Double-Up Candidates: 3 Growth Stocks with Serious Upside Potential

Stocks to buy

In 2023, growth stocks faced challenges due to policy shifts and post-pandemic adjustments. Despite ongoing macroeconomic challenges, select growth stocks are expected to surge in 2024, offering investors strong returns amid economic cooling and inflation management measures.

Growth stocks aren’t guaranteed to provide consistent share price appreciation over time. However, choosing the best options in this space has proven to be a winning strategy over the past 15 years. While interest rates are higher, and many investors are taking a more defensive stance, growth still exists in investor portfolios.

That said, I think the three growth stocks are worth keeping on the radar right now.

Celsius Holdings (CELH)

Friends toasting drinks out in public at a bar

Source: DavideAngelini / Shutterstock

Celsius Holdings (NASDAQ:CELH) produces health drinks, notably its Celsius brand, which features natural ingredients like green tea extract and ginger root. Free from artificial additives, it emphasizes a partnership with PepsiCo (NYSE:PEP), which acquired a minority stake in 2022, gaining distribution rights.

Shares surged 59% year-to-date and 3,900% in five years, with a $12 billion market cap. Despite a less appealing 61 forward P/E ratio, Celsius boasts strong financials, managing debt effectively. In Q2, net income soared 462.5% year-over-year to $51.2 million, and revenue jumped 111.6%.

Despite skepticism about its longevity, Celsius defies doubters with impressive recent earnings, boasting a 104% revenue growth. The brand is evolving into a significant player, holding the third-largest U.S. energy drink market share, doubling from 4.4% to about 10.5% in Q3 2022. The company is experiencing growth across all channels and is now the best-selling energy drink on Amazon with a 21.4% share, surpassing Monster Beverage’s 18.6% and Redbull’s 13%. It also leads on Instacart.

SoFi Technologies (SOFI)

SoFi Technologies, Inc logo with stock market chart background. is an American online personal finance company and online bank.

Source: Poetra.RH /

SoFi Technologies (NASDAQ:SOFI) evolved into a comprehensive financial platform poised to benefit from the return of student loan payments. Priced at $7.31, the stock, up 62% year-to-date, has the potential for significant gains.

With a 47% YOY increase in members to 717,000, deposit growth of $2.9 billion, and a 100% year-over-year rise in net interest income to $345 million, SoFi’s outlook is optimistic. Management has raised revenue expectations to $2.04 billion to $2.06 billion, anticipating strong business from unsecured loans and high demand for student loan refinancing, driving stock growth.

SOFI reported robust financials, growing its membership to 717,000 and achieving a 100% year-over-year increase in net interest income. Anticipating increased demand for unsecured loans and vital student loan refinancing, the company is poised for a more substantial business. With the resumption of student loan payments, SoFi is expected to strengthen further. Purchasing SOFI stock below $10 is a strategic investment, with expectations of substantial growth, potentially doubling in value in 2024.

Zoom Communications (ZM)

A woman sitting at a desk waves at a large number of people on the videoconferencing software Zoom (ZM).

Source: Girts Ragelis /

Once a pandemic stock star, Zoom’s (NASDAQ:ZM) surge in 2020 was remarkable. Despite a decline post-peak, Zoom, priced under $65 per share, offers long-term investors a favorable risk/reward. With a reasonable valuation and steady revenue growth, it’s adapting to evolving markets beyond video conferencing.

The company remains dominant in video communication across business, education, religion, and sports. With a robust balance sheet holding approximately $6 billion in cash, Zoom stays resilient, even after the pandemic. Zoom reported robust Q2 2023 financials, with $1.14 billion in revenue, a 3.57% year-over-year increase.

Net income and diluted EPS reached $181.97 million and $0.59, marking impressive 297.76% and 293.33% year-over-year rises, beating EPS and revenue forecasts. Additionally, the Zoom AI Companion is a key driver, enhancing meeting quality and attracting premium subscriptions, indicating potential profit growth in upcoming quarters.

Retaining a substantial market share in video conferencing, ZM stock remains noteworthy for investors in the tech sector.

On the date of publication, Chris MacDonald 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 Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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