This Meta stock stat doesn't make sense after the Muse mic drop

For a company having a major refounding moment this week, Meta's (META) price-to-earnings ratio still looks stuck in the past. Meta's stock is trading on a forward price-to-earnings (P/E) ratio of 22 times, below its long-term average of 23.1 times. The likely reason for the disconnect between Meta's P/E and the bullish week the company's having is that the Street is dragging its feet on raising its 2027 earnings estimates as the company reinvests aggressively in AI infrastructure. Yahoo Finance data shows next year's earnings estimates on Meta have increased only slightly over the past seven days. Meanwhile, 2027 EPS estimates currently remain well below those seen 90 days ago.