After Meta Platforms (NASDAQ: META) released its third-quarter 2022 results in October, the stock dropped 25% overnight. The company is suffering from multiple issues, ranging from a weak macroeconomy to poor company performance to some investor displeasure with the company's direction.

However, Meta sells at a price-to-earnings ratio (P/E) of 11.3, well below the S&P 500 market's P/E of 20. As a result, some consider the stock grossly undervalued, especially considering its ability to generate revenue and earnings once the economy rebounds.

Is it a good idea to take a contrarian stance against poor market sentiment for Meta and buy the stock or stay far away? Let's take a look.

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Source Fool.com