Volatility has been the dominant force on Wall Street for the greater part of this decade. Since 2020, all three major stock indexes have been oscillating between bear and bull markets in successive years (excluding 2024), with the Nasdaq Composite (NASDAQINDEX: ^IXIC), which focuses on growth stocks, experiencing the largest percentage swings.
During the bear market of 2022, the Nasdaq Composite lost a third of its value, but it has since surged by 57% from the beginning of 2023, surpassing its previous high. It’s evident that this innovation-driven index is in the early stages of a bull market.
However, despite the Nasdaq reaching new highs, patient investors can still find growth stocks trading at a discount.
Here are four outstanding growth stocks that you’ll regret not buying in the new Nasdaq bull market.
Alphabet
The first remarkable growth stock that you’ll kick yourself for not acquiring in the Nasdaq bull market is Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), a member of the “Magnificent Seven” group. Alphabet is the parent company of Google, the leading internet search engine, and YouTube, among other ventures.
Although uncertainties related to the advertising industry have kept Alphabet from surpassing its previous high set in 2021, it remains a powerhouse in the digital realm.
Alphabet’s main revenue driver continues to be Google, which accounts for a vast majority of worldwide internet searches. With Google Cloud now becoming a more prominent cash flow generator for Alphabet, the future looks bright for this tech giant.
Alphabet is currently valued at a discount compared to its historical multiples, making it an attractive buy opportunity.
Lovesac
Another hidden gem in the market is Lovesac (NASDAQ: LOVE), a furniture company with impressive growth potential. Lovesac’s unique products, eco-friendly approach, and omnichannel sales strategy set it apart from traditional furniture retailers.
The company’s focus on higher-end consumers and innovative product offerings make it a standout in the furniture industry. Despite its low valuation, Lovesac’s growth trajectory makes it a compelling investment.
Western Digital
Western Digital (NASDAQ: WDC), a specialist in storage solutions, is another growth stock that shouldn’t be overlooked. With increasing demand for storage solutions in the enterprise cloud and AI sectors, Western Digital is positioned for strong growth in the coming years.
Western Digital’s forward-year price-to-earnings ratio presents an attractive investment opportunity for those looking to capitalize on the company’s growth prospects.
Fastly
Fastly (NYSE: FSLY), an edge computing company known for its content delivery network, is a growth stock that has the potential to shine in the new Nasdaq bull market. Under new leadership, Fastly is poised for profitability and continued growth as demand for online content increases.
With key performance indicators trending positively, Fastly is a prime growth stock to consider for long-term investors.
Don’t miss out on these fantastic growth stocks in the new Nasdaq bull market!
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