Growth stocks have taken a beating in 2022, and conditions continue to make the future cloudy for some of Wall Street’s favorite up-and-coming companies. There’s always a silver lining, though. While many growth stocks appear battered, there are more than a few buying opportunities present. It’s all about knowing where to look and how to spot value.

Here’s a look at the five best growth stocks to buy now. You’ll find a few familiar names on this list, and more than a few compelling reasons to add them to your portfolio.

5. Palantir Technologies (NYSE: PLTR)

Palantir has had a rough run since its IPO in Q4 of 2020. The stock more than doubled its value in just a few months, before peaking at $35. Since then, it’s been a long, slow regression back to the IPO price of around $10. And while early investors might see the stock’s journey so far as a failure, there’s plenty of silver lining for those interested in the company’s AI-driven data organization, analysis and decision-making software.

The company is still new to the public markets; hence its rainbow stock performance over the past two years. However, investors need to consider its growth potential. Revenue reached $1.5 billion in 2021, 41% higher than 2020 levels. The company also cut its operating expenses in half: a tremendous feat for any organization. Sales are up more than 30% quarter-over-quarter, and there’s a strong EPS forecast on the horizon.

4. MercadoLibre (NASDAQ: MELI)

One of two ecommerce pure-plays on this list of best growth stocks to buy now, MercadoLibre has incredible potential for appreciation. Founded and headquartered in Argentina, MercadoLibre is often called the Amazon of South America, catering to a massive marketplace of Spanish-speaking buyers and sellers. As ecommerce sweeps through developing countries, MELI is one growth stock investors will want to own.

MercadoLibre is rather expensive at its current valuation, but is nonetheless poised to continue performing strongly in a growing ecommerce market. 53% EPS growth over the past five years shows the strong momentum behind the stock, and a robust forecast of 65% EPS over the next year is something growth investors can get behind. With more than $7 billion in sales last year and a 60% jump in quarterly revenue growth, MELI continues to make a case for itself as a strong performing growth stock to buy now.

3. Shopify (NYSE: SHOP)

Shopify is the other pure-play ecommerce stock on this list. The company is one almost anyone is familiar with, and one more than 2.1 million people use daily to power their website. As of 2021, Shopify accounts for $319 billion of global economic activity: a figure that’s sure to grow as ecommerce continues to gain traction. Right now, the company pulls in north of $4.6 billion, with profits of nearly 50% to show for it. Not bad for a growth stock!

SHOP is down nearly 75% from its all-time highs in November 2021, largely due to its inability to maintain pandemic-levels of revenue and slowing growth metrics. But the stock isn’t done growing by any means. The company recently announced a stock split, which is a prime buying opportunity for those who believe in SHOP’s ability to continue dominating among ecommerce startups. A 63% profit margin and 40% quarterly earnings growth point the path to a bright future for the stock in quarters to come.

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2. Block (NYSE: SQ)

Like many tech growth stocks, Block has suffered duress over the past 12 months. In the case of Block, however, the drop in stock price is almost directly correlated to an expectation reset. A P/E of 338 was never sustainable, and now the company appears to be trending back toward more acceptable levels of valuation. Moreover, it’s doing so while maintaining the strong sales and revenue figures that initially propelled it sky-high.

Block supports more than two million merchants, and another 24 million monthly active users who utilize Cash App. The company enjoys a robust $17.6 billion in annual sales, and recently flipped the switch to become profitable in 2019. That said, Block continues to invest in its transaction ecosystem, which is expanding to capture market share across virtually every medium. The sheer domination of Block as a payments provider is a compelling reason why it’s one of the best growth stocks to buy now.

1. Twilio (NYSE: TWLO)

Twilio was a relatively under-the-radar growth play until 2020, when the company took off. The reason? A boom in text-focused marketing led to demand for the company’s powerful platform. While the company has given back some of its astronomical gains over the past quarter, it remains a long-term play for growth investors.

While it lacks profitability, Twilio is more than capable of generating it in short order. Instead, the company has channeled most of its funds in acquisitions. It acquired competitors Segment and Zipwhip for $3.2 billion and $850 million, respectively. In doing so, it’s hoping to accelerate already strong sales to a growing customer base. Right now, Twilio has 61% year-over-year sales growth, with $2.84 billion in revenues to show for it. All this, combined with great EPS outlook, makes this one of the best growth stocks to buy now.

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