ASX shares have had a choppy start to the year. Inflation concerns, geopolitical uncertainty, and interest rate changes have all put pressure on investor sentiment.
But when markets are volatile, it's a good time to look at the investment opportunity hiding among oversold shares.
Here are three that spring to mind.
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Pantoro Gold Ltd (ASX: PNR)
Pantoro is a gold producer and exploration company based in Western Australia. The company's flagship operation is the 100%-owned Norseman Gold Project in the state's Eastern Goldfields region, and the ASX gold producer is also exploring a portfolio of regional targets in the Kimberly region. The gold miner's shares crashed by around 48% in March after it released its drilling results from its Norseman project and cut its production guidance following weather disruptions. The update overshadowed what were otherwise strong financial results. But subsequent updates have suggested the disruption was temporary and brokers are very bullish that Pantoro's share price can rebound quickly. Market Index data shows that the majority of brokers have a buy rating on the shares. The $4.99 target price implies an impressive potential 115% upside at the time of writing.
Qoria Ltd (ASX: QOR)
Qoria is a small-cap cybersecurity company that offers online safety technology for children, including school and parental controls. The company aims to become the global leader in children's digital safety and well-being within three years. The ASX company has reached 30 million students in 32,000 schools and earns a significant annual recurring revenue from ongoing school contracts. In its half-year FY26 result, Qoria announced a 25% increase in revenue and a 68% hike in EBITDA. And brokers think the strong rate of expansion can continue. Market Index shows brokers have a consensus strong buy rating on the ASX shares and an average 58 cents target price. That implies a huge potential 138% upside at the time of writing.
Amplitude Energy Ltd (ASX: AEL)
Amplitude is an Australian energy company that supplies gas and oil to the domestic market. The company has a number of major gas supply contracts with customers, including AGL Energy Ltd (ASX: AGL) and Origin Energy Ltd (ASX: ORG). Its gas segment accounts for the vast majority of the company's revenue. Its share price crashed in March after the company announced that its Isabella gas discovery was not commercially viable, despite earlier encouraging drilling results. But Ampitude continues to produce and sell gas from its other existing projects, and Isabella wasn't the only growth project in the works. Brokers see the sell-off as excessive. The majority hold a buy rating, and they tip a 99% upside to an average $2.51 target price over the next 12 months.
Xero Ltd (ASX: XRO)
The ASX 200 tech shares have been beaten down over the past year after concerns about the company's valuation and earnings outlook. Xero was caught up in a sector-wide sell-off late last year and in early 2026 as investors rotated away from tech stocks amid concerns about AI competition. But now I think the sell-off has been way overdone. Xero benefits from an incredibly sticky subscription base and high customer retention rates. This means its revenue is relatively predictable. As a relatively small market player, it also has a lot of growth potential. Most analysts have a strong buy rating on the shares. They tip an upside of around 90% to an average target price of $141.56.
