Sector and stock rotation is common in the world of investing. The hottest stocks of today are likely to be forgotten names of tomorrow. It’s a good time to sell when the stock or sector is already overhyped. Similarly, looking at quality growth stocks to buy among the forgotten names that witnessed buying frenzy in the yesteryear is a good idea.

After a period of price and time correction, the growth stocks discussed look attractive from a valuation perspective. Further, the business has navigated challenges and stood the test of time.

I must add that the ideas discussed have a big addressable market. Revenue growth will likely be robust in the coming years. At the same time, these businesses can be possible cash flow machines. I would, therefore, expect multibagger returns from these growth stocks to buy in the next three to five years.

Pinterest (PINS)

Pinterest (NYSE:PINS) was among the hottest stocks during the rally after the pandemic-driven market meltdown. However, with growth readjustments in a post-pandemic world, PINS stock plunged. While investor interest has remained low, the growth stock has trended higher by 73% in the last 12 months. A forward P/E of 28.6 looks attractive, and I expect further upside for this proxy e-commerce platform.

For Q1 2024, Pinterest reported healthy revenue growth of 23% on a year-on-year basis to $740 million. The monthly active users increased by 12% to 518 million for the same comparable period.

An important point is that Pinterest reported a global average revenue per user of $1.46 for Q1. In the U.S. and Canada, the ARPU was $6.05. However, the ARPU for Europe and the rest of the world was $0.86 and $0.11, respectively. I see ample headroom for ARPU growth in emerging markets. In the next five years, this will translate into a healthy EBITDA margin and swelling free cash flows. The growth story, therefore, remains exciting, and PINS stock is attractive.

First Solar (FLSR)

First Solar (NASDAQ:FSLR) is another name among growth stocks to buy at undervalued levels. Backed by positive business developments and industry tailwinds, the solar energy stock has surged by 57% year-to-date. However, a forward P/E of 20 indicates that the upside momentum will likely sustain.

Recently, UBS opined that First Solar is positioned to benefit from “growing demand for renewable energy in powering AI applications.” This is just one reason to be bullish on the company.

As of Q1 2024, the photovoltaic solar energy solutions provider reported an order backlog of 78.3 GW extending through 2030. Further, the company has potential booking opportunities of 72.8GW. Given the pipeline, healthy revenue growth is likely to sustain.

Additionally, First Solar has boosted its manufacturing capabilities. By the end of 2026, global annual nameplate capacity is expected at 25GW. This will help scale up production and cater to incremental demand. Overall, First Solar is positioned for sustained growth and cash flow upside. This is likely to translate into value creation for shareholders.

Cronos Group (CRON)

Cronos Group (NASDAQ:CRON) has been largely forgotten as investors have looked at cannabis stocks as speculative bets. However, the company has strong fundamentals and is worth holding for the long term. If regulatory headwinds continue to wane, CRON stock will likely deliver 20x or 30x returns.

It’s worth noting that as of Q1 2024, Cronos reported a cash buffer of $855 million. The company had refrained from aggressive cash deployment at a time when regulatory headwinds impacted growth. With Germany legalizing cannabis and with the global medicinal cannabis market swelling in size, Cronos is positioned for healthy growth.

In the last two quarters, the cannabis player has entered new markets of Germany, Australia and the United Kingdom. This will support acceleration in growth, and potential operating leverage will translate into margin improvement. I would not be surprised if Cronos pursues acquisitions in the U.S. after the likely reclassification of cannabis as a Schedule III drug.

On the date of publication, Faisal Humayun did not hold (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.