Why This Data Cloud Company Is Seeing High Interest On WallStreetBets Along With Tesla Today

Data cloud company Snowflake Inc. (NYSE: SNOW) has emerged among the most-discussed stocks on Reddit’s r/WallStreetBets forum as of early Thursday.

What Happened: Snowflake is seeing the third-highest interest on the forum with 154 mentions at press time, data from Quiver Quantitative showed.

Exchange-traded fund SPDR S&P 500 ETF Trust (NYSE: SPY) and electric vehicle maker Tesla Inc. (NASDAQ: TSLA) are in the first and second positions, respectively, having attracted 447 and 158 mentions.

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Why It Matters: Snowflake’s shares tumbled 22% in the after-hours session on Wednesday after the company reported better-than-expected fourth-quarter results, but projected slower revenue growth for the first quarter as well as fiscal 2023.

Product revenue for the fourth quarter and fiscal 2022 were up 102% and 106% year-over-year, respectively.

Snowflake also said it has agreed to acquire data startup Streamlit Inc.

Price Action: Snowflake shares closed 0.6% higher in Wednesday’s regular trading session at $264.69, but fell almost 22.1% in the after-hours session to $206.25.

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