Snowflake Stock Plunges Post-Earnings
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•Snowflake Dips Below Its IPO Price: Is It Time to Buy or Sell?
82% Informative
Cloud-based data warehousing company Snowflake 's revenue rose 29% year over year to $869 million .
CEO Frank Slootman's abrupt departure in February and Berkshire Hathaway 's exit cast even more dark clouds over its future.
Snowflake now trades slightly below its IPO price of $ 120 , but is it the right time to buy the stock?.
At $ 115 , Snowflake 's stock still looks pricey at 10 times this year 's sales.
It probably won't bottom out until its revenue growth, retention rates, and margins stabilize for a few consecutive quarters .
So for now, I think it's still smarter to avoid or sell Snowflake than to buy it.
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