With 2024 now underway, many investors are looking ahead to opportunities for market-beating returns in the coming year. I’m especially excited about the prospects of finding hidden gems primed for explosive growth at reasonable valuations.

Buying early into the right growth stories can lead to doubling your money or more within a relatively short timeframe.

After weathering a turbulent couple of post-COVID years in the broader market, I believe we could see another standout year for growth stocks in 2024 as inflation and other economic headwinds continue to subside. The most agile and innovative companies often shine the brightest, coming out of periods of uncertainty. Let’s have a look!

The Glimpse Group (VRAR)

I’m quite intrigued by the long-term prospects for The Glimpse Group (NASDAQ:VRAR) in the VR/AR industry. There’s no denying this is a very speculative play in the midst of a multi-year downturn – VRAR shares have sunk over 91% from their 2021 highs amidst declining revenues and continued losses.

However, with the right catalysts, this could be an exhilarating turnaround story and potential multi-bagger in 2024. The recent entry of giants like Apple (NASDAQ:AAPL) and Meta (NASDAQ:META) into the still-nascent VR/AR arena could attract significant new developers and consumer interest.

The Glimpse Group is a platform of multiple subsidiaries providing software and services solutions across healthcare, education, simulation training, and other key VR/AR use cases. While they have clearly hit some speed bumps, the underlying VR/AR growth narrative remains intact.

If Glimpse can capitalize on improving market conditions and increasing platform utilization to return to strong revenue growth in 2024, I believe the stock would re-rate substantially higher.

Throw in some high-profile contract wins with the likes of Meta or Apple down the line, and you can envision a scenario where this beaten-down stock doubles or more in 2024 as speculative money rushes back into the space. For risk-tolerant investors like myself, the upside here simply outweighs the downside.

Custom Truck One Source (CTOS)

I also have a strong conviction in turnaround play Custom Truck One Source (NYSE:CTOS), a specialized truck and heavy equipment solutions provider.

While macro headwinds have weighed on performance over the past year, like many cyclical names, I expect a sharp rebound in Custom Truck One Source’s financials and stock price as conditions improve industry-wide.

Despite the challenging operating environment, Custom Truck One Source grew revenue by over 21% in Q3 2023. Analysts are now expecting for all of 2023. Even after recovering 232% off its crisis lows, shares still trade 35% below their 2021 highs and at a discounted 0.9 P/S multiple that offers a sizable upside.

A critical aspect that gives me further confidence in the Custom Truck One Source story is the company’s strategic focus on expanding its rental fleet to drive growth.

Management highlighted that at the end of 2022, CTOS maintained a young and reliable rental fleet comprising over 10,000 units with an average age of just 3.7 years.

These strong equipment demographics should support best-in-class reliability metrics and lower costs – providing key competitive and financial advantages over the long-term horizon.

While the $2 billion debt load may seem imposing relative to its market cap and scare some investors off, I actually think debt concerns are overly discounted at current levels, given CTOS’s execution.

The company has proven its ability to chip away at debt reduction over recent quarters, and I expect interest expense pressure to wane considerably over the coming year/s amid Fed rate cuts.

With strong secular industry tailwinds, improving conditions, and best-in-class offerings, I view CTOS as primed for a major recovery in 2024/2025 – making it one of my top value/turnaround picks.

Intellinetics (INLX)

Shifting to the tech sector, I’m also pounding the table on relatively unknown Intellinetics (NYSEMKT:INLX), a company providing software solutions enabling digital transformation and secure document management for a range of industries.

Despite flying under Wall Street’s radar, Intellinetics has delivered stellar execution amidst the turbulent market backdrop. INLX stock is already up a whopping 66% over the past year, again showcasing the opportunity to identify turnaround stories early.

And even after this swift recovery, I believe the Intellinetics growth story still has considerable legs heading into 2024, given multiple strong tailwinds supporting further expansion. Analysts are projecting 20% revenue growth in 2023, with EPS also expected to double in 2024 to cents.

I am very convinced of the company’s prospects as a potential multi-bagger over the long term. While the debt load is understandably a concern given its small size, I wouldn’t fret excessively, given Intellinetics continues posting consistent profits/cash flow while strategically investing in expanding, as discussed by management.

Blacksky Technology (BKSY)

Shifting from software services to the rapidly expanding geospatial intelligence industry, Blacksky Technology (NYSE:BKSY) also has interesting turnaround potential.

This is a company I’ve had on my radar for a while, given its unique capabilities and strong competitive moat. Blacksky operates a proprietary satellite network that continuously captures high-resolution imagery and data processed via its analytics software platform.

With demand for real-time geospatial analytics surging across sectors in recent years, Blacksky found itself overextended during a hyper-growth phase when macro conditions unexpectedly turned. But after right-sizing expenses and scaling efficiently, the company delivered a breakout Q3 performance – generating 25.5% revenue growth to $21.3 million and swinging to positive net income of $0.7 million.

Impressively, Blacksky also continues expanding its imagery and software analytics services at double-digit clips while more than doubling higher-margin professional services sales. Management now expects full-year 2023 revenue between $84-90 million, representing roughly 35% year-over-year growth at the midpoint. Profitability should also continue improving over the coming quarters if execution remains solid.

Given Blacksky’s increasing competitive advantages in proprietary tech and analytics capabilities, I expect the company will continue taking market share in the vast geospatial intelligence industry in the future.

The immense secular tailwinds and TAM support my conviction a the company sustained 20%+ growth. After the latest beat-and-raise quarter, I believe the market could soon re-rate BKSY shares considerably higher.

Bark (BARK)

I’m also pounding the table on the intriguing pet-focused turnaround story Bark Inc. (NYSE:BARK). While many may draw cautionary comparisons to the infamous dot-com era wipeout of Pets.com, I believe Bark operates an entirely different and pragmatic e-commerce model that could drive sustainable long-term growth.

Bark benefits from multiple secular shifts that favor its platform as a digital marketplace connecting pet parents to local goods and service providers. Surging pet ownership (especially among younger demographics favoring online channels) provides a vast addressable market, while Bark’s asset-light platform offering convenience and choice drives recurring engagement.

Though Bark reported a 14% Q3 revenue decline amidst its ongoing business model pivot, I’m encouraged by management’s priority shift towards higher-margin subscription revenue from its popular BarkBox offering. This should lead to improved unit economics and customer lifetime values. Encouragingly, the consensus price target still suggests a 66% upside potential in the year ahead.

If Bark can successfully convert its 6.7 million registered users into loyal subscription members, I believe Bark has a considerable runway for expansion and upside from current levels. The company estimates a $40 billion addressable market opportunity across pet care, food, toys, and other segments.

urban-gro (UGRO)

Shifting to an under-the-radar infrastructure play, I also believe design firm urban-gro Inc. (NASDAQ:UGRO) presents an intriguing value opportunity.

While little-known given its micro-cap size, urban-gro has actually been firing on all cylinders operationally with its stock up 150% from December lows.

In Q3, urban-gro reported 69% revenue growth to reach $21 million, again showcasing the strong demand for its expertise in designing and engineering facilities across healthcare, agriculture, and other end-markets. Yet even after this breakout growth, UGRO still trades at just 0.34x forward sales.

With analysts forecasting over $200 million in sales in 2027 as infrastructure spending surges, I believe urban-gro has a visible runway for strong growth and margin expansion ahead. If the company can continue executing (as recent results suggest), I think this micro-cap stock could realistically reach $5 or higher.

Aris Water Solutions (ARIS)

Lastly, an under-the-radar name I’m incredibly bullish on is Aris Water Solutions (NYSE:ARIS) which provides produced water management and recycling solutions to oil & gas producers.

ARIS trades at bargain basement valuations around 0.7x 2023 sales. With analysts forecasting 20% revenue growth in 2023 and surging profitability in the longer term (nearly $2 EPS expected by 2026), I believe the risk/reward is skewed to the upside.

In fact, based on 2026 profit potential alone, ARIS trades at only 5x earnings – signaling the market is severely overlooking the company’s strengths and growth prospects. For patient investors, I expect ARis could conservatively deliver 3-4x returns within a five-year period as execution remains best-in-class.

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 InvestorPlace.com Publishing Guidelines.