Meta Platforms Inc (FB) is down close to 15% over the last three months. With valuation falling to more reasonable levels, Hightower Advisors' Stephanie Link decided it was time to buy. "Facebook is a new position for me. I bought it when it fell 18% from its highs a couple weeks ago," Link said Wednesday on CNBC's "Squawk Box."

After pulling back from its highs, Facebook is now trading around 20 times earnings and growing at about a 20% clip, according to Link. She expects more transparency from the company following the name change to Meta and the introduction of the metaverse becoming one the company's core businesses. Improving transparency can lead to a re-rating, she said.

"When Amazon.com Inc (AMZN), Alphabet Inc (GOOGL), and Microsoft Corp (MSFT) improved their transparency you had a re-rating, so I think you are going to get a re-rating eventually," Link said. She noted Facebook is also buying back $50 billion of stock, which she expects will act as support for the stock.

During its most recent earnings report, Facebook announced that it would increase its share repurchase program by $50 billion. The company had about $8 billion remaining from its prior share repurchase authorization.

"At this valuation, your risk/reward is pretty attractive and I love buying a stock when the company is buying their own stock as well," Link said.

FB Price Action

Facebook has traded as high as $384.33 and as low as $244.61 over a 52-week period. The stock was up 0.28% at $333.4 Wednesday morning, and it has been recently trading at around $331.85.