Price fell almost 80% from its top. A simple reason for this fall could be a fall in earnings and profit margins. Net margins fell from 40% to 15%. That is a fall of 60%. Retained earnings fell from 85B to 67B, a fall of 20%. Total fall comes to 80%. I do not know if it is a coincidence or an actual reason. Assuming this is the reason. Stock recovered more than 50% from its low. It means the market is expecting a good quarterly result. If it falls to do so then we can see a fall in META stock again. Supporting the fact, 15% net margin is lowest in the margin cycle of META. In summary we should wait for results to get a fair price of stock.
Disclaimer This is not financial advice. Sumanyu Aggarwal is not an expert. All figures are just rough estimates.