Many investors want to pick stocks that beat the average return of the market indexes. To achieve that goal, it can be to your advantage to buy shares of promising growth stocks when they go on sale.

Here are two growth stocks that recently pulled back off their highs and have phenomenal prospects for above-average returns. These companies are well-positioned in their respective industries, boasting innovative products, solid financials, and strategic growth plans that could drive significant long-term value.

Shares of leading semiconductor companies recently pulled back on concerns that the Biden administration is considering cracking down on products imported from overseas that use American technology. Top chip stocks were trading lower on the news, including Advanced Micro Devices (NASDAQ: AMD), which is currently trading 22% off its recent high.

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Source Fool.com