Toast (NYSE: TOST) had its initial public offering (IPO) during the bull market in late 2021. Since then, however, the market hasn't been kind to the company's investors.

As of this writing, shares of this restaurant-focused software-as-a-service (SaaS) business are down 74% from their all-time high, which was set in November 2021. It's a similar story for other beaten-down growth tech companies.

Does this mean now is the right time to buy Toast stock? Here's why that might be a smart move.

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Source Fool.com