(Bloomberg) — Facebook (NASDAQ:) parent Meta Platforms Inc. dropped on Friday, with shares set to a enter bear market after months of volatility triggered by a whistle-blower’s revelations and disappointing quarterly results.

More than 20% of the stock has fallen since Sept. 7, when it closed, putting at risk $230 billion worth of market capital. Meta’s stock has been pressured this week as investors grappled with uncertainty surrounding the omicron variant and the possibility that the Federal Reserve will end its pandemic support program sooner than expected. The stock fell 2.3% to $303.34 Friday.

Meta shares have been hurt in recent months by negative comments about Facebook’s business model from whistle-blower Frances Haugen, according to David Trainer, who covers Meta for investment research firm New Constructs. Haugen appeared before the House subcommittee on technology earlier this week, after accusing the social media giant of putting “profit over safety” of its users in October.

Mounting concerns about the impact of Apple Inc (NASDAQ:).’s data collection rules and supply-chain challenges have also contributed to the decline and spurred Meta’s biggest drop in nearly a year in October.

Investor sentiment also suffered from a weaker-than expected quarterly report, released October. The company’s third-quarter revenues fell short of consensus estimates, as did its expectations for the fourth quarter. In the aftermath of the disappointing results, several analysts have lowered their stock price targets, but they still remain positive on the company’s long-term potential growth and valuation. 

The company entered its last technical bear market before the market crash last year due to the pandemic. In June 2019, the U.S. Federal Trade Commission opened an investigation into possible antitrust violations. 

The stock managed to rally through the pandemic, and was on an upswing this year. It rose 42% between Jan. 4th and Sept. 7, surpassing peers such as Twitter Inc (NYSE:). Netflix Inc (NASDAQ :). However, the share price plunged to 20.1x forward earnings. Meta is now the most affordable stock of all the mega-cap U.S. tech companies. 

Donald Selkin from Newbridge Securities stated that Meta seems reasonable valued at present levels. The decline is a reflection of a lot negative information surrounding Facebook. 

“It’s worth sticking your toe in the water,” he said in a phone interview.

The lower valuation doesn’t make the stock more attractive to Trainer of New Constructs, who views Meta as the worst positioned company among its mega-cap peers. He expects the stock to be a “perennial underperformer” for the next several years given the headwinds at the legacy Facebook business. Trainer said he is interested to monitor the company’s shift in focus toward the metaverse, especially the pace of the transition as competition in the field increases.

According to Bloomberg data, Meta is still popular on Wall Street. More than 80% of Wall Street analysts recommend that investors buy shares. The stock’s 12-month average analyst price target of $400 implies about 30% return potential from current levels. 

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