Since the company's growth and profitability took a hit in 2022, leading to the stock also tanking, Meta Platforms (META -3.83%) has been a winning investment. In the past three years, shares have skyrocketed 437% (as of Oct. 9). The business has been riding some serious momentum. Now, investors are patiently waiting for management to release financial results from the latest quarter.
Should you buy this social media stock before Oct. 29?
Meta stock looks like a good opportunity
Despite Meta's meteoric rise in the past three years, the current setup still looks favorable. The stock is trading 9% below its peak. Investors can scoop up shares at a compelling forward price-to-earnings ratio of 24.6.
For one of the most dominant enterprises in the world, this might be a no-brainer buying opportunity. This is especially true before a potential positive catalyst in the upcoming earnings report.
Investors must maintain a long-term mindset
Meta has exceeded Wall Street earnings per share estimates in 11 straight quarters. Perhaps it's likely this streak will continue, which could push the stock higher as we head into November.
As enticing as it sounds to buy shares before the Oct. 29 update, it's extremely important that investors aren't making this decision with a short-term mindset. Buying and holding stocks should be done with a timeframe that spans at least five years, forcing investors to think about the fundamentals.
