The latest news out of the Federal Reserve’s March meeting was music to my ears. The Federal Open Market Committee revealed plans for not just one or two, but potentially three interest rate cuts in the year ahead! This development promises to be a boon for growth stocks that have languished at depressed prices. With the cost of borrowing set to fall, these companies will find it less expensive to fund their growth and service their debt. The broader economy should also get a lift, fueling more consumer spending and business investment.

Of course, we may end up seeing only one or two cuts if economic conditions shift. But either way, now looks like an opportune time to grab shares in still-growing companies while their stocks remain attractively-valued. As the rate cuts fuel earnings growth, share prices are bound to climb. We could realistically see some of these stocks bounce back to deliver 5X returns or more in short order. Here are seven growth stocks to research before that happens.

Coursera (COUR)

This online learning platform offers a treasure trove of courses where anyone can gain new skills in areas like coding, cybersecurity, graphic design, and more. Coursera (NYSE:COUR) also partners with major companies and universities to offer professional certifications and connect learners with expert instructors. It’s an extremely valuable resource in today’s competitive job market, where upskilling is essential.

With so many people eager to learn online, you’d think Coursera’s stock would be soaring. But despite strong top-line growth, the company’s losses have caused the share price to nosedive. Unfortunately, COUR stock has plunged more than 70% from its peak, falling back inside the stock’s $10-$15 per share floor price.

However, I see signs of a turnaround on the horizon. Analysts expect Coursera to reach profitability in 2024, with full-year earnings per share projected to come in at 17 cents. The company’s earnings per share are then expected to climb to 40 cents by 2026, implying a forward price-earnings ratio of 37-times. That seems pricey, but it could prove inexpensive if Coursera maintains its torrid 15% annual revenue growth pace. With the stock beaten down and profitability in sight, I believe the risk/reward is compelling with this growth stock.

Coursera also boasts negligible debt and over $722 million in cash. Sales are expected to come in at $1.2 billion in 2026. If Coursera keeps exceeding expectations like it has been, an even higher valuation is plausible. Remember, this is a company helping millions of people improve their lives through education and career development. As long as that mission remains relevant (and I’m sure it will), Coursera has room to run.

Fluence Energy (FLNC)

Fluence Energy (NASDAQ:FLNC) specializes in energy storage products designed to optimize renewable power generation. With Europe accelerating its transition away from Russian energy, Fluence stands to benefit tremendously in the years ahead. The company offers exactly what’s needed – innovative digital applications and energy storage systems that support the growth of wind, solar, and other renewable sources.

FLNC stock has taken a beating lately, sliding back toward the $15 level after soaring over 200% from June 2022 to July 2023. The sell-off came on the heels of a critical short-seller report alleging engineering problems and fraud at Fluence. However, the company refuted many of the report’s assertions in its rebuttal. Regardless of the back-and-forth, I don’t see anything that derails Fluence’s long-term growth story.

Looking ahead, analysts forecast substantial revenue and earnings growth. The company’s earnings per share are projected to climb from 27 cents in 2024 to $2.20 by 2027, while revenues could double to $6.6 billion that year, representing 30% average annual growth. Yet, FLNC stock trades at just 15-times 2024 earnings.

MP Materials (MP)

MP Materials (NYSE:MP) aims to restore the entire rare earth metals supply chain to American shores. The company owns and operates the Mountain Pass mine in California, the only integrated rare earth mining and processing site in North America. By achieving commercial-scale rare earth production here, MP Materials can bring vital jobs and industries back to the U.S., while reducing dependence on China for these critical minerals.

The stock has languished lately amid a challenging 12 months from an operational standpoint. Revenue plunged 50% in 2023, with net income down more than 90% year-over-year. However, I foresee MP stock rebounding strongly going forward. Consensus estimates call for revenue to quadruple from $258 million in 2024 to over $1.2 billion in 2027. Additionally, the company’s earnings per share are projected to rocket from 8 cents to $2.40 over the same period.

These growth forecasts make sense given the broad push to onshore rare earth production through legislation like the Inflation Reduction Act. MP Materials owns the largest rare earth deposit in the Western Hemisphere, positioning the company perfectly to capitalize on reshoring incentives. Trading at just 6-times 2028 earnings estimates, MP Materials offers tremendous value for investors willing to ride out any lingering macro volatility.

Bloom Energy (BE)

As a leader in solid-oxide fuel cell systems, Bloom Energy (NYSE:BE) helps companies generate their own on-site power without combustion. This clean technology converts fuels like natural gas into electricity through an electrochemical reaction. With sustainability top-of-mind for corporations and governments alike, Bloom’s innovative products seem poised for growth.

Yet, BE stock has cratered from its 2021 peak, now trading around $9.60 per share. While losses have piled up, I believe the stock looks oversold at current levels compared to Bloom’s future profit potential. The company posted slight profits in Q4 and analysts expect full-year profitability beginning in 2024. Consensus earnings per share estimates call for a leap from 19 cents in 2024 to $1.00 by 2026. That implies a forward price-earnings ratio of just 9.6-times based on 2026 projections. Revenue could also nearly double between 2024 and 2027, per estimates.

Now for the risks: Bloom whiffed on Q4 results, missing earnings estimates by 33% and revenue expectations by 25%. The miss stemmed from policy changes in South Korea, a key market, that Bloom expects to recover from later this year. The high hopes embedded in the stock’s valuation leave little room for error, so misses like this hurt badly. But with profitability in sight and huge total addressable market ahead, the pummeling seems overdone.

LuxUrban Hotels (LUXH)

LuxUrban Hotels (NASDAQ:LUXH) takes long-term leases on distressed urban hotel properties and repositions them into hip, high-end destinations. The company focuses on trendy markets like New York, Miami, and LA. While the concept seems promising, LUXH stock has been mired in legal issues after short-seller allegations about fictitious leases. The stock plunged 66% off its peak because of the lawsuits.

However, with the bad news likely priced in, I see the risk/reward as compelling at current levels. LuxUrban is forecast to reach profitability next year, yet trades at just 4-times estimated 2024 earnings. Meanwhile, revenues could rocket from $120 million in 2023 to $566 million by 2027 per projections. The company’s asset-light model provides huge operating leverage as revenue scales.

No doubt the legal overhang introduces added uncertainty and LuxUrban’s small size amplifies risk. But with expectations so low amid these lawsuits, I believe much of the downside is likely behind us. If you are an aggressive investor pursuing multi-bagger returns, LUXH stock looks like a solid bet.

Net Power (NPWR)

Net Power (NYSE:NPWR) has pioneered a novel technology that enables cheap, emissions-free power generation from natural gas. With global net-zero initiatives gaining momentum, demand for Net Power’s solution could surge as companies seek to cost-effectively decarbonize existing plants. The company is already seeing strong interest from major asset managers like BlackRock.

While Net Power remains pre-revenue and is high-risk, its innovative technology gives it a long runway for growth. NPWR stock has perked up 25% this month after languishing since late-2023. With a sturdy $637 million cash position, Net Power can fund losses for years as it scales up. Additionally, revenue is projected to start flowing as soon as next year.

In today’s global energy transition, the need for cheap, readily dispatchable zero-carbon power solutions is enormous. The risk-reward for this stock skews favorably for long-term investors.

Riot Platforms (RIOT)

Riot Platforms (NASDAQ:RIOT) recently posted strong February updates highlighting the company’s resilience even amid industry turbulence. Bitcoin (BTC-USD) production reached 418 last month, showcasing Riot’s robust mining capabilities. Notably, these production numbers came despite surging mining difficulty rates that have pressured rivals. Thanks partly to energy subsidies, Riot maintains one of the lowest net Bitcoin mining costs in the sector.

The company also continues expanding its operations. It purchased 31,500 mining units from MicroBT. Riot is aggressively boosting its self-mining capacity, signaling confidence in future growth, even with the sector facing headwinds currently.

I expect Riot to substantially increase efficiency and hash rate going forward. That should provide a catalyst for the stock. And don’t forget about the company’s stash of over 8,000 Bitcoin, which offers huge upside exposure to the crypto bull run.

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.