Ah, growth stocks. Remember them? They seem to have become quite scarce in 2022 after showing such promise over the past several years (including the pandemic-affected trading years of 2020 and 2021). That scarcity has many investors wonder if the good times will ever return.

While it's unlikely that every formerly high-growth stock will return to its previous highs, many will recover. Those who invested in companies with strong underlying businesses operating in durable sectors of the economy should see sustained business growth (and stock growth) return. Those who know where to look can take advantage of that inevitable recovery and boost their potential long-term returns by buying now while these growth stocks are trading cheap.

If you have $1,000 available to invest that you don't need to help balance your budget, pay off credit card debt, or bolster an emergency fund, here are two such stocks you might want to put that grand to work on.

1. Shopify: The e-commerce giant is down but far from out 

Factors like inflation and fears of a recession caused many consumers to pull back on spending. For an e-commerce specialist like Shopify (SHOP -3.41%), That pullback had some effect on its operations and spooked some investors. The stock is trading down by nearly 80% year to date. 

Shopify offers an integrated easy-to-use platform for companies of all sizes and in multiple countries to operate online stores as well as retail point-of-sale systems. While both online and in-store spending may be slowing down right now, Shopify is well-positioned for robust growth in an eventual recovery.

A recent study from BuiltWith found that Shopify has a 29% share of all e-commerce websites in the U.S, more than any other platform of its kind. Globally, Shopify boasts a 19% market share, the second-largest of any e-commerce platform in the world. BuiltWith estimates there are 2.6 million Shopify websites up and running in the U.S. alone. 

Market research firm GuruFocus estimates that 95% of all sales will be conducted via e-commerce by the year 2040 (it's currently about 14%). Even if that estimate is on the high end, Shopify's considerable market share should allow it to capture a piece of what's expected to be a huge long-term growth story.

Looking beyond Shopify's continued control of a massive slice of the global e-commerce market, its financials -- while not on par with the same growth it witnessed earlier in the pandemic -- are anything but a sea of red. The company reported a $1.2 billion net loss in the most recent quarter, but total revenue was up 16% year over year (and 53% on a three-year compounded basis), while monthly recurring revenue (MRR) rose 13% from the year-ago period. 

More and more merchants are using its full-service enterprise solution Shopify Plus, which accounted for 31% of the company's MRR in the most recent quarter, compared to 26% one year ago. And despite the impact that inflation is having on gross merchandise volume as a whole, this metric still rose 11% year over year and 50% on a three-year compounded basis, with management noting that it "continued to outpace the growth of the broader U.S. online and offline retail markets." 

With a current price-to-sales (P/S) ratio of seven, Shopify stock is looking cheaper than it has in years. Based on its current share price, a $1,000 investment would get you just over 35 shares. For risk-resilient investors with an appetite for growth stocks, Shopify is still a worthwhile buy to consider, even in the current market. 

2. Upstart: A company changing the future of lending

The spike in interest rates and the increased threat of loan defaults have some investors wondering about Upstart Holdings (UPST -0.76%). Shares of the company plunged more than 86% year to date, and the company now trades at a P/S of two. At its current price, a $1,000 investment would buy about 48 shares. 

Just because a stock is trading at sale prices, that should never be the sole thesis on which to base any investment. But while the near term presents some unique challenges for a company like Upstart, forward-thinking investors can still find a lot to like about this stock. 

Upstart wants to revolutionize the way credit is extended to borrowers. Its management contends that the traditional credit score model does a poor job of evaluating creditworthiness and whether someone has what it takes to pay off a loan. Upstart's proprietary platform -- powered by artificial intelligence -- evaluates a broader range of factors (including the applicant's education and employment history) to determine loan approval. 

Why does this matter? Well, according to an Upstart study, roughly 80% of Americans have never defaulted on any type of loan, but fewer than half qualify for lower interest rate credit. Through its partners, Upstart has originated nearly $29 billion worth of loans to date (73% approved using its automated platform). Using its proprietary model, Upstart approves loans at the same rate as large U.S. banks, but with 75% fewer defaults.

Upstart currently manages debt consolidation loans, auto loans, and personal loans. Higher operating expenses dragged down the company's bottom line in the most recent quarter, but its network of bank and credit union partners continues to grow, up to 71 from 57 in the prior quarter.

Meanwhile, its revenue jumped 18% year over year. Upstart is expanding its network of car dealer partners as it grows its footprint in the auto loan market. In the second quarter alone, 19 auto lending partners signed up on Upstart's platform, while the company grew its network of car dealer partners (which includes the likes of Honda, Subaru, Toyota, and Ford Motor Company) to 640, compared to 525 in the prior quarter. 

Looking beyond the current interest rate environment, Upstart has incredible growth potential as it expands its network of partners and more consumers come to its platform to access credit they may be unfairly denied elsewhere. This gives Upstart staying power far beyond the current market, and forward-thinking investors may want to consider at least a small position in this stock to capitalize on this growth trajectory.