Coming off a booming first quarter, the stock market has witnessed a slight pullback from its recent all-time highs in April. Despite this, numerous growth stocks, once the darlings of Wall Street, are now presenting as enticing opportunities, trading at notable discounts compared to their peak performance and analysts’ expectations.
If you’re on the lookout for potential investments, here are five “strong buy” growth stocks worth considering in May 2024.
1. Viking Therapeutics Stock
With a market cap of $8 billion, Viking Therapeutics (VKTX) is a biopharmaceutical company specializing in the development of therapies for metabolic and endocrine disorders, particularly focusing on anti-obesity medications.
Despite a remarkable year-to-date surge of 315%, VKTX stock is currently trading at a 24% discount from its peak in 2024.
2. Bitdeer Technologies Stock
Bitdeer (BTDR) is a Bitcoin mining company providing cloud-based solutions to clients in AI and machine learning sectors. With a modest market cap of $675 million, Bitdeer has seen its revenues soar, prompting a surge in investor interest.
Trading 40% lower for the year, BTDR presents a compelling opportunity with analysts projecting a significant upside potential.
3. Alphatec Holdings Stock
Valued at $1.7 billion, Alphatec (ATEC) focuses on medical technology for spine surgeries, boasting a portfolio of innovative solutions that have driven its stock up by over 200% in recent years.
Despite this growth, ATEC is trading 34% below its 52-week high, signaling a chance to capitalize on the dip.
4. Cresco Labs Stock
Cresco Labs (CRLBF), a major player in the cannabis industry with a market cap of $700 million, has shown resilience with a YTD gain of 57%. However, the stock remains undervalued, trading 23% below its peak.
With an eye on future revenue growth and profitability, analysts are bullish on CRLBF’s potential.
5. Celsius Holdings Stock
Founded in 2004, Celsius Holdings (CELH) has experienced explosive growth, surging by an incredible 28,996% since 2014. However, CELH currently trades below its yearly high by 28%, offering investors an entry point.
As the third-largest energy drink brand in the U.S., valued at $17 billion, CELH continues to demonstrate robust sales growth and remains a favored pick among analysts.