For an individual portfolio, the key objective is to beat inflation. At the same time, the target should be to consistently beat the index. If an investor is unable to beat the index, it makes sense to invest in the index. Without having growth stocks in the portfolio, it might be impossible to beat the index.

In general, growth stocks are high beta stocks. Therefore, in a bull-market, the stock upside can be sharp. Of course, the risk is that when the broad market declines, growth stocks can correct meaningfully.

In the recent NASDAQ correction, there are several growth stocks that have dipped. I see this as a good buying opportunity, and these four growth stocks that are worth buying at current levels. Overall, I believe that these growth stocks can possibly double over the next 12-24 months.

That said, they are:

• Teladoc Health (NYSE:TDOC)
• Skillz (NYSE:SKLZ)
• Marathon Digital (NASDAQ:MARA)
• Parts ID (NYSEAMERICAN:ID)

Now, let’s dive in and take a closer look at each one.

Growth Stocks to Buy Now: Teladoc Health (TDOC)

TDOC stock is the first name that I would consider among growth stocks to buy after the recent selloff. After touching highs of $308, the stock declined sharply to recent lows of $130. The stock seems to have bottomed-out and currently trades at $155.

For the first quarter of 2021, the company reported revenue growth of 151% to $453.7 million. On a year-over-year (YOY) basis, U.S. paid membership increased by 20% to 51.5 million. The company’s adjusted EBITDA also increased by 429% to $56.6 million.

For fiscal year 2021, Teladoc has guided for revenue of between $1.97 billion and $2.02 billion. On a YOY basis, revenue is likely to be higher by 82%. Clearly, the company is on a high growth trajectory. Furthermore, as paid members increase, EBITDA margin is likely to expand on recurring revenue growth. Teladoc has already reported positive operating cash flows in the last two years.

It’s also worth noting that the U.S. telehealth market is expected to grow at a CAGR of 18.43% through FY2025. Therefore, the long-term growth outlook for Teladoc is robust. Even if the company’s grow is around the industry growth average.

Skillz (SKLZ)

SKLZ stock is another name among growth stocks that has witnessed a sharp selloff in the recent past. It seems that the worst is over in terms of downside and SKLZ stock is worth buying.

For Q1 2021, Skillz reported revenue growth of 92% to $83.7 million. For the same period, the company’s adjusted EBITDA loss widened to $31.1 million. However, that’s not a concern considering the fact that the company is aggressively investing in sales and marketing.

In terms of growth triggers, the company reported 81% upside in monthly paying users as of Q1 2021. YOY, the average revenue per user surged.

At the same time, Skillz is planning expansion to India towards the end of FY2021. This is likely to ensure that healthy top-line growth sustains in FY2022. The company also has plans to enter other international markets in the next few years.

In Q1 2021, the company also expanded Android footprint. Skillz reported two times faster revenue growth from Android users as compared to iOS users. If this healthy trend sustains, top-line growth will be supported.

From a financial perspective, Skillz reported $613 million in cash as of Q1 2021 with no debt. Therefore, there is ample financial flexibility for aggressive international growth. According to the company, the mobile gaming market was worth $86 billion as of FY2020. Therefore, there is ample scope for market penetration, which will ensure sustained growth.

Growth Stocks to Buy Now: Marathon Digital (MARA)

It’s difficult to ignore cryptocurrency stocks when talking about growth stocks. Even with regulatory headwinds, cryptocurrencies are headed for wider adoption. As a Bitcoin (CCC:BTC-USD) miner, Marathon Digital looks attractive.

Importantly, the best part of growth is still to come for the company. From a stock price perspective, MARA stock currently trades at $24.6 after touching highs of $57.7. This seems like a good level to accumulate.

From a growth perspective, Marathon had 6,800 active miners as of Q1 2021. By Q1 2022, the company expects to increase the number of miners to 103,120. This will help the company in mining 55-60 Bitcoins per day. Further, at a Bitcoin price of $55,000, it would translate into monthly revenue of $94.4 million.

Clearly, Marathon is positioned for annual revenue in excess of $1.0 billion once all miners are deployed. This is likely to translate into healthy EBITDA margin and cash flow growth. MARA stock therefore looks attractive at a current market capitalization of $2.5 billion.

Beyond this expansion, the company will also have ample financial flexibility to diversify in the cryptocurrency space. Blockchain technology is likely to witness wider adoption and that’s positive for Marathon Digital.

Parts ID (ID)

ID stock seems like another attractive bet from growth stocks. In my view, the stock has been flying under the radar and looks undervalued after a sell-off.

To put things into perspective, the company trades at a market capitalization of $193 million. For Q1 2021, the company reported revenue of $109.1 million, which was higher by 54.2% YOY. This would imply an annualized revenue of $436 million. ID stock is therefore trading at 0.44 times FY2021 revenue.

As an overview, the company is a digital commerce platform for automotive aftermarket. The company believes that by FY2023, the e-commerce automotive aftermarket will be worth $22 billion. This presents a big growth opportunity.

Parts ID has also been diversifying and that’s another reason to believe that strong top-line growth is likely to sustain. The company has also launched aftermarket sales for bikes, recreation and trucks.

On the flip-side, the company reported adjusted EBITDA of $1.2 million on revenue of $109.1 million. The stock is poised for potential re-rating if adjusted EBITDA margin can improve in the coming quarters.

Overall, as e-commerce growth accelerates across product segments, ID stock looks attractive. In particular, after the recent sell-off.

On the date of publication, Faisal Humayun was long Parts ID (ID stock). The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modelling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.