Snowflake (NYSE: SNOW) was one of the hottest tech IPOs of 2020. The cloud-based data warehousing company went public at $120, started trading at $245 per share, and eventually rallied to a record high of $401.89 on Nov. 16, 2021.

At its peak, Snowflake's enterprise value hit $119 billion, a whopping 98 times the revenue it would actually generate in fiscal 2022 (which ended in Jan. 2022). That nosebleed valuation was unsustainable, and the bulls retreated as its growth cooled off and rising interest rates drove investors toward more conservative investments.

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Source Fool.com