The Russell 2000, an index tracking the performance of small- to mid-cap companies, has not had a good start to 2024. So far, the Russell is trading flat while the S&P500 and Nasdaq have appreciated 6.26% and 8.51%, respectively since equities trading began this year. However, with many Russell 2000 stocks down, this may be the time for investors to begin allocating to stocks with the best potential to deliver solid returns.

Without further ado, here are three Russell 2000 stocks that could make your February unforgettable.

IonQ (IONQ)

IonQ (NYSE:IONQ) was the first pure-play among publicly traded quantum computing stocks, and the company has become the leader in trapped-ion quantum computing. This subsect of quantum computing uses electrically charged atoms to store and manipulate qubits.

To date, the company claims to have built the world’s most powerful quantum computer which has achieved a quantum capacity 32 qubits. IonQ plans to launch modular quantum computers by the end of 2023. To make the computing power of its quantum computers more accessible, IonQ has made its quantum computing power accessible to customers and developers through large cloud platforms.

IonQ’s shares are down almost 2% on a YTD, which could make a good entry point for new investors or investors willing to increase their investment. Quantum computing, similar to generative AI, has the potential to be the next big thing in technology, and IonQ is at the forefront of the space.

Onto Innovation (ONTO)

Onto Innovation (NYSE:ONTO) designs and manufactures metrology and inspection tools for the semiconductor industry. As the semiconductor space has increased in importance and size, Onto and other semiconductor equipment manufacturers have been able to capitalize on this new demand and boost revenue figures.

Over the past four years, Onto Innovation has managed to deliver double-digit revenue growth. While the chip slump has begun to eat into growth in 2023, the company still has amazing prospects, especially as the chip slump comes to an end. Shares have catapulted more than 150% in 2023, and the stock is off to a great start in 2024, having already risen over 20%.

Chip manufacturers including TSMC (NYSE:TSM) and Samsung projected an end to the chip slump this year, and higher demand from semiconductor companies could help boost earnings for Onto Innovation in the long run.

ACM Research (ACMR)

ACM Research (NASDAQ:ACMR) is another semiconductor equipment manufacturer, and one of the more promising Russell 2000 stocks. This one in particular supplies semiconductor manufacturers with wet processing equipment and technologies. ACM Research has a particular focus on China’s domestic semiconductor market. This can provide an opportunity for long term growth as the sector continues to make advances in technological capabilities.

ACM Research’s earnings results throughout 2023 were admittedly impressive and beat Wall Street’s estimates. As a result, ACM’s share price skyrocketed more than 153% in 2023. However, we should not divorce ACMR’s performance from China’s economic recovery. They’re intrinsically related, and further hiccups in the way in which China’s government handles the ongoing economic slowdown does spur volatility into ACM Research’s share price. Shares in the semiconductor equipment stock have fallen more than 6% since the start of trading in January.

Still, the company’s relatively cheap multiples could help revive performance in the near and medium term.

On the date of publication, Tyrik Torres 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.