If you own Ruth’s Hospitality Group (NasdaqGS: RUTH) stock and purchased anywhere close to one year ago or later, you’re in a world of hurt.

About one year ago this stock started stuttering and when it fell, it fell hard.

On July 18. 2007—one year ago from this writing—RUTH closed at $17.53, which was down a little from it’s $20ish highs a couple months prior. The next trading day is closed up 4 cents higher and that would be the end of RUTH.

From there it’s been a rollercoaster right down—August 07 $16s, September 07 $15s, October 07 $14s, November 07 $12s, and so forth.

So, where the heck is RUTH at today? If you can believe it, RUTH closed Friday’s regular trading at $3.85. That’s a 78% stock price decline in one year.

Think RUTH is done? I’m not so sure. But it may be a good time to think about taking a dip.

Last month RUTH started out at $6.89 (close of first trading day), rose 6 cents the next day and proceeded to fall every day since. Is there a pattern?

On July 1, 2008, RUTH opened at $5.14 and closed at $5.07. Over the next few trading days it fell to $4.90. Then one day ( July 8 ) it came back up the $5 and proceeded to fall rapidly into the $3 arena.

RUTH tried dipping below $3.50, but it looks like that’s when bargain hunters came in and helped stabilize the stock—for the moment.

A few days ago Motley Fool released an article, “The Growth Stocks You Should Be Buying,” that listed RUTH as one of the “growth stocks that others fear.” According to their article, which is based off of information from Yahoo! Finance and Capital IQ, Ruth’s Hospitality Group has 20% short interest and a 17.1% 5-year growth estimate.

While not a recommendation, it might be time to look into RUTH. It’s not going back up to $20 anytime soon, but it may be gearing up to head north.

On August 5, Ruth’s Hospitality Group will be reporting Q2 2008 earnings after the market closes.