There are a handful of stocks that are showing their true potential right now. However, because of the bear market we saw in 2022, many remain well off their highs. For those who know where to look, there are still some solid growth stocks to buy and hold for the years ahead.

Growth stocks tend to do best with a loose fiscal monetary policy from global central banks. More specifically, they tend to do best when the Federal Reserve’s interest rates are low. With rates currently at multi-year highs, and with the Fed remaining hawkish, it’s clearly a tough time for growth-stock investors.

There are businesses that continue to hum along quite nicely even if the stocks aren’t getting carried higher by a bull market. I want to look at three growth stocks to buy and hold that are profitable and have a promising future.

The Trade Desk (TTD)

The Trade Desk (NASDAQ:TTD) is and has been a top-tier growth stock. Hitting an all-time high in November 2021, it was one of the last stocks in tech to wave the white flag amid the heavy selling pressure felt industry-wide. While the stock did eventually succumb to the selling pressure, it’s likely only an opportunity for long-term patient investors.

Co-founder and CEO Jeff Green has built a remarkable company that continues to slug it out with the heavyweights in online advertising. Unlike Meta (NASDAQ:META), Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) and other giants, The Trade Desk can operate in China. That’s an enormous market that many of their U.S. competitors don’t have access to.

While a recession would certainly slow digital ad purchases, and thus The Trade Desk’s business, the company continues to hum along nicely.

Analysts expect 20% to 24% annual revenue growth for the next four fiscal years. The Trade Desk was profitable before Covid-19 and has remained profitable after. While estimates call for just 7% earnings growth this year, expectations accelerate dramatically in 2024.

Snowflake (SNOW)

Snowflake (NYSE:SNOW) went public in September 2020 to a lot of fanfare. In the days leading up to the IPO, the valuation soared. It didn’t help that Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) and Salesforce (NYSE:CRM) were getting involved via investments, or that we were in a raging bull market.

While the stock eventually opened at $245 and soared to almost $430 in the weeks to come, it has cooled off dramatically. Snowflake stock has since shed about two-thirds of its peak value and currently trades near $140 a share.

It’s not cheap based on traditional metrics, shares trade at roughly 15 times this year’s revenue forecasts and at about 22 times its trailing 12 months of sales.  However, it’s a lot cheaper than it was a year or two ago when Snowflake was trading well over 100 times its trailing revenue.

Forecasts call for strong revenue growth to continue, including 40% this year and 37% next year. In the following two years, long-term estimates sit above 30%. That’s a lot of growth if it comes to fruition and would take the company’s sales figure from $2.06 billion in fiscal year 2023 to more than $7 billion in fiscal year 2027.

DigitalOcean (DOCN)

When it comes to market capitalization, DigitalOcean (NYSE:DOCN) is 8.5 times smaller than The Trade Desk and almost 13 times smaller than Snowflake. In the context of these three stocks, it’s definitely the smallest fish in the pond, or should I say ocean, but that doesn’t mean the company doesn’t belong.

DigitalOcean is forecast to generate annual revenue growth in the low-20% range for the next several years. However, estimates call for roughly 75% earnings growth this year and almost 25% growth in 2024.

If achieved, DigitalOcean will generate $1.65 a share in non-GAAP earnings. While the company is not yet GAAP profitable, it’s clear that management’s focus is on the bottom line. That was evident when the company provided guidance for the year, blowing away consensus estimates.

On the date of publication, Bret Kenwell 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.