It wasn't too long ago that Wall Street had given up on Meta Platforms (NASDAQ: META). The social media company had shed over 60% of its value in 2022, and management announced that the following year would include a sharp pivot toward slashing costs.

What a difference a year makes. The Facebook parent's stock is up nearly 180% in the past 12 months and recently touched a record $500 per share. Let's look at whether or not that rally means investors' best returns are in the past for this high-flying stock.

As you might expect, the stock's rally has been powered by some great news around Meta Platforms' growth. Its social media apps, anchored by Instagram and Facebook, are seeing solid engagement, with over 3 billion users checking in with the apps daily.

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Source Fool.com