With the tech-heavy Nasdaq Composite down 17% over the last 12 months, growth-focused stocks have been in a rut. Global-e Online (NASDAQ: GLBE) is no exception. But while the company faces the same macroeconomic headwinds as the rest of the industry, its unique business model and well-defined niche could help power continued success. Let's discuss why this beaten-down growth stock could skyrocket. 

Founded in Israel in 2013 and publicly traded since May 2021, Global-e is a mid-cap tech company that facilitates cross-border e-commerce and fulfillment. The shares soared amid the pandemic's stay-at-home boom, peaking at an all-time high of almost $82 before falling down to Earth for much of 2022 as rising rates and other macroeconomic headwinds mounted. 

Federal Reserve rate hikes can hurt growth stock valuations by discounting the future value of their cash flows. Higher rates also raise the cost of the capital unprofitable companies need to scale up their businesses. That said, Global-e's dip looks like a buying opportunity because these macroeconomic challenges don't change its long-term thesis. 

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Source Fool.com