While the market may have recently been trading at a record high, not all shares are faring as well.

For example, the three ASX growth shares listed below are still down significantly from recent highs.

Here's why analysts think that they could be too cheap to ignore at current levels:

This pizza chain operator's shares are down 20% since this time last year. This has been driven by the company's underperformance due to inflationary pressures and management's failure to successfully execute its recovery plans.

The good news is that there are now signs that the company is finally moving on from its issues. This could potentially make it a great time to make a patient investment in the ASX growth share.

Morgan Stanley certainly believes this is the case. It recently put an overweight rating and $68.00 price target on its shares.

Another ASX growth share that could be a bargain buy according to analysts is IDP Education. It is a leading language testing and student placement company with operations across the globe.

The last 12 months have been very turbulent for IDP Education due to the loss of its language testing monopoly in Canada and regulatory changes to student visas in a number of markets. This has led to its shares losing almost 40% of their value since this time last year.

Goldman Sachs believes the selling has been an overreaction and thinks investors should be snapping them up while they are down. Particularly given its belief that IDP Education "is likely to emerge through this period of short-term regulatory tightening with a more diversified business and stronger SP market position to capitalise on the long-term structural growth in international education."

It is for this reason that the broker has a buy rating and $26.60 price target on its shares at present.

Another beaten down ASX growth that Goldman Sachs is positive on is ReadyTech. It is a leading cloud-based ATO and ITO-compliant, human resources, payroll, time and attendance, and rostering software provider.

ReadyTech's shares are down approximately 15% from their recent highs despite its strong performance continuing in FY 2024.

Goldman believes this means that "RDY remains undervalued compared to SaaS peers on an absolute and growth adjusted basis."

Its analysts currently have a buy rating and $4.25 price target on its shares.