Is it $2,000? Buy two incredible growth stocks with gains of 58% and 30% in the new bull market!

Being a long-term investor is not always easy, especially when the market is as volatile as it has been in the past few years. While some stocks have felt this volatility to a greater or lesser extent, with theS&P 500 Many investors may have been relieved to see the indexes hit multiple new highs in early 2024.

If a new bull market has revitalized your interest in investing, or simply made you want to add more cash to your stocks, you're not alone. However, it's important to remember that both bear and bull markets are a normal part of the stock market cycle. If you've been investing in companies for years, no matter how good they are, you're likely to feel the brunt of the market's tough times.

The good news is that now is a great time to invest in quality companies in Massachusetts. If you continue to add to your holdings of quality stocks, you will benefit from the price declines that often occur in bear markets and the bounces that occur in bull markets. It's worth noting that the average bear market lasts about 286 days, while the average bull market lasts about 1011 days. You can't pinpoint these time periods, but you don't have to if you've been in the market.

At this point, if you have $2,000 to invest in stocks right now - money you don't need to pay bills, rent, and other financial expenses - here are two incredible growth stocks to invest in. - Here are two incredible growth stocks to consider hitting the buy button.

1. Hims & Hers Health

Hims & Hers Health (NYSE: HIMS)Shares have risen 58% since its IPO in 2024, and the company has been on a roll lately as its virtual therapy platform continues to expand to meet a range of specific therapeutic healthcare needs for its customers. Back in 2017, the telemedicine company initially began selling products to treat sensitive conditions such as erectile dysfunction and alopecia, and later expanded to include contraceptives, and the business has continued to grow from there.

Today, Hims & Hers Health sells prescription and over-the-counter medicines, cosmetics, supplements and other products in the areas of general health, skin care, sexual health and hair care. The company also just expanded into weight loss products late last year. Customers can get these products by paying an order fee through the company's website or mobile app. Orders for prescription drugs are fulfilled through licensed pharmacies in the company's network of carriers.

Customers can choose how often they want certain products to be delivered and are billed based on that subscription period, which can be every 30 days or every 360 days for certain products.Hims & Hers' platform facilitates the entire customer journey, from helping patients find the products they need to connecting them with a healthcare provider for a remote healthcare consultation.

In 2023, the company reported revenues of $872 million, an increase of $65% from 2022, a year in which the platform reached 1.5 million users, an increase of $48% year-over-year, and a 12-month net order total of 8.7 million, an increase of $42% year-over-year. Although Hims & Hers Health did not turn a profit for the full year with a net loss of $23.5 million, it did turn a profit for the last three months of 2023 on a GAAP basis. Although Hims & Hers Health did not turn a profit for the full year, with a net loss of $23.5 million, the company turned a profit in the last three months of 2023 under Generally Accepted Accounting Principles (GAAP). Profits amounted to $1.2 million, compared to a net loss of $10.9 million in the same period last year.

At less than a decade old, the company is still in its relatively early stages, which explains its above-average growth rate. At the same time, its sticky but relatively low asset model has allowed it to expand rapidly while improving profitability.

Koon predicts that Hims & Hers Health's revenues will surpass the $1 billion mark by 2024. With a current price-to-sales ratio of 3.7, even a small portion of the company's business is worth adding to a diversified portfolio.

2. Toast

Since the beginning of this yearToast (New York Stock Exchange)Stock Code(TOST)The company's stock price has soared over 30%. The company offers a range of hardware and software solutions for restaurants that help businesses in the food industry run smoother and more efficiently. For a long time, the company has focused on smaller restaurant operations, but larger brands are starting to take notice.

Toast's software and hardware products cover a wide range of needs in the restaurant industry, which is a highly cyclical and seasonal industry. These products include point-of-sale solutions, digital ordering and takeout applications, wage and labor management products, supply chain management tools, and even financial technology solutions such as payment processing and loan origination services.

Toast generates a significant portion of its revenue from subscription services, through which Studio Dining provides access to its various software solutions. Subscription terms range from 12 to 36 months. The company also generates revenue from fintech solutions through transaction fees and fees for the use of hardware products such as 耑, tablets and other accessories.

Although the company is not yet profitable on a GAAP basis, revenues are growing rapidly, gross margins are rising, and the company is free cash flow positive in 2023. Last year, the company reported revenues of nearly $4 billion, up 42% from 2022, and also reported total gross payments of $126 billion for the 12-month period, a jump of 38% from the previous year.

Toast's gross profit this year jumped 63% from 2022 to $834 million. The company's free cash flow for 2022 is negative $189 million, while its free cash flow for 2023 is positive $93 million. Over the past 12 to 18 months, Toast has undergone some significant business changes, including layoffs and the replacement of its chief executive officer.

That said, the company's business is still growing steadily, and both upstream and downstream businesses seem to be moving in the right direction. Other macro headwinds may dampen growth in the short term, but in the longer term the business appears to be on a solid growth trajectory. The company provides basic services and products to the restaurant industry, with most of its revenue coming from recurring sources. Forward-thinking investors may want to get a piece of the action.

Should you invest $1,000 in Hims & Hers Health now?

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Rachel Warren does not hold any of the shares mentioned above.The Motley Fool holds the recommended Toast.The Motley Fool has a disclosure policy.

Got $2,000? Two Incredible Growth Stocks with Gains of 58% and 30% in the New Bull Market was originally published by The Motley Fool.