It’s Hard Times for Hard Seltzer. Boston Beer’s Tumbling Shares Look Underpriced.

The hard-seltzer market has lost its fizz—and so have shares of Boston Beer. With the stock now worth less than half what it was at its peak, it might be time to take a sip.

That might seem like the kind of idea someone who’s had too much beer might come up with. After all, the company’s stock, which peaked in April at $1,306.45, has tumbled 60% to a recent $527.25 in less than five months. The decline has been driven by the same thing that drove shares higher—hard seltzer. When sales were booming, so did Boston Beer’s stock…