This Is the Best Time to Buy These 3 Long-Term Growth Stocks

It’s been a bad year for growth stocks. The S&P 500 Pure Growth Index has corrected by 27.5% for year-to-date 2022. However, there are several growth stocks that have plunged by over 50%. However, the sell-off in growth stocks is overdone, and as we know, the “the time to buy is when there’s blood in the streets,” as once noted by Baron Rothschild.

I believe that there are high-quality long-term growth stocks to buy at current levels. With factors including attractive valuations and robust business fundamentals in consideration, let’s talk about three long-term growth stocks to buy.

TLRY	Tilray	$3.22
LCID	Lucid Group	$13.30
PINS	Pinterest	$24.77

Tilray (TLRY)

One of the top long-term growth stocks to buy is Tilray (NASDAQ:TLRY). The cannabis stock has been surging on the back of recent statements by President Biden on marijuana reform.

The President announced pardon of all Federal offenses related to possession of marijuana. Further, President Biden has also called for a review that currently classified marijuana under “Schedule I of the Controlled Substances Act.”

This has potentially set stage for federal level legalization of marijuana. Considering an optimistic scenario of legalization, TLRY stock is the best cannabis stock to buy. The company has presence in all key markets. Further, with focus on medicinal and recreational cannabis, the addressable market is significant.Tilray is targeting revenue of $4.0 billion by 2024 and the target is realistic if regulatory hurdles wane. The stock remains deeply oversold and is worth buying even after the recent surge.

Lucid Group (LCID)

In general, electric vehicle stocks have been in a correction mode. This provides an attractive entry point in an industry that has muti-year tailwinds. Lucid Group (NASDAQ:LCID) stock is among the top long-term growth stocks to buy.

LCID stock performance has been disappointing with a downside of 37% in the last six-months. Company specific factors include potential equity dilution and downward revision of production guidance for 2022.

However, the long-term outlook remains positive. The company already has more than 37,000 reservations for Lucid Air. In August 2022, the company unveiled Lucid Air Sapphire. The company claims that it’s the most powerful sedan in the world.

Lucid is also going aggressive on international expansion. The company is taking online orders for Lucid Air from several European countries. Furthermore, the first showroom in Europe is already operational in Germany. Lucid has also commenced construction of its first overseas plant in Saudi Arabia.

Once supply-chain headwinds ease, LCID stock is likely to trend higher on accelerated deliveries growth. The stock also seems to have discounted the dilution factor with Lucid filing to sell securities worth $8.0 billion.

Pinterest (PINS)

After trading at lows of $16.10, Pinterest (NYSE:PINS) stock has been in a gradual uptrend. The stock is higher by 16% in the last month. I believe that the rally from oversold levels will sustain for this growth stock.

From a growth perspective, there are two reasons to be bullish on Pinterest. First, the company has been focused on making the platform shopping friendly. The company already has more than one billion catalog items. Being a proxy e-commerce platform with global presence, Pinterest is poised for growth in the long-term.

Furthermore, for Q2 2022, the company’s revenue growth from the United States, Canada and Europe was approximately 10%. However, revenue growth from rest of the world was 71%. With s significantly lower average revenue per user from emerging markets, there is ample headroom for growth. This will also boost EBITDA margin and cash flows in the next few years.

The company also has a strong balance sheet to invest in platform development. Considering these factors, PINS stock seems deeply undervalued and worth holding among long-term growth stocks.

On the date of publication, Faisal Humayun did not hold (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.