Growth stocks are unlikely to rally anytime soon, like they did earlier this year. But not all growth names are out of the game yet. Many growth stocks trending higher are in sectors such as artificial intelligence and cloud computing. Meanwhile, other overlooked sectors have tremendous growth potential, such as LiDAR and Solar energy.

Companies in such sectors are trading at depressed prices as they aren’t focused on cash generation right now. However, I believe they will rally substantially once Wall Street is more comfortable with high-growth companies. The risk factor with many companies with high sales growth and low profits is often overblown in the current environment.

While focusing on profitability is key, sometimes it is not the best decision unless the company is already well-established, like the FAANGs. Many companies can pull off substantial growth and sustain it for years before transitioning into profit-making companies. It is also a good time for companies in high-potential sectors with reliable funding sources to expand their market share while their peers slow down.

Of course, the side effect here is that Wall Street will not be pleased right now. But pleasing Wall Street by slowing down the business’ expansion is not always the best long-term decision. Market sentiment is always changing, and high-growth stocks will eventually rally when the storm passes.

Here are three high-growth stocks with monster potential to snap up on dips. 

Luminar Technologies (LAZR)

Luminar Technologies (NASDAQ:LAZR) is one of my favorite stocks in the self-driving car space. The company specializes in LiDAR, a laser-based technology that allows autonomous vehicles to see and understand their surroundings better than cameras and radar technology. LiDAR is widely considered to be the future of self-driving cars, and Luminar is well-positioned to capitalize on this trend.

The company has already secured partnerships with several leading automakers, such as Volvo (OTCMKTS:VLVLY) and Xpeng (NYSE:XPEV), who are adopting LiDAR for their next-generation vehicles. Luminar expects to expand its sales by 32x over the next five years.

Of course, Luminar is not profitable yet, and some investors may be concerned about its losses. However, I think these losses are justified by the company’s massive growth potential and its strong competitive advantage in the LiDAR market. Luminar has a proprietary technology that offers superior performance, reliability, and cost-efficiency compared to its rivals. The company also expects to end the year with $300 million in liquidity.

Sunnova (NOVA)

Sunnova (NYSE:NOVA) is another compelling bet at this range, trading 67% below its 2021 peak. The solar company specializes in residential solar, a promising sector due to the government’s subsidies. The U.S. still has a long way to go with solar energy, as it only contributes 3.4% to the national grid, far below what’s needed to reach net-zero emissions by 2050. With the rise of electric vehicles, we will likely see even greater demand for solar panels going forward. Thus, it is a great time to invest more in solar companies, especially before the government does.

Sales grew by 146% to $161.7 million in Q1, but losses expanded to $110.3 million from $22.1 million, driven by interest expenses. It’s a place for concern, especially for the company’s critics, who point out that Sunnova has $5.85 billion in debt. However, with revenue expected to reach $1 billion in 2024 and continuing support from the federal government, I believe the debt concern is overblown. It is also something that is already priced into NOVA stock, and I don’t see much downside risk from here.

Analyst price targets imply a 75.5% upside potential here by next year.

Teladoc (TDOC)

Teladoc (NYSE:TDOC) is a virtual telemedicine company that surged in the pandemic era, before plunging 92.1%-plus from its peak. Indeed, Teladoc has lost a lot of its growth from the pandemic era, and investors are no longer willing to pay too much of a premium here. However, it should be noted that while TDOC stock has plunged, the company has retained its pandemic-era sales and has promising segments such as BetterHelp.

Revenue growth is still in the green, growing over 11.3% in Q1, and the company’s price-to-sales (P/S) ratio comes in at a reasonable 1.5x. I believe there is substantial upside potential here due to the promising BetterHelp segment combined with the cheap value of the stock.

On the date of publication, Omor Ibne Ehsan 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.