Buying the dip in top growth stocks or when they’re on the verge of exploding is a proven way to build wealth.

The recent market volatility amid rising interest rates has hit growth stocks hard, and while it can be scary to watch the value of your portfolio sink, you could be missing out on rare opportunities to build wealth if you’re only focused on what’s happening and not what you should do. Put another way, market crashes are also often the best times to double up on shares of top companies while they’re still cheap. Like these three growth stocks that look so compelling you’d want to park some money into them right now. Buy the dip in this industry leader

If you have patience, can stomach volatility, and are a risk-taker, consider buying shares of Teladoc Health ( TDOC 7.01%) now. I understand that’s a lot to ask, but that’s where things stand after the dramatic recent plunge in Teladoc’s stock price. Yet Teladoc is a leader in an industry that’s only just getting started, and if the company can continue growing its revenue double-digits, the stock should get its due in due time.

Teladoc stock lost almost half its value in one day on April 28 after the telehealth giant slashed its outlook for 2022 and reported a huge loss for its first quarter as it recorded a $6.6 billion non-cash goodwill impairment charge. Once a Wall Street darling that saw demand for its virtual care services soar during the peak of the COVID-19 pandemic, Teladoc stock is barely getting any love now.

It’s true that demand for virtual medical consultations has faded as the pandemic eased, but it’s also true that Teladoc still grew its Q1 revenue by 25% and expects to grow revenue by 18%-23% this year. With more organizations and governments worldwide digitizing services wherever possible, demand for telehealth is expected to grow double-digits in the years to come. Teladoc also specializes in virtual chronic disease management, and as the world’s largest telehealth company, has a lot of power to navigate storms.

For example, high advertising rates are pressurizing margins for Teladoc’s BetterHelp direct-to-consumer mental health business. Yet, Teladoc’s scale still gives it the leeway to spend more money on the business to boost sales. In fact, Teladoc still expects 2022 BetterHelp revenue to grow in the “upper half” of its long-term mental health revenue growth target of 30%-40% per year. Image source: Getty Images. Also, Teladoc wants to focus on whole-person care than individual solutions, meaning it wants customers to use multiple products. This strategy could hugely boost customer stickiness and bring in more revenue per customer in the long run, which should eventually translate into more stable revenues and margins. In Q1, multiproduct sales made up 78% of Teladoc’s total sales.

It’s safe to assume Teladoc’s growth won’t be easy to come by at least in the near term, but it’s also hard to argue the growth potential in telehealth. Teladoc is still transitioning from individual to whole-person offerings, and it’s only fair to give the company time to prove itself. If Teladoc can deliver, you’d look back and regret not buying the stock on days like today. This industry is growing by leaps and bounds, and so is this stock

If you’ve been following the red-hot electric vehicle (EV) industry closely, you wouldn’t be surprised to find an EV stock on a list of growth stocks. What might surprise you though is the stock I’m going to name now: BYD ( BYDDY 0.56%).

Based in China, BYD is absolutely crushing it the world’s largest EV market. BYD is, in fact, the largest seller of new energy vehicles (NEV) in China, and was the second-largest seller of plug-in EVs worldwide in 2021, second only to Tesla ( TSLA -0.82%). Yet while Tesla must abide by China’s rules for foreign companies that can throttle growth at times, BYD has a clout that’s hard to match. And , Tesla’s sales growth pales in comparison to BYD’s . Image source: Statista. Even in April, when sales for most automakers nosedived as they suspended operations amid COVID-19 lockdowns, BYD’s NEV sales rocketed 313% higher year over year and were up a percentage point sequentially. BYD’s sales of 106,042 NEVs last month was in fact a record for the company.

There’s a lot more to BYD. It is also one of the largest lithium-ion battery makers in China. With prices of lithium reaching for the skies amid the Russia-Ukraine conflict and […]

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