The terrible market environment in 2022, coupled with investor pessimism surrounding founder and CEO Mark Zuckerberg's metaverse ambitions, hurt Meta Platforms (NASDAQ: META) that year. Share prices fell an eye-watering 64% in 2022.

This top social media stock has been on an absolute tear since that 2022 low thanks to strong financial results and a raging bull market. As a result, the stock price has skyrocketed 321% since the end of 2022. And yet, even with that sizeable stock price performance, the shares still look like a smart buy today.

Here's why.

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Source Fool.com