Investors looking for new stocks to buy have limited options this year, with the U.S. markets on track for their slowest year of initial public offerings since 2009. What’s more, the Renaissance IPO ETF (NYSEARCA:IPO) is down 38% year to date, significantly more than the broader market. But, as anyone investing in recently debuted stocks knows, this is a high-risk, high-reward game.

Sometimes it’s better to wait for the hype to die down a bit and the froth to come off the shares. Let the company get a few earnings reports behind it so you can get a clearer picture of its execution and growth prospects.

With that in mind, I have three new stocks to buy, “new” being a relative term. Each has made its public debut in the past three years (and change). All of these stocks are down significantly over the past year but could deliver outsized gains in 2023 if we see a turnaround in the market.

Opendoor Technologies (OPEN)

Opendoor Technologies (NASDAQ:OPEN), which went public in December 2020, is a great investment for anyone interested in the tech sector. It is a fintech and a real estate company in one, using data and technology to make the home buying and selling process more efficient. Of course, this also means it has been hit by the one-two punch of the tech sector wreck and rising interest rates, with shares down 65% in the past 12 months.

DOOR stock jumped 22% in a single day last week following the release of the company’s second-quarter results. Despite weakness in the housing market, revenue soared 254% year over year to $4.2 billion, and the number of homes sold was up 201% to 10,482. Its net loss shrank to $54 million from $144 million a year ago.

Yet, management offered weak guidance, projecting third-quarter revenue of $2.2 billion to $2.6 billion, well below the consensus of $4.26 billion.

While the company faces macroeconomic headwinds, investors are cheering a new partnership with Zillow (NASDAQ:ZG). The rivals have agreed to a multi-year deal that will allow people selling their homes on Zillow’s platform to request an Opendoor offer. This is a win-win for the companies, giving Opendoor access to Zillow’s vast audience and giving Zillow a toehold in the iBuying business.

While uncertainty is likely to remain in the real estate market for the next few months, Opendoor is a good long-term bet.

Beyond Meat (BYND)

Next up on the list of new stocks to buy is plant-based meat substitute company Beyond Meat (NASDAQ:BYND). The stock went public in May 2019 to much fanfare. However, shares have struggled in the past year. They have fallen more than 70% as investors turned their backs on high-growth stocks in favor of those with proven records of profits.

The company, like pretty much all companies, is struggling with higher input costs, supply chain issues and consumers reining in spending. While inflation has sent meat prices much higher, plant-based alternatives are still more expensive. McDonald’s (NYSE:MCD) conclusion of its test of the McPlant burger, which is made using Beyond Meat patties, is also likely weighing on investor sentiment.

The company reported a wider-than-expected first-quarter loss. This was due in part to its Beyond Meat Jerky, a joint venture with PepsiCo (NASDAQ:PEP), weighing on margins. Second-quarter results also disappointed, and management lowered their revenue forecast for the year.

It’s been far from smooth sailing for Beyond Meat recently. But keep in mind that meatless alternatives are growing in popularity. In fact, the global plant-based meat market is expected to grow at a compound annual rate of 19.3% through 2030. Beyond Meat has a dominant position in this market and is likely to rebound sharply when growth stocks come back in favor.

Nextdoor (KIND)

Finally, we have our newest new stock to buy, Nextdoor (NYSE:KIND), which operates a social networking service for neighborhoods. The stock went public just 10 months ago in November 2021 via a reverse merger with a special purpose acquisition company. Since then, shares are down 74%.

The company is growing its users and revenue at a fast clip. According to Nextdoor, nearly a third of U.S. households use the platform, which allows users to connect with people, businesses and organizations in their neighborhoods. Revenue increased 56% in 2021 and is expected to grow by 16% this year and 29% next year.

Rising operating costs, though, remain a thorn in the company’s side, and investors have punished the stock for it. This issue is not likely to be resolved in the near term.

But this unique social media company is still worth your consideration. The company is projecting strong revenue growth and its beaten-down shares could surge once tech stocks come back into favor.

On the publication date, Faizan Farooque 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.