Dutch Bros (NYSE: BROS) launched an IPO in September 2021 amid a pandemic-driven bull market. The initial excitement took it from an IPO price of $23 per share to an intraday high of more than $81 per share within a few weeks.

However, the coffee stock dropped precipitously as the bear market took hold, and today it sells at almost a 60% discount to that high. The question for investors is whether the lower stock price makes Dutch Bros a buy. Let's take a closer look.

Admittedly, the bears may have their best case against Dutch Bros stock in its short 18-month history. In 2022, same-shop sales grew by only 1% and fell slightly in the fourth quarter. This is a dramatic decline from 2021, when same-shop sales rose by 8.4% per year.

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Source Fool.com