PPS at last close – $249
ATH – $429
Over 40% off ATH.
Discount can be attributed to lockup expiry and growth stocks getting killed in general. SNOW found support at roughly $184 in mid May and has bounced 27% since. I still love the entry point. SNOW has a crucial competitive advantage of efficiently crunching data from multiple lakes. Not even MSFT or Amazon have that same capability of compiling data from multiple lakes. That is why almost 40% of the Fortune 500 companies use Snowflake.
Released their plan to reach 10B in revenue by the year 2029 which would be a compounded annual growth rate of 44%. Huge things in store for this company and the price where it’s at today is too good to pass up.
Lovely cup and handle forming on the 3 month chart. RSI has been steady as it’s been consolidating lately. This is due for a breakout higher.