Consumer sentiment has reached decade-low numbers, owing to 40-year-high inflation levels and lingering concerns surrounding the war between Russia and Ukraine. Following the brief collapse of stock prices at the start of the pandemic, U.S. equities proceeded to go on a massive bull run. From April 1, 2020, through Aug. 31, 2021, the S&P 500 gained a whopping 87%, with the technology sector leading the way.

Since late last year, which is when news of potential interest rate hikes by the Federal Reserve first arose, technology stocks have been humbled, to say the least. Consequently, some of the world's most groundbreaking companies have witnessed their stock prices nosedive. The antagonistic view of growth stocks today should serve as a firm buying signal to acute investors.

With that in mind, let's discuss two growth stocks that you can buy right now for under $100 a share.

Black bull with stock charts and currency in background.

Image source: Getty Images.

1. Teladoc Health

Teladoc Health (TDOC 0.74%), which trades at $35 a share at the time of this writing, is a leading provider of virtual healthcare services. The stock was performing poorly in advance of its latest earnings call, and afterwards, shares of the telehealth commander went on to plummet another 50%. An unexpected net loss of $41.58 a share thanks to a $6.6 billion goodwill impairment charge and slashed full-year revenue guidance for 2022 were the core drivers of the decline. 

Were the company's results that bad? I wouldn't say so. After all, first-quarter revenue grew 25% year over year to $565.4 million, and total visits climbed 35% to 4,510. Likewise, Teladoc continues to cash in on its 54.3 million paid U.S. members -- average revenue per member increased 21% year over year, equal to $2.52.

In the wake of management's new guidance, Wall Street analysts are forecasting the company will expand its top line by 20% in 2022. That doesn't necessarily justify a 50% drop, right? And when you pair its results with the company's $225 billion addressable market and measly price-to-sales multiple of 3, Teladoc appears to be an alluring investment opportunity today.

2. PayPal

PayPal (PYPL -0.07%) is a mature fintech company with a robust runway for growth. Priced at $93 a share today, the stock has slid 60% over a six-month span. Now trading at just 30 times earnings, or a 62% discount to its historical average price-to-earnings multiple, shares of the fintech steamroller seem remarkably inexpensive.

PayPal delivered forward guidance at the end of 2021 that suggested it would face eBay-related growing pains during the upcoming year. If you aren't familiar with the situation, eBay is undergoing a transition to its own payment platform, which in turn will place up to $600 million of pressure on PayPal's top line in 2022.

What does this mean for the company moving forward? While eBay and high inflation may act as short-term barriers, the mobile payment enterprise is projected by analysts to generate $28.5 billion in sales in 2022, translating to 12% growth from a year ago. Earnings are expected to finish slightly below 2021 levels.

Investors shouldn't worry about PayPal, though -- the company reigns over 50% of the global payment processing software industry. Its elite market positioning, together with its sturdy balance sheet and swiftly improving cash flow generation, make the company a worthwhile investment at the moment.

What should you do now?

Both of these companies carry favorable risk/reward ratios today. As a pacesetter in the virtual healthcare arena, Teladoc is well positioned to sustain a solid market share down the road. And as the war on cash gains more traction, PayPal is sure to benefit from the paradigm shift to digital payments.

Both stocks are trading at a bargain by virtue of the ongoing sell-off, and as a result, investors should exploit the market's irrationality by purchasing shares today.