The stock is brushing off wider-than-expected second-quarter losses
Snowflake Inc (NYSE:SNOW) stock is soaring today, up 20.2% at $191.68 at last glance. Though the company reported wider-than-expected second-quarter losses, revenue beat estimates, and the cloud concern lifted its fiscal 2023 product revenue outlook. After the event, no fewer than 11 analysts lifted their price targets, with just one price-target cut coming from Barclays to $207 from $210.
On the charts, SNOW is now trading at its highest level since April, though the 160-day moving average appears to be capping gains. Year-to-date, the equity is still down 44.5%.
Options traders are targeting Snowflake stock at eight times the typical intraday volume today. So far, 68,000 calls and 46,000 puts have crossed the tape. The weekly 8/26 190-strike call is the most popular, with new positions being bought to open there.
This denotes a shift in sentiment, given short-term options traders are particularly bearish on SNOW. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.28, which ranks higher than all readings from the past year. In other words, these traders have rarely been more put-biased.
Of the 27 analysts in coverage, 19 carry a "buy" or better rating on SNOW, with six saying tepid "hold," and two "strong sell." Plus, the 12-month consensus price target of $214.20 sits at a 13.9% premium to current levels.