Why Snowflake Stock Fell Today
Shares of Snowflake (NYSE: SNOW) declined by 10.4% on Thursday, giving back some of the cloud-based data management company's first-day gains.
To say Snowflake had a blockbuster initial public offering (IPO) would be a massive understatement. After ramping up its offering price several times ahead of its first day of trading, Snowflake eventually settled on $120 per share. Yet investors were apparently willing to pay much more. Snowflake's stock price skyrocketed as high as $319 shortly after it began trading on the New York Stock Exchange on Wednesday afternoon. Shares eventually closed at $253.93, or more than twice their offering price.
Snowflake's shares pulled back on Thursday. Image source: Getty Images.
Source Fool.com
