Image source: Pixabay.

When the stock market was in nearly nonstop rally mode for most of the past six years, investors didn't need to look far to uncover an abundance of growth stocks. But not all growth stocks are created equal: While some could still deliver extraordinary gains from here, the recent market turbulence has crushed some that were overvalued, burdening investors with hefty losses.

What exactly is a growth stock? Though it's an arbitrary number, I'll define a growth stock as any company forecast to grow profits by 10% or more annually during the next five years. To decide what's "cheap," I'll use the PEG ratio, which compares a company's price-to-earnings ratio to its future growth rate. Any figure around or below one could signal a cheap stock.

Here are three companies that fit the bill.

Hawaiian Holdings (HA -1.93%)
How about we begin this week with a flying start by taking a closer look at Hawaiian Holdings, the holding company behind Hawaiian Airlines. Although the industry is known to be highly cyclical, there are a lot of things investors have to be liking about the company right now.

Image source: Hawaiian Airlines. 

For starters, crude oil prices are sitting at lows not seen in more than a decade. Falling crude prices have pushed jet fuel costs down, and fuel costs had previously been the largest expense for many airlines. This drop in costs is helping to expand margins for airlines and allowing them to get aggressive with ticket prices in order to lure in new customers.

But it's not just that costs are down -- demand is also up. Hawaii's economy is among the top in the nation when it comes to unemployment rate. It's also one of the top vacation destinations for people in the U.S. and Asia -- so its economy, and Hawaiian Airlines, feels those benefits. Revenue per available seat mile grew by nearly 4% in 2015 from the previous year despite just a 10 basis point increase in load factor.

Hawaiian Holdings has also been prudent with its recent good times. Based on its recently released fiscal 2015 full-year report, it wound up retiring $195 million in debt, which lowered its year-end total to a very manageable $772 million. It also ended the year with $560 million in cash and cash equivalents.

Investors should understand that this regional airline can be dependent on the health of the global economy, but for now it's making very smart strategic moves to improve its operating efficiency and boost its capacity. Its sub-one PEG ratio and forward P/E of seven make this an airline you'll probably want to add to your watchlist.

Integrated Device Technology (IDTI)
Next up we'll take a closer look at mixed-signal solutions provider Integrated Device Technology, also known as IDT, in the technology sector.

IDT was clobbered earlier this month (and has lost about a third of its value over the past two weeks) following the release of its fiscal third-quarter results. IDT's results included the recently acquired ZMDI, and both sales and EPS for Q3 pretty much met the Street's expectations. The issue for analysts was IDT's fourth-quarter prediction of $187 million in sales versus Wall Street's consensus at the time of $196.7 million.

Image source: Pixabay.

While its forecast wasn't exactly up to snuff, there's also a lot to be excited about in the coming years.

For instance, its acquisition of ZMDI should lend to margin accretion and will greatly expand Integrated Device Technology's automobile offerings. ZMDI's chips have a particular focus on energy consumption, and within automobiles ZMDI's chips help to control emissions, valve timing, and heating and ventilation systems. As emission standards on vehicles toughen, and technology infiltrates engines and cabins, ZMDI could prove to be a great acquisition for IDT.

In terms of IDT's existing product line prior to the ZMDI acquisition, the real allure is in providing wireless power transmitting solutions for wireless charging devices. Fixed and portable wireless charging could grow into a $13.8 billion market by 2020 according to estimates from Markets and Markets, with compound annual growth estimated at 60% between 2014 and 2020. This high growth opportunity, especially among smartphone owners, should assuage whatever near-term weakness is being caused by the ongoing integration of ZMDI.

Looking ahead, IDT could see its EPS surge past $1.50 by 2017 after reporting just $0.92 in full-year EPS in 2015. With a PEG ratio that's also well below one, this next-generation mixed-signal solutions provider could be a nice balance of value and growth.

AbbVie (ABBV 0.72%)
Finally, we'll end the week with a corporate giant in the healthcare sector, AbbVie.

The biggest concern with AbbVie is what might eventually happen with anti-inflammatory therapy Humira, which generated $14 billion in sales in fiscal 2015. That $14 billion is the most any drug has recorded during a single year ever! The problem with Humira is that biosimilars and generics are itching to enter the market, and Wall Street analysts project that AbbVie may have a difficult time stopping that trend. Considering that Humira represents 61% of total revenue, that's a concern for some investors.

Image source: AbbVie.

However, there are other reasons to believe that AbbVie could be in great shape. For example, growth from blood cancer drug Imbruvica and hepatitis C therapy Viekira Pak could power AbbVie to new heights over the next five years. Imbruvica has delivered substantially improved response rates in certain blood cancers, which has AbbVie thinking it could generate the company up to $7 billion in peak annual sales when all is said and done. Viekira Pak should see a benefit when a once-daily formulation is brought to market. Hepatitis C is a disease affecting 180 million people worldwide, so we're talking about a large moat for AbbVie.

AbbVie also has a very exciting pipeline beyond its established products. ABT-494 looks to be a next-generation rheumatoid arthritis treatment that, as a once-daily formulation, delivered ARC20 response rates ranging from 56% to 71% in patients with a poor anti-TNF treatment response, and an ARC20 response of 65% to 82% in methotrexate inadequate response patients in two mid-stage trials. Venetoclax, a BCL2 inhibitor, also showed strong efficacy in relapsed and refractory chronic lymphocytic leukemia patients in combination with Rituxan.

Slated to see EPS head well over $7 by 2019, and already paying a superior yield relative to the broader market, AbbVie could be a smart name for value and growth investors to consider.