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SNOW Options Fly in Blizzard After 32% Stock Climb
$Snowflake (SNOW.US)$ swept 32% higher Thursday after the firm released earnings Wednesday night that came in above estimates. It was a good quarter for the cloud data software company. According to the report, Q3 earnings per share were $0.20 vs. analyst estimates of $0.15, on revenue that grew 28% year-over-year. Product revenue was $900.3 million, representing 29% year-over-year growth.
The forward guidance sealed the deal for optimistic investors. The firm said that in the current Q4 quarter, the firm expected $906M to $911M in revenue, growing 23% year over year and coming in above estimates. The firm
Alongside the climbing stock, options contracts on the underlying were flying, sending SNOW to the top 11th in the market by options trading volume. The highest volume trading was 175 Calls due tomorrow, Friday, Nov. 21. In a couple of hours, these contracts will trade as zero-day-to-expiration contracts.
28k Call contracts changed hands at that strike price Thursday, compared to an overall 649k contracts total on SNOW.
The Call:Put volume was 69:31.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
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Stock_Drift : $Snowflake (SNOW.US)$
HailTheApocalypse : I had this in one of those paper trades last week and held it this whole time. it did pretty good. it stayed green so I kept it lol