For the past 12 years, growth stocks have been the key to sending the broader market higher. Even though value stocks have been the better performer of the two categories over the very long-term, historically low lending rates and trillions of dollars being pumped into the U.S. economy have created a perfect storm for growth stocks to thrive.

Yet according to Wall Street's one-year consensus price targets, some growth stocks aren't anywhere near realizing their full potential. If analysts' consensus price targets prove accurate, the following five high-octane growth stocks offer upside ranging from 54% to 94% over the next year.

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Vaxart: Implied upside of 94%

The supercharged growth stock on this list with the greatest implied upside over the coming 12 months is clinical-stage biotech stock Vaxart (NASDAQ:VXRT). If you're wondering why I've included a clinical-stage drug developer, it's because all of the analysts covering it are forecasting recurring sales for the company, beginning in 2022. If Wall Street's estimates are correct, Vaxart's stock could nearly double from where it closed this past week.

What makes Vaxart such a unique drug developer is its approach to developing treatments. Specifically, it develops oral recombinant vaccines, rather than vaccines administered by injection. It should be a lot easier to dispense and administer pills than injections, which could resolve factors like shot hesitancy and vaccine access.

Even though it has multiple treatments in the works, most of the buzz surrounding Vaxart has to do with its work in the lab on VXA-CoV2-1, an experimental oral tablet to treat the coronavirus disease 2019 (COVID-19). Data from a phase 1 study in February showed VXA-CoV2-1 met all of its primary and secondary safety and immunogenicity endpoints. The data also signaled that Vaxart's oral treatment may be effective against COVID-19 variants. 

Though it's probably a bit too early to get overly excited about Vaxart, it's a name worth closely monitoring.

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Trulieve Cannabis: Implied upside of 88%

It's no secret that cannabis is set to be one of North America's fastest-growing industries this decade. But among marijuana stocks, U.S. multistate operator (MSO) Trulieve Cannabis (OTC:TCNNF) offers some of the most robust upside. If Wall Street's consensus price target of a little over $72 is correct, Trulieve could gallop higher by 88% over the coming year.

There are a lot of unique growth strategies among MSOs, but none has proved more successful than Trulieve's blueprint. At the moment, Trulieve has 88 operational dispensaries. But here's the kicker: 82 of them are located in medical marijuana-legal Florida. By focusing its efforts on a single big-dollar state, Trulieve has been able to saturate the market, effectively build up its brand, and keep its marketing costs down. The company has been profitable for 13 consecutive quarters, and as of the end of 2020 controlled 53% of the Sunshine State's dried flower market and 49% of its high-margin cannabinoid oils market.

Equally intriguing is Trulieve's recently announced all-stock deal to acquire MSO Harvest Health & Recreation (OTC:HRVSF) for $2.1 billion. Harvest has a focus on five states, one of which happens to be Florida. Aside from solidifying an even bigger presence in the Sunshine State, Trulieve will gain access to Harvest's state-leading 15 dispensaries in Arizona. The Grand Canyon State legalized recreational weed in November. There's a good chance Trulieve can use Harvest's infrastructure to duplicate its success in Arizona.

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Magnite: Implied upside of 59%

Another high-octane growth stock with significant upside potential, according to Wall Street, is sell-side advertising technology platform Magnite (NASDAQ:MGNI). If analysts are correct about Magnite hitting nearly $46 a share in 12 months, it would represent upside potential of 59%.

Magnite finds itself at the center of a double-digit growth trend that should last for a long time to come. As consumers cut the cord to traditional cable and shift to other forms of entertainment and content consumption, businesses will be more likely to shift their advertising dollars online, to apps, and to streaming/connected TV (CTV). Although mobile platforms accounted for almost half of Magnite's revenue last year, it's CTV that looks to be the most intriguing long-term growth driver.

One of the biggest boosts for Magnite should come from its recently closed cash-and-stock acquisition of SpotX. SpotX generated $31.2 million in sales (less traffic acquisition costs) in the first quarter, with $19.7 million of this net revenue attributable to CTV. That was up 70% from the prior-year period. The now-combined company has sell-side ad platform exposure to the likes of fuboTV, Roku, Disney, and WarnerMedia, to name a few leading platforms. 

With Magnite profitable on a recurring basis and fully capable of sustainable double-digit growth, a 59% 12-month return isn't out of the question.

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Teladoc Health: Implied upside of 56%

Transformative healthcare stock Teladoc Health (NYSE:TDOC) is also expected to offer abundant upside potential. Based on Wall Street's consensus price target of around $229, Teladoc could rise by a cool 56% over the next 12 months.

A lot of folks view Teladoc as one of the biggest winners during the COVID-19 pandemic. With doctors wanting to keep high-risk people and infected patients out of their offices, many turned to virtual visits. Teladoc ultimately handled 10.59 million telehealth visits last year, up from 4.14 million in 2019. But these folks are probably overlooking that Teladoc grew sales by an annual average of 74% in the six years leading up to the pandemic.

What makes telemedicine such a winning trend is that it offers advantages up and down the treatment chain. Telehealth allows patients to stay home for consultations, and it's a tool physicians can use to keep closer tabs on their chronically ill patients. This ease of oversight could result in improved patient outcomes. It also doesn't hurt that virtual visits are billed at a lower rate than office visits.

Following its acquisition of leading applied health signals company Livongo Health in the fourth quarter, Teladoc has all the tools needed to provide next-level personalized care. In other words, this price target looks very realistic over the next year.

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Plug Power: Implied upside of 54%

Finally, hydrogen fuel-cell solutions company Plug Power (NASDAQ:PLUG) is a (pardon the irony) high-octane growth stock with ample upside. If analysts are correct about its price target of almost $47 in a year, Plug could deliver a 54% return to its shareholders.

The big buzz with Plug Power is the push by developed countries, including the U.S., to renewable sources of energy. President Biden has proposed a massive infrastructure bill tailored to renewable energy projects, which signals the federal government's willingness to invest in clean-energy solutions.

Since the year began, Plug Power landed two major joint venture partners. South Korea's SK Group took a 10% equity stake in Plug and will work with the company to develop hydrogen fuel-cell solutions for vehicles and refilling stations. Meanwhile, French auto company Renault formed a joint venture with Plug to tackle Europe's light commercial vehicle market. Following these joint venture announcements, the company introduced a gross billings target of $1.7 billion by 2024, which would almost quadruple its forecasted sales for 2021. 

Whether it'll be smooth sailing remains to be seen. The company recently restated years' worth of its income statements, and history hasn't always been kind to the introduction of new automotive technology.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.