Shoppers love a good sale, but that's not always true for investors. There are plenty of promising companies with near-term catalysts for growth that have been surprisingly discarded by the market.

RingCentral (RNG -2.61%) and SmileDirectClub (SDC -15.00%) are down at least 30% through the first seven months of 2021. Let's see why I think these two names have what it takes to turn things around in the final five months of the the year.

Someone looking back at a virus resulting in lower stock prices.

Image source: Getty Images.

1. RingCentral: 30% off in 2021

When you look at the stocks that the market has sent off to the penalty box this year, RingCentral is a name that has to leave you scratching your head. The provider of cloud-based telco enterprise solutions has done nothing but exceed expectations. Revenue has risen by 28% or better every year over the past decade, and it's off to a strong start with a 32% year-over-year increase through the first three months of the year. 

RingCentral has routinely smoked Wall Street profit targets with ease -- topping expectations for the past 14 quarters and counting -- and in its latest financial update it boosted its full-year guidance. What gives here? Well, the market is concerned about how the reopening of corporate America will weigh on its future. 

RingCentral's business picked up last year when offices sent employees home. RingCentral's platform takes incoming calls and reroutes them to wherever the recipient may be. It's the perfect solution in these times of folks working remotely. The rub here is -- as I pointed out earlier -- that it's been growing strong for more than a decade. That 14-quarter stream of bottom-line beats naturally also predates the pandemic. If that's not enough, have you seen the unfortunate upswing in COVID-19 cases across the country? We're already seeing some major corporations delaying the return to the office. We're going to stay hybrid for some time, and even when we return, the flexibility of RingCentral's platform will continue to resonate with forward-thinking businesses that care about their callers. 

2. SmileDirectClub: 41% off

Using clear dental aligners has become a popular way to straighten your teeth, and SmileDirectClub is a popular choice for folks getting it done at a discount. SmileDirectClub offers discounted corrective dentistry by dealing directly with consumers, who get molds made locally and aligners shipped to them. 

SmileDirectClub was doing great before the pandemic. Revenue rose 77% in 2019 after nearly tripling the year before. Last year proved problematic with revenue declining 13%, returning marginally positive so far this year. 

It's clear that SmileDirectClub isn't at its best right now, but hear me out on the potential catalyst here. There was no better time to fix crooked teeth than the pandemic, when we were all stuck at home or wearing masks. The problem was that the economy was in a tailspin, and even discounted corrective dental work was a big ask. We're now seeing the economy and consumer confidence return to pre-pandemic levels, while the delta variant is causing us to mask up again despite the improving economy. Folks who are kicking themselves for not spending a few months with clear dental aligners last year are more likely to go that route now.

RingCentral and SmileDirectClub are growth stocks that have fallen out of favor so far this year. The outlook is far more encouraging for the next five months.