SNOW - These 3 Tech Stocks Are Absurdly Overvalued Right Now
Many tech stocks rallied last year as demand for cloud, software, and e-commerce services surged throughout the coronavirus pandemic. That's why the tech-heavy Nasdaq Composite rose more than 43% over the past 12 months as the S&P 500 advanced more than 16%.
I recently highlighted several promising tech stocks that are still worth buying even as the market hovers near all-time highs. But today, I'm going to cast a more critical eye and focus on three overvalued stocks that are simply too hot to handle: C3.Ai (NYSE: AI) , Jumia (NYSE: JMIA) , and Snowflake (NYSE: SNOW) .
C3.Ai, which provides artificial intelligence services for enterprise customers, went public in early December at $42 per share. The stock is now trading around $120 a share, which gives it a market cap of about $11.5 billion -- or roughly 73 times its fiscal 2020 revenue.
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These 3 Tech Stocks Are Absurdly Overvalued Right Now