Growth stocks corrected sharply after peaking in mid-February, and most of them are recovering nicely. There are still some promising names that have yet to bounce back. 

RingCentral (NYSE:RNG), Opendoor Technologies (NYSE:OPEN), and Lumber Liquidators (NYSE:LL) are down at least 20% through the first six months of 2021. Let's go over why these three stocks have the catalysts to claw their way back into positive territory this year.

Someone pointing at a green stock chart line that is moving higher.

Image source: Getty Images.

RingCentral: 20% off

Take a look at performance, and RingCentral doesn't seem like a stock that should be trading lower in 2021. The provider of cloud-based telco solutions has grown its top line by 28% or better every single year for the past decade, topping 30% in each of the past four years. It kicked off 2021 with a 32% year-over-year increase on the top line, boosting its full-year guidance. 

RingCentral also routinely baits analysts with conservative guidance. It has blasted through Wall Street profit targets with ease for 14 straight quarters.

RingCentral's product has proven essential in the new normal. It offers businesses a way to route inbound calls to where the recipient may be -- at the IP phone at work, on a mobile phone at home, or even in a videoconferencing room. RingCentral's growth was booming before the pandemic, but with a lot of people shifting to hybrid workplaces the access that RingCentral provides is essential. 

Opendoor Technologies: 24% off

The housing market is booming, but you probably couldn't tell that by Opendoor Technologies' lackluster performance since hitting the market as a SPAC deal near the end of last year.

Opendoor is a pioneer in iBuying, buying homes in more than three dozen markets that it can then optimize and flip to the right buyer. The pandemic and red-hot housing market haven't been as beneficial as one might think for proptech players. Despite the suburbanization trend lighting fires under potential home buyers and a scorching residential real estate marketplace Opendoor has struggled. It had to initially pause its iBuying activity during the first few months of the pandemic, and with homes routinely selling above asking prices sellers are reluctant to offer up homes to an iBuyer on the cheap. 

The silver lining here is that Opendoor is a leader in a niche that's ripe for disruption. It may have posted sharp declines in revenue for the last three quarters, but there is no reason why growth shouldn't return to a healthy double-digit clip as the market stabilizes. 

Lumber Liquidators: 32% off

Like Opendoor, Lumber Liquidators is a name that should also be benefiting from the housing boom. Lumber Liquidators is a leading retailer in discounted hardwood flooring. With the flurry in real estate activity it's not a surprise that folks are turning to Lumber Liquidators to refresh their flooring. 

Lumber Liquidators has now rattled off modest growth for three straight quarters. Like RingCentral it's also perpetually leaving analysts underestimating its earnings power. Lumber Liquidators has beaten net income targets by 42% or better in each of the past four quarterly reports. 

The future is bright. Flooring is a logical upgrade for home buyers, and home hunters have been saving money over the past year and change. Stop eyeing the floor here as the recovery plays itself out. The ceiling is higher than you think. 

RingCentral, Opendoor Technologies, and Lumber Liquidators are growth stocks that have fallen out of favor through the past six months. The outlook is far more encouraging for the next six months. 

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.