The U.S. stock market has a long history of going up over the long term, but it rarely rises in a straight line. Novice investors who buy stocks when the market is on an upswing often discover this the hard way.

These three high-flying growth stocks excited investors during the lockdown phase of the pandemic, but since the market shifted into downswing mode more than a year ago, they've been hammered mercilessly. With the next big market upswing always around the corner, buying these stocks on the dip and holding them over the long run would give you a relatively good chance to outperform.

The Trade Desk

The Trade Desk (TTD 2.06%) is down around 51% from the peak it reached in 2021. I'm not the only one who thinks it can rocket higher. Citigroup analyst Ygal Arounian recently raised his price target on the stock to $76, which would amount to a 38% gain.

Arounian's bullish about The Trade Desk because its independent platform, which caters to purchasers of ad inventory, is pulling market share from the industry's largest players. For example, Alphabet recently reported that Google's advertising revenue fell 3.6% year over year in the fourth quarter. The Trade Desk, meanwhile, reported a 24% revenue gain.

The Trade Desk's demand-side platform delivered $1.6 billion in total revenue last year. That's just a tiny sliver of a digital advertising market that is still growing at a rapid pace.

The stock has been trading at around 48 times forward earnings. The company is growing quickly enough to justify this multiple, but investors should understand that any deceleration of its growth could lead to the stock sinking sharply. However, given the potential for growth in the digital ad space, it's probably worth the risk.

Global-e Online

Shares of Global-e Online (GLBE 3.84%) are down about 64% from the peak they reached in 2021. The average analyst following the international e-commerce specialist thinks it can start bouncing back though. The consensus price target represents a 25% premium to the stock's recent closing price.

Global-e Online is becoming the go-to partner for direct-to-consumer (DTC) retailers that want to expand their operations beyond the borders of their home markets. 

Investors have been encouraged to see demand for Global-e's solutions keep rising steadily during a difficult time for international e-commerce businesses that retain control of their customer relationships. For example, Amazon's international sales fell by about 8% in 2022. That year, Global-e recorded a 67% gain in total revenue. 

This growth stock is way off its peak, but it's still trading at a nosebleed-inducing valuation of 77 times forward earnings expectations. If Global-e can maintain its rapid growth rate for several more years, investors who remain on the sidelines could end up regretting it. However, overcoming its present valuation to deliver long-term gains will be such a tall order that I wouldn't criticize anyone for remaining cautious.

CrowdStrike

The past year and a half has been rough for CrowdStrike (CRWD 2.21%). Shares of the cybersecurity specialist are down 60% from the peak they reached in 2021.

Analysts who follow CrowdStrike think it can begin a comeback this year. The consensus price target on the stock is 36% above its recent closing price.

Wall Street's bullish about CrowdStrike regardless of the threat that a recession may be looming. That's because periods of economic hardship tend to feature higher rates of crime, including cybercrime.

CrowdStrike shares are way below their peak, but the stock still trades at a premium valuation of 58 times forward earnings expectations. The company is growing fast enough to meet the high expectations placed on it. Revenue soared 66% in 2022 to $1.45 billion.

With a leadership position in the steadily growing cybersecurity market, this company has a good chance to meet the lofty expectations placed on it. That said, cautious investors probably want to keep it on their watch lists until it starts regularly generating net profits.