From Nasdaq:

Meta Platforms stock (NASDAQ: META) had a remarkable 194% increase in 2023, rebounding from a 64% decrease in 2022. The stock recently hit new 52-week highs, prompting investors to consider cashing out. With revenue growth above 20%, Meta has convinced investors it’s still a top growth stock to own, but its high ad impression rate and price might be unsustainable.

Due to its run-up in price, Meta’s stock is now trading at a high price-to-earnings multiple of 33. Wall Street consensus analyst price target is around $358, slightly below its current price, indicating potential concern about its continued upside. Investors may be left wondering if Meta Platforms stock is too expensive in 2024.

Despite Meta’s run-up in price, many are still wondering if it is a buy given its near $1 trillion valuation. Its cash-burning metaverse segment, Reality Labs, and uncertain future growth rate may not be worth the steep multiple investors are paying. The Motley Fool Stock Advisor team did not identify Meta Platforms as one of the 10 best stocks to buy now, but if investors have already made a profit over the past year, selling may be a consideration.



Read more: Is Meta Platforms Stock Still a Buy After Hitting a New 52-Week High?