3 Growth Stocks Set to Soar From 52-Week Lows

The stock market is languishing near its 52-week lows, and it’s an ideal time to look for growth stocks to buy at a discount. Following recent inflation numbers and another 75 basis-point hike in interest rates from the Fed, things aren’t looking pretty for the stock market. However, investors can make the most out of this opportunity and load up on growth stocks with massive potential ahead.

Some of the biggest names in the stock market are trading near their 52-week low prices. Recession fears are growing, with the Fed continuing to squeeze the life out of the economy. The silver lining for investors is that they can find great long-term deals and benefit from an incredible price surge once the market reverses course. Here are three growth stocks that are excellent bets at their current prices.

SoFi Technologies (SOFI) 

Personal finance company SoFi Technologies (NASDAQ:SOFI) has made remarkable progress in expanding its ecosystem, which is indicative of its stellar results of late. It’s witnessing robust momentum with regard to lending and customer acquisition. Moreover, the resumption of student loan payments is likely to be a massive catalyst for its EBITDA expansion. However, its shares have skidded due to macroeconomic headwinds. Nevertheless, with its shares trading at just 3.3 times forward sales, it boasts an attractive risk/reward trade-off.

It recently wrapped another rock-solid quarter, generating over 50% growth in its top line. Its incredible growth was supported by product innovation and the massive increase in its products and services. Customer accounts at the end of the third quarter were at 4.7 million, an increase of 424,000 sequentially. Moreover, its member count increased by 61% from the prior year. The firm has bumped its guidance on both lines, and it seems it should breeze past five million customer accounts by the conclusion of this year. Therefore, with so much going for it, I expect a meaningful increase in SOFI stock’s price in the coming months.

Pinterest (PINS)

Social media giant Pinterest (NYSE:PINS) experienced massive growth in its user base during the pandemic. Like most of its peers, though, its growth rates have normalized, with investors questioning the viability of its platform. However, it’s one of the few companies in its industry to embrace the new environment and significantly improve its bottom line. In doing so, it is cutting costs and proving to investors that it can operate a sustainable business over the next several years.

Pinterest’s third-quarter numbers were relatively impressive, with its average revenue per user rising 11% to $1.56. Moreover, it maintained its users and beat revenue and profit expectations. As we advance, the platform’s ‘pull’ content strategy will likely lead to greater engagement, fewer regulatory hurdles, and more monetization opportunities. Therefore, there’s plenty to like about the longevity of the business model and its expansion opportunities.

Fiverr (FVRR)

Fiverr (NYSE:FVRR) is a global online marketplace for freelance services. It connects professional talent with companies seeking specific tasks and has grown exponentially in recent years as more people take up work in the burgeoning gig economy. Its opportunities are massive, with an addressable market of over $247 billion. Though its results have taken a hit of late, investors should ride the current storm and have faith in FVRR stock to deliver the goods over the long term.

The current economic challenges have weighed down Fiverr’s results. Its core growth metrics have slowed down, but long-term estimates point to an incredible turnaround. It has effectively carved out a solid space in its lucrative niche and benefits immensely from networking effects. The more its ecosystem attracts users, the more valuable its platform becomes. Its revenue is currently a small fraction of its addressable market, which points to a colossal growth runway ahead.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.