Why Snowflake Stock Is Falling Today

Snowflake Inc SNOW shares are trading lower Tuesday following a downgrade from BTIG.

BTIG analyst Gray Powell downgraded Snowflake from a Buy rating to Neutral, citing a series of checks indicating that growth could slow in the coming quarters. 

Although Powell sees long-term opportunity in the name, he cut his expectations for the current quarter. The BTIG analyst believes Snowflake customers could slow spending amid ongoing concerns over an economic slowdown.

Snowflake is set to announce its second-quarter financial results after the market closes on Aug. 24.

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SNOW Price Action: Snowflake has a 52-week high of $344 and a 52-week low of $110.26.

The stock was down 4.93% at $143.53 at press time, according to data from Benzinga Pro.

Photo: courtesy of Snowflake.