Why Snowflake Shares Are Trading Lower

Snowflake Inc SNOW shares are trading lower by 3.26% to $140.97 going into the close of Wednesday's session after Scotiabank initiated coverage on the stock with a Sector Perform rating and $125 price target.

What Else?

Snowflake shares may also be falling during Wednesday's session in sympathy with the broader market after U.S. retail sales slumped in December. Inflation and rising interest rates continue to weigh on U.S. economic growth.

On Wednesday, the Commerce Department reported U.S. retail sales dropped 1.1% on a monthly basis in December to $677.1 billion, missing economist estimates of a 0.8% decline.

The Commerce Department also revised its November monthly retail sales growth estimate lower...Read More

See Also: What's Going On With AMC Shares?

Snowflake is a data lake, warehousing, and sharing company. All of the company's data solutions can be hosted on various public clouds.

According to data from Benzinga Pro, SNOW has a 52-week high of $329.49 and a 52-week low of $110.26.