Right now may not be the easiest time for growth stocks. These sorts of companies often suffer during market downturns -- then go on to excel during better times. But that doesn't mean you should stay away from them today. In fact, now is actually the perfect moment to buy growth stocks. That's because many are trading for bargain prices. And if you get in on these stories early, you may reap the rewards over the long term.

Two perfect examples are telemedicine giant Teladoc Health (TDOC -3.59%) and e-commerce company Etsy (ETSY -0.69%). Both of these growth stocks are a steal right now -- and their long-term outlooks remain bright. Let's find out more.

1. Teladoc Health

Teladoc disappointed investors last year because it seemed to move farther away from its goal of profitability. The company reported billions of dollars in non-cash goodwill impairment charges linked to an acquisition. As a result, the shares plummeted.

But the good news is this year Teladoc has been taking steps closer to its goal of profitability. The company adjusted its strategy to focus on balancing growth, margins, and eventual profit. It started off by eliminating some jobs and office space. Teladoc aims to match the company's cost structure with its growth rate.

The efforts are starting to produce results. In the first quarter, consolidated revenue and consolidated adjusted EBITDA beat Teladoc's expectations. Revenue at the BetterHelp mental health business also surpassed expectations, climbing in the double digits. And revenue at the Integrated Care business -- these are full membership plans -- came in at the high end of Teladoc's guidance.

Seeing such progress, Teladoc raised the low end of its revenue guidance for the full year. And it's important to remember that Teladoc already is a telemedicine leader -- in a market growing in the double digits. So there's reason to be optimistic about Teladoc moving forward.

As for valuation, Teladoc is trading around its cheapest ever in relation to sales. And that makes it a huge bargain considering progress so far and prospects down the road.

2. Etsy

Etsy is a rather unique e-commerce player. Kind of like the items it sells. The company offers makers of handmade items a platform to sell their wares to people like you and me. It's a great place to find gifts in just about any price range. And more and more people have realized this, especially during times when they favored e-commerce -- like the earlier stages of the pandemic.

Today, Etsy isn't growing as it was back then. But the good news is it's kept all of the progress it made earlier in the health crisis. For example, Etsy's active buyers increased 119% in the first quarter from that same period back in 2019. And gross merchandise sales climbed 164% in that time frame. This is key because it shows Etsy wasn't just a "pandemic stock" -- and that shoppers have made it one of their go-to places.

The company also has expanded into other areas through acquisitions. It owns Reverb, an online marketplace for musical instruments and equipment. And over the past couple of years it bought Depop, a seller of vintage clothing, and Elo7, a Brazilian seller of handmade items. These purchases should expand Etsy's growth opportunities over time.

Etsy also continues to work on its platform -- to make searches easier and more intuitive for buyers and to make the process of selling goods more efficient for small business owners. Etsy can afford to invest here since it doesn't have to invest in areas like warehousing and transport. Sellers take care of stocking and sending their goods.

Today, Etsy trades for less than 20 times forward earnings estimates -- a steal for a player that should stand out over the long term.