5 'Strong Buy' Growth Stocks to Grab This May

After a blowout first-quarter performance, stocks have pulled back slightly from their all-time highs this April - and some of Wall Street's favorite momentum-fueled names have corrected even more sharply from their recent peaks. If you've been waiting to buy the dip on growth stocks, opportunities are cropping up across the market; several outperforming stocks are currently priced at a significant discount not only to their own 52-week highs, but to analysts' consensus price target estimates, as well.

Here are five “strong buy” growth stocks you can consider buying in May 2024.

1. Viking Therapeutics Stock

Valued at a market cap of $8 billion, Viking Therapeutics (VKTX) is a clinical-stage biopharmaceutical company that develops therapies for metabolic and endocrine disorders. It is currently developing anti-obesity medicines - a market that is forecast to expand to $77 billion by 2030, up from $2.4 billion in 2022, according to a Morgan Stanley (MS) report. 

Viking’s weight-loss drug VK2735 is in the clinical trial stage. Its phase 2 clinical trial data showed a 14.7% decline in body mass for patients over a 13-week period. 

VKTX stock is up 315% on a YTD basis, but can currently be scooped up at a 24% discount to its 2024 highs.

Out of the 10 analysts covering VKTX, nine recommend “strong buy,” and one recommends “moderate buy.” The mean target price for the stock is $114.22, indicating an upside potential of 50.3% from current levels. 

2. Bitdeer Technologies Stock

Bitdeer (BTDR) is a Bitcoin (BTCUSD) mining company that offers cloud-based solutions to customers in the artificial intelligence (AI) and machine learning segments. With a market cap of just $675 million, Bitdeer has deployed centers in the U.S., Norway, and Bhutan. 

BTDR stock has more than doubled from its 52-week lows, set last October, but the shares are down 40% on a YTD basis.

The BTC miner reported revenue of $114.8 million in Q4 of 2023, an increase of 49% year over year. Bitdeer emphasized that mining sales surged over 300% to $46.9 million, allowing it to report earnings of $0.11 per share, compared to a loss of $0.07 per share in the year-ago period. 

Out of the seven analysts covering Bitdeer stock, six recommend “strong buy,” and one recommends “moderate buy.” The mean target price for BTDR is $13.64, indicating an upside potential of over 132% from current levels. 

3. Alphatec Holdings Stock

Valued at a market cap of $1.7 billion, Alphatec (ATEC) is a medical technology company that designs, develops, and markets products used in spine surgeries. Its product portfolio addresses several spinal conditions and aids surgeons in improving efficiencies for multiple procedures. 

Shares of Alphatec have gained over 200% in the last five years due to its innovative portfolio of spinal surgery solutions. However, ATEC currently trades 34% below its 52-week high, allowing you to buy the dip. 

Out of the 11 analysts covering ATEC stock, 10 recommend “strong buy,” and one recommends “moderate buy.” The mean target price for the stock is $23.41, indicating an upside potential of 85.6% from current levels. 

4. Cresco Labs Stock

With a market cap of $700 million, Cresco Labs (CRLBF) is among the largest cannabis producers in the world. Over the years, It has focused on expanding its product portfolio to include vapes, edibles, and flowers. 

CRLBF stock has gained 57% on a YTD basis, though it's trading about 23% below its 52-week highs.

The company’s growth story is far from over as it continues to open retail stores. With a strong presence in Pennsylvania, Cresco Labs has 72 stores in the U.S. and is forecast to end 2024 with revenue of $793 million in 2025, up from $770 million in 2023. Plus, Cresco recently reported its first quarterly profit.

Out of the nine analysts covering Cresco Labs stock, seven recommend “strong buy,” one recommends “moderate buy,” and one recommends “hold.” The mean target price for CRLBF is $4.07, indicating an upside potential of 93.8% from current levels. 

5. Celsius Holdings Stock

Founded in 2004, Celsius Holdings (CELH) has been on an absolute tear in recent years. Since April 2014, the stock has surged a monstrous 28,996%, delivering game-changing wealth for long-term shareholders. 

In 2024, CELH trades about 28% below its 52-week highs, even with the shares up more than 32% YTD.

Celsius operates in the competitive beverage industry. However, it is the third-largest energy drink brand in the U.S., with its popularity led by the use of healthy ingredients such as green tea extract, ginger, and guarana in several products. Valued at $17 billion by market cap, the beverage giant has increased its sales from $52.6 million in 2018 to $1.32 billion in 2023. 

Out of the 14 analysts covering Celsius Holdings stock, 12 recommend “strong buy,” and two recommend “hold.” The mean target price for the stock is $97.31, indicating an upside potential of over 34% from current levels.