left little room for streaming. Sure enough, Netflix suffered uncharacteristic losses in subscriber count. As a result, NFLX hemorrhaged over 62% of market value. Still, it could be one of the Nasdaq sleeper stocks to buy.

Fundamentally, Netflix is better positioned to serve the entertainment market in the current population growth paradigm. On an extremely long-term basis, the streaming audience will be geared more heavily toward adults, which benefits Netflix’s grittier content.

Also, Netflix doesn’t really own decades-old fan-favorite entertainment franchises. Therefore, the constant pressure to live up to a prior heritage is simply non-existent.

Nvidia (NVDA)

Semiconductor firm and tech innovator Nvidia (NASDAQ:NVDA) presents a sort of rags-to-riches-to-rags narrative. Following the spring doldrums of 2020, NVDA skyrocketed as in-home entertainment platforms took off. This backdrop suited Nvidia just fine since the company specializes in graphics processing units. Then, those same GPUs helped undergird the cryptocurrency rally of 2021.

Today, the storyline for NVDA looks incredibly dour. Since the start of this year, the security dropped nearly 59%. Even in the near term, the bearish sentiment hasn’t let up. In the trailing month, NVDA slipped over 8%. Nevertheless, the currently poor results make for an argument that NVDA is one of the Nasdaq sleeper stocks to buy.

For one thing, video games will likely always be popular. According to data cited by the World Economic Forum, the global gaming industry could be worth $321 billion by 2026. Second, cryptos will almost surely make another comeback after they’re done going through their current bearish cycle.

Therefore, if you’re willing to patiently ride some volatility, NVDA may be one of the better Nasdaq sleeper stocks.

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.