When finding stocks to own, growth stocks are a top priority. For those looking to invest with a truly long-term investing time horizon, growth stocks tend to outperform. Companies that can post market-beating growth rates have done incredibly well in recent decades, supported by relatively low-interest rates (that have since headed north). This has led to this list of high-octane growth stocks.

But with interest rates potentially on the decline, investors could be due for a continued rally in many top growth stocks. The rally we’ve seen play out over the past year or so could continue, and for those looking to play a continuation of this rally, here are three top growth picks to consider.

Shopify (SHOP)

As an e-commerce giant, 2023 showed kindness (and profits) to Shopify (NYSE:SHOP). The stock surged more 120%, although SHOP stock remains 50% down from its peak. Looking forward to 2024, the impact of price increases on subscriber numbers is being cautiously tested. While investors await more sustained and stable revenue from these subscriptions, higher subscriber growth has somewhat validated the company’s valuation. The risks with the company are now tied to converting record leads to long-term customers, which can highly impact Shopify’s 2024 outlook.

With its robust sales growth, Shopify is more focused on cultivating its earnings. Cost-cutting efforts, including the sale of its logistics arm, have been made to boost profitability. Plus, the company has positive cash flow with a solid operating margin exceeding pre-pandemic numbers. That said, strategic service expansions and fulfillment of orders are what make Shopify’s growth potential worth considering.

Shopify’s market capitalization is currently at $102.87 billion, driven higher by robust sales growth. The company also aims to focus on enhancing earnings through cross-cutting efforts that boost profits. Investors should keep an eye on sales volume in its upcoming financial updates.

Eli Lilly (LLY)

Last year, biotech company Eli Lilly (NYSE:LLY) surged over 70%, which was driven mostly by the approval of its obesity drug, Zepbound. The drug was approved in November, and Eli Lilly’s upcoming earnings report will cover the impact of the obesity drug to the company’s revenue. Apart from that, Eli Lilly is also set to launch its breakthrough drug, donanemab, which treats Alzheimer’s. The company is still waiting for its official approval in 2024.

Its upcoming earnings report call is scheduled for February 6, and analysts and investors are eager to see its year-over-year growth in revenue and earnings. The market is also closely monitoring these results to compare the numbers to analyst expectations. According to experts, a positive earnings per share beat will greatly benefit the stock and could result in LLY stock making new highs. This makes it one of those high-octane growth stocks to buy.

Approved for weight loss in the EU, Mounjaro has experienced phased launches in countries like Switzerland, Germany, and Poland. These launches also coincide with the increasing demand for Novo Nordisk’s Ozempic. However, since Mounjaro works with a lower dose of the Ozempic, it’s perhaps a more sought-after weight loss drug.

DraftKings (DKNG)

Historically thriving during the Super Bowl season, DraftKings (NASDAQ:DKNG) stock is now on the rise. Improving investor sentiment and pre-event hype are likely to take this stock on a nice near-term ride. However, while DraftKings’ stock price pattern could shift to the downside falling this event, I think any dip may be worth buying by prudent long-term growth investors.

The online betting platform recently showcased 57% year-over-year revenue growth in its Q3 earnings call. These results were driven by a growing customer base compared to previous years. Although the company is still pumping out losses, a narrowing loss does signal positive momentum for DraftKings. Also, the company’s expanding influence, with 2.3 million monthly bettors on the platform, is encouraging.

Analysts eagerly await DraftKing’s upcoming earnings report, anticipating revenue to come in at $1.23 billion and earnings to come in at around 10 cents per share. This makes it one of those high-octane growth stocks to buy.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.