SNOW - Here's Why I'm Loading Up on Snowflake Stock While It's Down 33%
2024-04-10 07:00:00 ET
Snowflake (NYSE: SNOW) has had much better days. In mid-February, the stock traded at $236 per share; now, it's hovering around $155. That's a drastic decline from its year-to-date high, and investors may be falsely assuming there's something horribly wrong with Snowflake.
But this looks like a great time to load up on Snowflake stock, not run for the hills. There are a few key indicators that point to why it could pay off to take a position in Snowflake, and being bold now could reward you in the long run.
Snowflake's fiscal 2024 fourth quarter (ended Jan. 31) results triggered a massive sell-off the past month. The results weren't all bad: Snowflake beat the high end of its internal revenue guidance by $17 million, or about 2%.
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Here's Why I'm Loading Up on Snowflake Stock While It's Down 33%