Shares in the S&P/ASX 200 Index (ASX: XJO) tech stock Megaport Ltd (ASX: MP1) have lost a lot of ground over the past eight months, though the past week has delivered a marked turnaround.

On 15 March, the Megaport share price closed at $15.40.

In intraday trading today, shares are up 4.1%, changing hands for $8.43 apiece.

While the ASX 200 tech stock has been up an impressive 24% since the market closed on 5 November, shares have remained down 45% in eight months.

And this could offer investors an opportune long-term entry point.

Time to buy this beaten-down ASX 200 tech stock?

Medallion Financial Group's Philippe Bui has a buy rating on the ASX 200 tech stock (courtesy of The Bull).

"Megaport provides network-as-a-service solutions,' he explained.

"After a meteoric fall from grace caused by high expectations and muted fiscal year 2025 guidance, Megaport's share price now looks attractive," Bui said.

He continued:

The shares have fallen from $15.39 on March 14 to trade at $7.22 on November 7. The stock is now trading on its lowest revenue multiple in some time. We feel comfortable about buying the stock.

If the company can continue to grow earnings and revenue, the share price should follow. The company generated total revenue of $195.3 million in fiscal year 2024, up 28% on the prior corresponding period.

The ASX 200 stock has gained 16.8% since the figure Bui quotes from 7 November. But if Megaport can indeed deliver ongoing earnings and revenue growth, and keeping in mind that shares have been down 45% since mid-March, the stock could indeed continue to run higher from here.

What's been happening with Megaport?

Megaport's network of more than 113 data centre operators enables businesses to deploy private point-to-point connectivity between any of the locations on its global network infrastructure.

The ASX 200 tech stock's connections to major cloud service providers include companies like Microsoft Corp (NASDAQ: MSFT) and Google Cloud Platform, the domain of Alphabet Inc (NASDAQ: GOOG).

The company has been a beneficiary of the ongoing artificial intelligence (AI) revolution. But the Megaport share price tumbled 21% on 22 August when the company released the "muted fiscal year 2025 guidance" Medallion Financial's Bui mentioned above, along with its full FY 2024 results.

For FY 2024, Megaport reported revenue of $195.3 million, up 28% from FY 2023. And earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 182% to $57.1 million.

As for FY 2025, the ASX 200 tech stock forecasts revenue will come in between $214 million and $222 million, with forecast EBITDA of $57 million to $65 million.