Is Meta Stock Still a Good Buy After Hitting 52-Week Highs?

Meta Platforms (META) stock is up 147% in the past year and yesterday hit a 52-week high. It is the second-best performing stock in the S&P 500 (SPY) stock in 2023, trailing only Nvidia (NVDA) which has almost tripled this year. 

Life has come a full circle for Meta investors as the stock was the worst-performing FAANG stock of 2022 with losses of 65%. Nothing seemed to go right for Meta in 2022 and investors were spooked by its falling revenues, narrowing profit margins, and the steep rise in losses of its Reality Labs business which is building the metaverse.