7 Little-Known Growth Stocks With Triple-Digit Upside Potential

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After a nearly two-year rally, many well-known big tech stocks have valuations that look stretched, meaning this recent rally could be due for a breather. So, where do savvy investors put their money to work now in search of the next generation of multibagger returns? In my experience, times like these are well-suited for investors who are willing to find under-the-radar growth stocks that have been mostly left behind by the rally. The companies I’m going to discuss in this article fit this profile, and have tremendous upside potential, if they continue to execute and see their growth trajectories attract more positive Wall Street attention.

In my view, these seven lesser-known growth stocks have triple-digit upside potential in the coming years. These businesses have quietly continued to execute and grow at impressive clips, while Wall Street has looked the other way. Once the spotlight shifts, these stocks could experience a surge of investor interest and deliver outsized returns for early believers.

Let’s have a look!

Remitly (RELY)

Online banking. Person using online banking platform on phone

Source: PopTika / Shutterstock

Remitly (NASDAQ:RELY) is an American online remittance service company, enabling convenient international money transfers to over 150 countries. The company has executed very impressively in recent years, delivering fast growth as digital remittances gain popularity. Indeed, I believe several powerful mega trends will continue propelling Remitly higher over the next decade.

First, record levels of migration into the U.S. mean more foreign-born workers sending money abroad to support families. Around 20% of the U.S. workforce is currently foreign-born, which should continue climbing as acute labor shortages persist. Shortages are especially severe in blue-collar jobs that most native-born Americans are unwilling to take, like manufacturing, cleaning services, food service, and agriculture. The migrants filling these roles reliably send large sums of their wages back home every month. With U.S. remittance outflows towering at $79 billion in 2022, that figure is likely dramatically higher in 2024.

In addition, digital transfer services like Remitly are grabbing market share from traditional cash-based brokers thanks to better rates. Remitly’s app makes sending money abroad “as easy as online shopping.”

Analysts estimate Remitly’s earnings per share will quadruple between 2024 and 2028, driven by 32%+ annual revenue growth. While RELY stock may look expensive today (trading at nearly 50-times forward earnings), its blistering growth trajectory justifies the sizable premium. And at only 3-times sales amid surging profitability that’s clearly still in its early innings, I see sizable upside for RELY stock, even after its recent rally.

Li Auto (LI)

The steering wheel and dashboard inside Li Auto electric car. Interior of Li Auto EV. Li Auto Also known as Li Xiang, is a Chinese electric vehicle company

Source: Robert Way /

Li Auto (NYSE:LI) has excelled in recent quarters, performing even better than my previous optimistic expectations. The Chinese electric vehicle maker just reported fourth-quarter revenue that doubled year-over-year to $5.8 billion. The company delivered nearly three times as many vehicles versus last year, mainly led by surging demand for Li Auto’s large, premium SUVs. Quarterly profit also doubled year-over-year, capping a standout 2023, where Li Auto generated its first-ever annual profit.

Bullishly, management issued rosy guidance for 2024 in its recent earnings report. Additionally, Li Auto plans to launch five brand new models this year, targeting up to 800,000 total vehicles sold. I won’t be surprised if that target is easily surpassed.

I view Li Auto as arguably the most exciting electric vehicle stock right now, thanks to its leading position in China and immense growth trajectory. Despite its pristine growth outlook, shares still trade at a modest 1.5-times forward sales multiple. That’s nothing compared to rivals that are struggling in this environment.

As China’s economy rebounds from disruptions with stimulus and global interest rates decline, Li Auto looks poised to utterly dominate the Chinese EV sector for years. Its success can also now translate overseas into under-penetrated markets in Europe.

Grab Holdings (GRAB)

A group of Grab riders on motorbikes in Bangkok, Thailand.

Source: Twinsterphoto /

Grab Holdings (NASDAQ:GRAB) operates the largest ride-hailing and delivery platform across major Southeast Asian economies like Singapore, Indonesia, and the Philippines. I’m highly bullish on Grab’s long-term growth outlook, as rising incomes across this fast-developing region continue fueling booming demand for digital services.

Grab recently hit an important milestone, achieving positive adjusted EBITDA (and profits) in Q4 2023, while still posting 30% year-over-year sales growth. The company also holds more than $5 billion of cash on hand to fund regional expansion efforts in the years ahead. Profitability may remain muted in the near future, but the company’s top-line growth story looks compelling.

Wall Street analysts forecast Grab’s revenues rising at a double-digit clip annually through 2030 as digital service adoption continues to surge. Additionally, the company’s earnings per share are projected to leap ten-fold from just 6 cents in 2025 all the way to 60 cents in 2030. Trading at only about 5-times 2030 forecast earnings, investors can easily see the vast upside GRAB stock provides, if the company can continue to dominate Southeast Asia’s digital economy.

Eventbrite (EB)

Image of a singer at a rock concert.

Source: kondr.konst/

Eventbrite (NYSE:EB) operates a leading self-service ticketing platform for live experiences and events. This stock looks substantially undervalued, trading at just 2.5-times sales, despite a solid growth outlook. Management targets 20%+ annual revenue growth, with analysts specifically forecasting 25% top-line growth in 2023 and 22% growth in 2024 on surging event ticket sales as the economy continues to boom.

Eventbrite’s profitability also looks compelling, leading to a reasonable valuation. Currently, EB stock trades at only 30-times trailing earnings. But looking out just two more years, shares go for only 15-times 2025 earnings. That’s dirt cheap for a high-growth SaaS company. Unlike some pandemic reopening plays, Eventbrite boasts a rock-solid balance sheet, too, with ample cash exceeding its debt.

I believe Eventbrite has all the ingredients of a potential multi-bagger, if its execution meets projections. Still trading at a discount of more than 60% from February 2020 peaks, the risk-reward outlook looks highly favorable for investors with some patience.

MoneyLion (ML)

Light bulb on tablet and Stock graph and business technology icon with abstract electronic circuit background. best fintech stocks to buy

Source: Shutterstock

Moneylion (NYSE:ML) is a leading fintech company utilizing AI to disrupt consumer lending and personal finance management. Impressively, this stock has gained 153% over the past year, despite brooding macro headwinds.

In Q3, MoneyLion grew revenue 24% year-over-year to $110 million. The company’s top line is expected to continue rising around 20% annually. That’s substantial growth for a stock trading at just 1.3-times forward sales. As interest rates decline in 2024 per central bank guidance, lending activity should regain momentum. MoneyLion’s lending and cash management tools cater perfectly to this sort of macro environment.

The company also made big strides toward profitability that appear unappreciated. Analysts now forecast MoneyLion’s GAAP net income could turn positive in 2025.

Dlocal (DLO)

Graphic of side view of virtual financial charts with tech aesthetic, symbolizing fintech


Dlocal (NASDAQ:DLO) is a fintech company focused on accelerating cross-border payments and commerce in fast-growing emerging markets. Despite the battered global economy, Dlocal still grew Q3 revenueby 47% year-over-year. Analysts forecast 52% top-line growth for all of 2023, alongside surging profitability. Specifically, the company’s earnings per share are expected to double from 2023 to 2025.

Yet strangely, shares trade rangebound near all-time lows, more than 75% off 2021 peaks. In my view, the disconnect here between fundamentals and Dlocal’s valuation is staggering. Dlocal maintains $600 million in cash against just $4 million of debt, making it one of the most financially-sound fintechs anywhere.

As developing economies recover post-pandemic, Dlocal looks poised to capitalize via its payments infrastructure spread across 29 high-growth markets. The company’s recovery timeline is delayed, not doomed. But when it arrives, Dlocal should see amplified growth as a picks-and-shovels provider in markets undergoing rapid financial services adoption. Trading at just 16-times 2025 earnings, I see multi-bagger potential with this overlooked tech stock right now.

Ammo Inc. (POWW)

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Source: Shutterstock

Ammo Inc. (NASDAQ:POWW) operates America’s largest e-commerce marketplace for firearms-related products in GunBroker. It also manufactures specialty ammunition. While struggling recently, I believe Ammo still holds multi-bagger potential over the long term. Surging demand from domestic police forces and international militaries should drive growth once macroeconomic issues subside.

Admittedly, the company’s risk profile seems higher compared to other picks. Margins remain compressed near breakeven, but are expected to improve. And while no longer disclosing its backlog, management affirms demand remains robust, especially among institutional arms buyers. The current risk-reward outlook of this stock at current levels still looks favorable. If execution catches up to market opportunity, huge upside awaits for investors willing to bet on POWW stock.

On the date of publication, Omor Ibne Ehsan did not hold (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.

Omor Ibne Ehsan is a writer at InvestorPlace. He is a self-taught investor with a focus on growth and cyclical stocks that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as cryptocurrencies and penny stocks. You can follow him on LinkedIn.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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