The S&P 500 has posted gains of nearly 24% this year, or more than double the historical average. It's part of a trend that has gone on since the end of the Great Recession in 2009.

If you ignore the sudden plunge the market experienced at the onset of the coronavirus pandemic last year, the stock market has been on an incredible tear for over a decade. The broad market index has quadrupled in value during that time, turning an investment of $10,000 into one worth over $41,000 today.

Closeup of $100 bill

Image source: Getty Images.

While the market may be trading in record territory, there are still bargains to be found. Best of all, you don't need a lot of money to buy the best stocks. Since most online brokerages have eliminated minimum deposit requirements and commission fees, any amount of money you have on hand -- even $100 -- can be the perfect amount to start your journey toward building wealth. 

Because many brokerages will also allow for fractional share purchases, even otherwise expensive stocks are within reach. The following three growth stocks can put your $100 to work.

A person reaching up while laying on a big cushion

Image source: Lovesac.

1. Lovesac

Modular furniture maker Lovesac (LOVE 3.29%) is not the kind of stock that automatically comes to mind for a list of growth stocks because it's a furniture company. While it doesn't have the same palpable popularity as a tech stock, Lovesac's business model checks all the right boxes for today's consumers, which is why customers keep coming back for more.

Lovesac's furniture is a modern update to the modular couch that it calls "sactionals." They're affordable, infinitely updatable, and eco-friendly, with each of its inserts made from 100% recycled plastic water bottles. They can be rearranged in dozens of ways to fit virtually any available space and come in around 200 different cover choices, allowing customers to match any room's color scheme or decor. 

Third-quarter sales jumped 56% over the year-ago period to almost $117 million, generating gross margins of 50%. Total comparable sales were 47% higher for the period, while showroom comps were up 53% year over year. Its success stems from Lovesac's ability to easily transition to online sales during the lockdown period of the pandemic, and it has since created a low overhead cost omnichannel sales model that's seen it already achieve profitability. 

Wall Street sees sales tripling over the next five years, hitting almost $1 billion and with a $101 consensus price target, it sees 67% upside within the next year for this growth stock.

A person exploring images on tablet PC.

Image source: Pinterest.

2. Pinterest

Nominally a social media platform, Pinterest (PINS 4.47%) differs from Twitter (NYSE: TWTR) or Facebook because it uses the power of crowds to collate ideas of interest, whether for crafts, decorating, food, or apparel. 

It took Pinterest a while to finally monetize its pinboards, but among all social media outlets, it is the one space that's organically designed to attract advertising. Its hundreds of millions of global users are primed to spend money because their whole purpose is collecting ideas for what they want to buy. That makes it a natural match for ads.

The platform took off during the lockdown period of the pandemic and saw a reduction in new users after the reopening as people returned to activities outside their homes. That caused Pinterest stock to get whacked in 2021, with shares down 44% year to date. While monthly active users (MAUs) grew just 1% in Q3, average revenue per user (ARPU) soared 33% in the U.S. and 96% internationally.

Because Pinterest's growth rate on a two-year basis is well within historical norms, it's clear that business isn't slowing, only just returning to the mean. That gives investors a chance to buy a beaten-down growth stock at a discount.

Child playing game on tablet PC

Image source: Getty Images.

3. Roblox

Roblox (RBLX 4.60%) is a growth stock that trades just a hair above $100 a share, meaning you can get almost a full share for your $100 investment. It is one of the hottest gaming platforms for younger children, rapidly growing revenue, customers, and cash flow. Approximately half of its users are under the age of 13.

Roblox creates a virtual space where users can interact with one another within a variety of games in the Roblox environment. It's the metaverse for tweens and younger. Daily active users jumped 31% to 47.3 million in Q3, while the number of hours spent on the platform rose 28% to 11.2 billion.

It's not just a kids' space, though, and Roblox is targeting the "aged up" demographic in which users over 13 accounted for 28% of the top 1,000 experiences on the site. That's a significant increase from the 10% they represented a year ago.

It hosted several virtual musical events that attracted 17 million visits, and it will be seeing more global music publishers pursuing new commercial opportunities after signing an agreement with the National Music Publishers Association. It's also signed branding agreements with Vans sneakers and Netflix (NASDAQ: NFLX).

Roblox stock isn't cheap by traditional measures, but with interest in the metaverse beginning in earnest, its growth trajectory is only just beginning.