5 Blue Chip Stocks to Buy That Are Down Over 30% YTD

2. Meta Platforms, Inc. (NASDAQ:META)

Number of Hedge Fund Holders: 177

Year to Date Performance as of 12/26: -64.91%

Meta Platforms, Inc. (NASDAQ:META) is down substantially this year given the social media giant has spent a lot of money on the metaverse without getting much in the way of immediate results. Meanwhile, Meta Platforms, Inc. (NASDAQ:META) faces rising competition from TikTok and its growth has slowed substantially.

Considering Mark Zuckerberg owns controlling shares of the company, Meta Platforms, Inc. (NASDAQ:META)’s fortunes will ultimately depend on his management. Given a company with Meta Platforms, Inc. (NASDAQ:META)’s resources, Zuckerberg can make a few mistakes in the near term and still win the long term, however. Meta Platforms, Inc. (NASDAQ:META) looks cheap with a forward P/E ratio of 14.86 in terms of the next 10 years if it retains its users.