Everyone knows 2022 has been a rough year for the stock market. With indexes like the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average in correction or bear-market territory, many stocks have been cut in half -- or worse.

Yet, for investors willing to play the long game, opportunities abound. Here, I'll cover five stocks down at least 50% from all-time highs. 

These stocks have been decimated, but that doesn't mean they're untouchable. In fact, small, long-term investments in these companies are likely to pay off if you can stomach the volatility. 

Snowflake

Out of these five stocks, Snowflake (SNOW 2.69%) has performed the best recently -- up 23% over the last month. Nevertheless, it's still off its all-time high by 64%. 

Snowflake runs a cloud-analytics business that helps companies become more efficient. It's still in the early growth phase, with high revenue growth (85%) and no profits. 

And while no one should confuse Snowflake with a value stock, it has attracted at least one high-profile value aficionado: Warren Buffett. Buffett's conglomerate, Berkshire Hathaway, holds a 1.9% stake in Snowflake -- roughly 6.1 million shares, worth about $897 million.

It's not for the faint of heart, but Snowflake looks like a fantastic growth story for investors willing to buy and hold.

Spotify

Music and podcast streamer Spotify Technology (SPOT 11.41%) is next on my list. Shares are off 72% from their all-time high but almost unchanged over the last two months. 

Spotify appears to have weathered the Joe Rogan controversy, with some artists quietly allowing their music back on the platform.

What's more, Spotify CEO Daniel Ek bought more than $50 million worth of shares back in May. Clearly, Ek -- who should know -- thinks Spotify is a bargain right now.

Twilio

Twilio (TWLO 2.94%) operates a cloud-based customer engagement platform. Like so many growth stocks, the company has been crushed as fears of a recession mount and interest rates rise. Shares are down 81% from their all-time high set in early 2021.

Despite its recent decline, Wall Street still believes in the stock. As of June, 30 of the 34 sell-side analysts covering Twilio rated it as a buy or strong buy. Moreover, the average price target for the stock is $196 -- $100 above its current price.

While its share price remains volatile, the company appears well positioned to weather an upcoming recession. Buy-and-hold investors might use its price collapse as a buying opportunity.

Snap

Snap (SNAP 2.24%), the parent company of the social media app Snapchat, is enduring a tough year. It's dealing with multiple challenges:

  • The fallout of Apple's privacy policy changes. 
  • Poor first-quarter earnings results. 
  • A downward revision to its own second-quarter guidance -- delivered less than a month after first providing it. 

Unsurprisingly, the stock has fallen 83% from its all-time high. However, since mid-May, the stock is more or less unchanged. Investors may be ready to overlook this year's blunders since the company is growing revenue by 38% year over year. Long-term investors might want to use this recent weakness to load up for the future.

Zoom

Few stocks became more associated with the COVID-19 pandemic than Zoom Video Communications (ZM 3.49%). At the start of 2020, many people had never heard of a Zoom meeting. Within months, they had become a feature of everyday life.

From March 2020 to its peak in October 2020, Zoom soared an astounding 450%. But since then, the stock has deflated, losing 83% of its peak value.

Yet the company's fundamentals remain strong. Total revenue in the most recent quarter was $1.07 billion -- up 12.2% year over year. Zoom is profitable and generated $1.3 billion of net income during the last 12 months.

Zoom isn't going away, even though its stock price might make you think so. Investors with a long time horizon might be tempted to buy Zoom now, before the market catches up to reality.