The market’s racing higher, but some stocks are still on the outside looking in. Shares of Celsius Holdings (NASDAQ: CELH) and Dave & Buster’s (NASDAQ: PLAY) are trading for less than the all-time highs they hit earlier this year.

These aren’t perfect companies. Some of the downticks have been earned. However, it seems as if pessimism has overshot reality. I think both stocks could be bargains at current levels. Let’s take a closer look at these two stocks that could be compelling bargains for the next $1,000 you put to work in the market.

1. Celsius Holdings

This specialty beverage giant has gone from feast to famine pretty quickly, with the shares down 67% from hitting their all-time high back in March. Celsius grew so fast a year ago that it declared a 3-for-1 stock split in November. Now, it has executed a 3-for-1 stock split without issuing any new shares.

Growth has slammed on the brakes for the company behind the functional fruit-flavored sparkling beverages that help trigger thermogenesis to boost one’s metabolism. The same company that more than doubled sales in each of the last three years has slammed on the brakes. Revenue growth slowed to 29% in the first half of this year, and now it’s shifting into reverse. Analysts are bracing for a 20% year-over-year decline in revenue for the quarter that ends next week.

This is an understandably scary scenario for an investment that was once one of the market’s hottest stocks. The latest step down came earlier this month at an analyst presentation. Celsius revealed that orders from PepsiCo (NASDAQ: PEP) — a minority shareholder in Celsius and its primary distributor — would decline by as much as $120 million in the third quarter. Celsius did point out that retail scanner data shows its product sales rose 10% this summer, but PepsiCo is paring back its inventory.

Can Celsius bounce back? Even PepsiCo noted a few months ago that thirsty consumers are switching to more traditional forms of hydration this hotter-than-usual summer. Sales should recover in the fall, but it is problematic that PepsiCo is still scaling back its Celsius orders.

Analysts have been slashing their top- and bottom-line targets, but they do see sales recovering to 13% growth in the fourth quarter and 17% in 2025. The out-of-favor beverage stock may not seem cheap at 32 times forward earnings, but a shift in momentum can send the bottom line higher and the earnings multiple lower. Keep an eye on international sales that still aren’t moving the needle but are growing faster than domestic revenue.

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2. Dave & Buster’s

It’s all fun and games until your stock plummets 54% from a springtime all-time high. The chain of supersized entertainment centers featuring arcade games, casual dining, and event spaces has also seen its business slow to a crawl. Trailing revenue over the last four quarters has risen a mere 1% on contracting profit margins.

A 6% decline in same-unit sales for its latest quarter is a buzzkill, but Dave & Buster’s did trounce earnings expectations after back-to-back misses. With margins starting to recover, the next goal is to get folks back to its indoor havens of food, fun, and revelry. The chain has revamped its menu and is remodeling its appearance to make it more appealing.

Wall Street pros see revenue accelerating in the next fiscal year. The stock is selling for less than 9 times next year’s projected earnings. The turnaround plan could fall apart, and Dave & Buster’s leveraged balance sheet limits the number of times it can hit the “continue” option in this real-life arcade game.

However, if lower rates can keep the economy humming, it’s easy to see traffic start to pick up at your local Dave & Buster’s location. This isn’t half the company it was back in April. It’s on sale, and you can’t say that about too many stocks these days.

Should you invest $1,000 in Celsius right now?

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Rick Munarriz has positions in Celsius. The Motley Fool has positions in and recommends Celsius. The Motley Fool recommends Dave & Buster’s Entertainment. The Motley Fool has a disclosure policy.

Got $1,000? 2 Stocks to Buy Now While They’re On Sale was originally published by The Motley Fool