After a shaky start to 2024, as a wave of strong economic data tamped down expectations for imminent rate cuts, growth stocks have been off to the races this year. The Vanguard Growth ETF (VUG), with over $106 billion in assets under management, is up 3.2% YTD - outperforming the 1.9% rise in the broad-based S&P 500 SPDR (SPY). 

While some of the best-known growth stocks have already outpaced Wall Street's consensus price target estimates, here we've rounded up 5 low-priced growth stocks - all trading under $10 - that still have plenty of room to rise, according to analysts. 

1. Compugen Stock

Founded in 1993, Compugen (CGEN) is an Israeli clinical-stage drug discovery and development company. It develops cancer immunotherapy drugs by identifying novel drug targets and biological pathways using its proprietary artificial intelligence (AI)-powered computational platform, “Compass.” Its market cap currently stands at $161.1 million.

Over the past year, Compugen stock has rallied 116%.

Moreover, the company's projected forward revenue growth of 50.46% is well above the healthcare sector median of 8.91%.

Overall, 3 analysts have unanimously deemed the stock a “Strong Buy,” with the mean target price of $5 denoting an upside potential of 169% from current levels.

2. Globalstar Stock

Formed as a joint venture between Loral Corporation and Qualcomm (QCOM) in 1991, Globalstar (GSAT) is a satellite communications company that operates a low Earth orbit (LEO) satellite constellation for satellite phone and low-speed data communications. It currently commands a market cap of $3.3 billion.

Over the past year, Globalstar stock has gained 29%.

Globalstar's forward revenue growth is pegged at 25.66%, compared to the communications services sector median of 3.82%.

Analysts have deemed the stock a “Strong Buy” with a mean target price of $4.18. This denotes an upside potential of roughly 147% from current levels. Out of 4 analysts covering the stock, 3 have a “Strong Buy” rating, and 1 has a “Hold” rating.

3. Bitfarms Stock

Founded in 2017, Bitfarms (BITF) is a Bitcoin (BTCUSD) mining company that owns and operates vertically integrated mining farms with in-house management, electrical engineering, installation, and on-site repair. It also focuses on clean energy for its operations, as it utilizes hydroelectricity as the primary power source for its facilities.

Commanding a market cap of $698.4 million, Bitfarms stock is up more than 71% over the past year.

The company's estimated forward revenue growth of 15.78% is roughly double the tech sector median of 7.62%.

Overall, analysts have a rating of “Strong Buy” for the stock, with a mean target price of $3.75. This denotes an upside potential of 85.6% from current levels. Out of 5 analysts covering the stock, 4 have a “Strong Buy” rating and 1 has a “Moderate Buy” rating.

4. Indie Semiconductor Stock

Founded in 2017, Indie Semiconductor (INDI) designs and manufactures innovative analog and mixed-signal semiconductors specifically for the automotive industry. Its focus areas are advanced driver assistance systems (ADAS), user experience (UX) features, and electric vehicle (EV) battery management and charging solutions.

With a market cap of $1.3 billion, Indie Semiconductor stock is down 2.2% over the past year.

Its forward revenue growth of 91.89% is well above the sector median of 7.62%.

Overall, analysts have a mean target price of $13.36, which implies an upside potential of 82.2% from current levels. Out of 7 analysts covering the stock, all of them have a “Strong Buy” rating.

5. Kosmos Energy Stock

We conclude our list with Kosmos Energy (KOS), a full-cycle independent oil and gas exploration and production company that focuses on deepwater operations along the Atlantic Margins. It has assets in Ghana, the U.S., Equatorial Guinea, and Mauritania/Senegal, primarily.

Its market cap currently stands at $2.9 billion, and its stock is down 20.5% over the past year.

The company's projected forward revenue growth of 16.17% compares favorably to the energy sector median of 12.75%.

Analysts have a rating of “Strong Buy” for KOS, with a mean target price of $9.26. This denotes an upside potential of about 47.9% from current levels. Out of 7 analysts covering the stock, 6 have a “Strong Buy” rating and 1 has a “Hold” rating.