Facebook’s owner Meta – like most tech stocks – has plummeted this year and now investors may be wondering if it’s time to buy into the dip. Paul Meeks, portfolio manager at Independent Solutions Wealth Management, says that while Meta looks “super cheap” right now, it’s not a buy – it’s a hold or sell. Meeks told CNBC Pro Talks last week: “Every time we get word from them, they lower the number… it can be super cheap, but it doesn’t recover until we know that the bottom is low. came”. “So I think ‘buy’ is off the table.” For investors who already own the tech giant, Meeks said. “I don’t think I would… sell this beaten horse,” he added. Meta is down more than 45% this year, as investors flee growth stocks like Big Tech. Although the market has recently recovered – Meta is up more than 10% since the start of the month – the tech-heavy Nasdaq is still down about 17% so far. Meeks said one factor to consider for the Meta is how the metaverse evolves. The company changed its name from Facebook in 2021 to reflect its ambitions in the metaverse — or a set of future virtual worlds where people live, work, and play. “So we need to see that the market is somewhat developed, right?” Meeks said. “I don’t need to wait many, many years for the metaverse to be fully invested and the Meta declared a winner, before I invest in that stock. But I need to see it start to grow – and right now. now it’s more of a plan than anything concrete, so that also steers me away from it.” Meeks also emphasized that there’s no guarantee Meta will become the leader in the metaverse . “If the metaverse grows, who can say that the Meta will take the lead?” he asks. “They’re going to be one of the big players for sure, because they’re helping fund the development, but people will be in it.” Meeks isn’t the only one warning investors away from the Meta because of the uncertainty of the metaverse. Asset manager Needham in July downgraded Meta to underperforming its holdings rating. It said the company’s large investments in the metaverse – as it projects slower revenue growth – could take too long to turn a profit. As Meta continued to spend heavily to develop augmented and virtual reality products, Meta lost $2.81 billion on $452 million in revenue from its virtual reality division, Reality Labs, in the last quarter. ends in June.