Rising concerns about higher inflation and interest rates are on investors' minds lately, and many are wondering how this will affect some of the biggest technology stocks going forward. These companies have been huge winners over the years and benefited greatly from a pandemic-fueled boost in 2020, so investors could very well be taking some profits off the table. 

There are some smaller, high-quality businesses, however, that have been beaten down over the past few months for various reasons, but still have solid long-term outlooks. Here are three growth stocks that are on sale right now and are worth taking a look at. 

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Image source: Getty Images.

1. Etsy 

With a stock price that has fallen 31% since March 1, Etsy (ETSY -0.22%), the leading online marketplace for handcrafted and special goods, should be on every investor's watch list. 

The company's 4.7 million active sellers and 90.7 million active buyers accounted for $3.1 billion of gross merchandise sales in the most recent quarter, an increase of 132% from the prior-year period. Revenue (up 142%) and net income (up 1,048%) have also increased significantly, demonstrating just how valuable the e-commerce platform is. 

Management's comments regarding a deceleration of growth this quarter, on the backs of a record-breaking 2020, certainly pressured the stock. A slowdown is to be expected after last year, but Etsy will continue riding the secular shift to online shopping for many years to come. 

Etsy empowers and supports local entrepreneurs looking to showcase their products, and it provides consumers access to goods no one else sells. In a 2020 survey, 88% of Etsy buyers agreed that the site had items they can't find anywhere else. 

The business currently operates in the U.S., U.K., Canada, Germany, Australia, France, and India, and its sellers offer everything from home furnishings and jewelry to craft supplies and beauty products. There is still a massive untapped market opportunity in front of Etsy, supporting growth for a long time. 

2. Peloton 

Peloton Interactive (PTON 4.89%) has become somewhat of a household name, but its stock, which has dropped 40% since mid-January, has fallen out of favor with Wall Street. 

The connected fitness company's business surged during the pandemic (sales soared more than 100% in each of the past four quarters) as people stuck at home searched for ways to work out. But persistent supply chain issues leading to long wait times and delayed deliveries have resulted in irritated consumers. 

Further adding to the list of problems is the recent recall of its Tread+ and Tread treadmills. This was after Peloton initially resisted a warning by the Consumer Product Safety Commission that cited numerous injuries and one child death. Not a good public relations showing. 

But let's face it. Customers don't just use Peloton's equipment and digital app. They rave about them. The company has a cult-like following primarily due to its easy-to-use software and social connectivity. Peloton makes working out fun, while adding a powerful interactive element to the mix 

Member churn in Q3 was an impressive 0.31%, and the average number of monthly workouts (a measure of engagement) was 26 in the quarter, a record for the company. 

Peloton's flagship product, the Peloton bike, is back to pre-pandemic delivery wait times. The company has already released a software update for its recalled treadmills and is working on a hardware fix to enhance safety. This should ease any shareholder anxiety. 

Peloton still has the potential to be a global-scale fitness company. These recent stumbles are just an opportunity to fix mistakes and bolster its competitive positioning. 

3. Roku 

The streaming wars are in full swing, and no company sits more perfectly in the middle of it all than Roku (ROKU 0.95%). The streaming player and platform business continues to register solid gains, with revenue and gross profit up 79% and 132%, respectively, in the most recent quarter. The company now has 53.6 million active accounts that watched 18.3 billion hours of content in the three-month period. 

The stock price has diverged from these strong fundamentals. Since Feb. 16, Roku is down 30%, which could be a result of the gradual reopening of the economy that will leave consumers spending less time at home. This is certainly warranted, but management is expecting another blowout quarter coming up, a sign that momentum hasn't slowed yet. 

What separates Roku from the streaming service companies you're probably more familiar with is that it actually creates the platform for these content companies to reach viewers, while at the same time providing an avenue for corporations to advertise their products and services on a streaming ecosystem. 

Roku is quite literally building the TV operating system of the future. Its platform segment, which is where advertising and subscription revenue is accounted for, sports a rapidly expanding gross margin of nearly 67%. This business is on its way to producing profits at scale. 

Over time, as more people stop paying for traditional cable-TV subscriptions and move to streaming, Roku stands to benefit immensely. It is estimated that 27% of U.S. households will cut the cord in 2021, providing a powerful and durable tailwind for Roku.