The bull market continues, and the S&P 500 is hardly giving up any gains. Indeed, the momentum from the October 2023 lows has been incredible. As market breadth expands beyond AI stocks and the Magnificent Seven, growth stocks have upside.

On a macro level, the market will continue to be supported by solid economic data and strong technical momentum. The economy is still surprising to the upside with solid GDP growth and healthy employment numbers. Therefore, company earnings will remain resilient, supporting continued gains.

With a positive macro backdrop, the following growth stocks to buy have room to run higher. Each achieved 30% annual revenue growth over the last five years. Additionally, according to Finviz, they managed 10% quarter-over-quarter (QOQ) sales growth in the most recent quarter.

Looking ahead, management is optimistic about prospects. What’s more, they are reasonably valued at a forward EV/Sales below 10.

Roblox (RBLX)

This build-it-yourself video game platform has proved to be a hit among users. Roblox (NYSE:RBLX) had another healthy year, growing revenues by 26% in 2023. Bookings were $3.5 billion, increasing 23% year-over-year (YOY).

Indeed, 2023 results revealed the company’s excellent user growth. Daily active users hit 68.4 million for the full year, growing 22% year-over-year. Also, average monthly unique payers rose 17% to 14.5 million.

Even better, Roblox grew its 13-and-over DAUs by 28% in Q4 2023. Now, over 58% of DAUs are in this category, which is a positive for the advertising business the company is trying to ramp up. Additionally, the company ended Q4 2023 with the strongest quarterly bookings growth.

Also, Roblox is an under-the-radar AI opportunity. It announced Roblox Assistant, which allows users to generate ideas using natural language text prompts. On the operations front, they are using AI to lower costs and improve safety on the platform.

Furthermore, Roblox is one of the top growth stocks to buy at 6 times forward EV/Sales. The company will achieve 20% bookings growth in 2024. Plus, it’s ramping up its advertising business and has recently partnered with PubMatic (NASDAQ:PUBM) to offer video ads. Buy RBLX stock as it builds towards its goal of 1 billion DAUs.

e.l.f. Beauty (ELF)

e.l.f. Beauty (NYSE:ELF) is disrupting the cosmetics industry and taking share as it does so. Its core value proposition is offering clean, vegan and cruelty-free cosmetics at a lower price point. Indeed, while the average prices for legacy and prestige brands are $9 and $20, respectively, its products cost about $6.

Considering this value proposition, it’s not surprising that it’s a top brand among teens. According to Piper Sandler’s 47th Semi-Annual Taking Stock With Teens, released on April 9, the brand is number 1. e.l.f. Beauty dominates the category and grew market share by 16 points YOY to 38%.

So, these market share gains have translated into impressive revenue growth numbers for the cosmetic brand. On February 6, it reported Q3 fiscal year 2024 results, delivering 85% growth. Even better, it gained 305 basis points in market share. Therefore, this was the 20th quarter in a row of revenues and market share growth.

Looking ahead, the company is one of the best growth stocks to buy today. Its innovative engine has produced the number one or two positioned brands across 16 categories in color cosmetics. After Ulta Beauty’s (NASDAQ:ULTA) negative commentary, ELF stock declined to $170. This selloff is an opportunity as e.l.f. Beauty remains the most productive brand at Ulta Beauty, Target (NYSE:TGT) and Walmart (NYSE:WMT).

TransMedics (TMDX)

This game-changing medical equipment company is revolutionizing the organ transplant market. TransMedics (NASDAQ:TMDX) Organ Care System is a portable organ perfusion system that the Food and Drug Administration (FDA) approved in 2021. The system replicates the physiologic conditions for donor organs outside the human body and is approved for lungs, hearts and livers.

Its National OCS Program (NOP) comprises approximately 200 surgical and clinical personnel in hubs in the U.S., supporting access and delivery of donor organs. Furthermore, the company has built a dedicated fleet of modern jets to ease access to distant donors. Notably, most transplant centers are opting for the service instead of their teams due to better clinical outcomes and lower costs.

Because of the company’s technology, there was a 12% increase in heart and liver transplantation last year. For instance, Tufts Medical Center performed a record 61 adult heart transplants in 2023, attributing the success to TransMedics. As a result, revenues are soaring and 2024 could be another year of outperformance.

In 2023, revenues were $241.6 million, representing 159% growth from 2022. Q4 2023 was the eighth quarter of sequential growth. Management’s outlook of $360 million to $370 million for 2024 predicts 49% to 53% growth. At this growth rate, TMDX stock is one of the best growth stocks to buy.

On the date of publication, Charles Munyi had long positions in ELF and TMDX but did not hold (either directly or indirectly) any positions in other securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.