Investors looking for growth stocks that could double have their work cut out for them.

The Dow Jones Index had touched highs of 36,900 in the beginning of 2022. With aggressive rate hikes and inflationary concerns, the index slipped below $30,000 levels. However, the markets have staged a rapid recovery with an upside of over 10% from the lows.

During the period of recovery, there were several beaten-down growth stocks that doubled. As an example, Coinbase (NASDAQ:COIN) recovered from lows of $40 to $100. Of course, there has been a renewed correction in the stock with Bitcoin (BTC-USD) trending lower.

The point that I want to make is that even if the index trends higher by 10% to 15%, there are growth stocks that could double. With macroeconomic conditions remaining challenging, there are several growth stocks still trading at depressed valuations.

While I would remain overweight on blue-chip stocks, it’s also a good time to accumulate undervalued growth stocks. This column discusses four quality growth stocks that could double by 2023. These stocks are from sectors with positive tailwinds for the long term. I would also consider holding these names for the next few years.

Li Auto

Among Chinese electric vehicle stocks, I am bullish on Li Auto (NASDAQ:LI). After a correction from recent highs, LI stock has been largely sideways on a 12-month basis. However, considering the business developments, a big break-out on the upside is impending.

For Q2 2022, Li reported vehicle deliveries of 28,687. On a year-on-year basis, deliveries surged by 62%. An important point to note is that deliveries growth has been driven since November 2019 with one commercialized model (LI ONE).

In June 2022, the company unveiled Li L9, which is an SUV. Once the second model goes into mass production later this year, deliveries growth will accelerate significantly in 2023.

It’s worth noting that Li reported cash and equivalents of $8.0 billion as of June 2022. There is ample financial flexibility to invest in the development of new models and aggressive expansion within China.

Li Auto has also been reporting positive operating and free cash flows. With expected deliveries growth, operating cash flow is also likely to swell in the coming quarters.

Blink Charging

Blink Charging (NASDAQ:BLNK) has corrected by 23% in the last 12 months. The stock looks attractive and is among the growth stocks that could double in 2023.

It’s expected that the U.S. electric vehicle charging infrastructure market will grow at a CAGR of 36.9% through 2030. It’s also being projected that Europe would need $134 billion in EV charging infrastructure by 2035.

With a big addressable market, Blink Charging is likely to grow at a stellar pace in the coming decade. For Q2 2022, Blink reported revenue growth of 164% on a year-on-year basis to $11.5 million.

An important point to note is that the company derived 74% of revenue from North America. With acquisitions, the company is expanding aggressively in Europe. With presence in two big markets, robust top-line growth is likely to sustain. Also, as services revenue swells, EBITDA margin expansion is likely.

Overall, BLNK charging looks attractively valued considering the growth potential. I would bet on the stock doubling in the next 12-15 months.

Riot Blockchain

After nearing $25,000, Bitcoin has again slipped lower. It’s worth noting that in the small rally for Bitcoin, several mining stocks more than doubled. These stocks are in a renewed correction mode. I believe it’s a good opportunity to accumulate Bitcoin miners that have some big growth plans.

Riot Blockchain (NASDAQ:RIOT) stock is one name that’s worth considering. For Q2 2022, Riot reported year-on-year revenue growth of 112% to $72.9 million.

For the same period, the company reported hashing capacity of 4.9EH/s. The key point to note is that Riot is expected to ramp up hashing capacity to 12.6EH/s by January 2023. Even if this capacity is achieved in the first half of 2023, Riot is positioned for strong growth in 2023 and potentially in 2024.

Of course, EBITDA margin will be impacted in the next-term with Bitcoin near $20,000. However, if Bitcoin trends higher again, Riot stock can easily double from current levels. Assuming a bullish scenario where Bitcoin is above $40,000 by the end of 2023, Riot stock will deliver multi-fold returns.

Lithium Americas

Lithium Americas (NYSE:LAC) stock has found some resistance around $40 levels. That’s from a technical perspective. From a fundamental perspective, the outlook for this lithium miner is positive and it’s among the growth stocks that could double.

As an overview, Lithium Americas has some potentially game-changing lithium assets. As an example, the company’s Thacker Pass asset in the United States is 100% owned and has a mine life of 46 years. The company expects to deliver an annual EBITDA of $520 million from the asset. Similarly, the company has 44.8% stake in Caucharí-Olaroz project in Argentina. The asset is likely to deliver an annual EBITDA of $308 million.

With these projects in the pipeline, the outlook is positive for Lithium Americas. With strong demand for lithium, prices will trend higher and support robust EBITDA and cash flows. From a stock price perspective, stage one production from the asset in Argentina is expected towards the end of 2022. That’s a potential catalyst for a sharp rally in 2023.

On the date of publication, Faisal Humayun 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.