Have you noticed growth stocks are making a comeback? The Vanguard Growth ETF, which contains heaps of growth stocks, is up 21% this year.

If you've been investing in growth stocks for a while you probably remember they started soaring last summer and then lost all those gains by the end of 2022.

If growth stock volatility makes you nervous, consider making smaller purchases over time. Now that discount brokerages have dropped transaction fees, individual investors can manage a dollar-cost-averaging strategy just like the pros on Wall Street.

Right now $200 is more than enough to buy shares of all three of these growth stocks, assuming your bills are already paid and your emergency fund is topped off.

Shopify

Shopify (SHOP 1.11%) is a software provider for e-commerce businesses and its stock is super volatile. Shares fell hard at the end of 2021 because the company told investors it would invest heavily to expand its logistics infrastructure.

Shopify stock recently bounded higher after the company told investors it would sell its logistics business to Flexport in return for a 13% equity stake. Upon completing the transaction, Flexport will be Shopify's official logistics partner.

Despite the looming fear of an incoming recession, Shopify helped its customers sell 15% more merchandise in the first quarter of 2023 than they sold during the previous year.

Shopify reported $86 million in free cash flow during the first quarter, which was a huge improvement over the loss it reported a year earlier. Now that it's stopped throwing money at a challenging logistics business, investors can look forward to much stronger cash flows in the quarters ahead, too.

InMode

Shares of InMode (INMD 0.70%) have traded sideways this year despite surging sales of its medical devices. First-quarter sales soared 23.5% year over year.

The company develops and markets proprietary surgical technology platforms geared toward dermatologists and cosmetic surgeons. For example, the BodyTite workstation allows providers to melt fat cells with a narrow probe inserted below the skin surface. This produces results similar to liposuction with a much simpler procedure.

Rather than relying on constantly selling more workstations to a limited number of providers, InMode is developing a razor-and-blade business model. Sales of services and consumable goods that need to be replaced after each procedure shot up 43% year over year in the first quarter.

As the only company selling BodyTite workstations and the consumable goods providers need to use them, InMode has strong growth ahead of it. Luckily for investors, the stock market hasn't noticed yet. Right now you can buy InMode shares for just 12.9 times forward-looking earnings expectations. 

SoFi Technologies

SoFi Technologies (SOFI 3.69%) is a member-centric digital bank and a one-stop shop for financial services. Relatively high-interest savings accounts bring in savers who, sooner or later, apply for a loan or credit card from the same smartphone application where they do their banking.

SoFi is so good at integrating different banking services that new members are signing up in droves. The company's membership roster swelled to 5.7 million members at the end of March, which was 46% more than it had a year earlier. 

SoFi is still losing money, but it's rapidly moving toward profitability. Sales and marketing expenses as a percent of revenue declined 4.8% year over year. Its first-quarter net loss according to generally accepted accounting principles (GAAP) shrank to $34 million from $110 million in the previous year.

An increasing number of midsize banks and credit unions pay Upstart to evaluate individual risk, but not SoFi. It has its own algorithm and it's not afraid to use it. The number of lending products on SoFi's books at the end of March rose 24% year over year. SoFi also owns a technology platform that fintech businesses relied on to manage 126 million customer accounts during the third quarter.

SoFi's business is booming but you wouldn't know it by looking at the stock price. The shares are trading slightly below the bank's book value. Scooping them up now and tucking them into a well-diversified portfolio for the long run looks like a smart move.