Meta Platforms (NASDAQ: META) stock hasn’t been doing well this year. It’s up around 2% and has been underperforming the S&P 500, which has risen approximately 4% thus far. It’s been an underwhelming stock to own for several months now.

It trades at a price-to-earnings (P/E) multiple of 29, which is a bit modest compared to other stocks in the “Magnificent Seven.” Given the wealth of assets it possesses and the opportunities it’s tapping into with respect to artificial intelligence (AI), could the stock be a potential bargain buy right now?

Meta’s stock may not be doing all that well this year, but don’t forget, this is a stock that has been on an absolute tear in recent years. Since 2023, it has risen by more than 450%. Focusing on just how it’s been doing over the past several months wouldn’t do justice to a stock that’s been one of the S&P 500’s best performers in the past few years.

Its P/E multiple is nearly 29, and while that’s come down a bit from where it’s been over the past couple of years, it’s still technically higher than its five-year average.

The sell-off in 2022 is skewing its average down, but the chart above provides important context for Meta’s valuation. While it has come down a bit, it’s nowhere near the bargain it was four years ago.

I think it’s clear that Meta’s stock isn’t a bargain, which is what you would have gotten if you’d bought in 2022. But whether it’s still a good buy today depends on whether you think the social media stock deserves more of a premium than its current earnings multiple.

If you’re bullish on its AI prospects and opportunities in that realm, then arguably it may be worth paying more for the stock. However, I believe it may be due for a more substantial correction, given the company’s historically heavy tech spending. It has spent billions on a metaverse initiative that hasn’t come close to paying off, and as an investor, I’d be concerned that its AI investments might not be any more fruitful for the business. It seems as though Meta is once again chasing the latest trend.

In addition, the mounting concern around child safety protocols on its apps adds yet another uncertainty to the mix. Given all the context around its value, plus the risks and uncertainties ahead for Meta, this is a stock I’d pass on for the time being, at least until there’s evidence that its latest tech strategy will deliver meaningful profit growth.