Has Snowflake's Stock Reached a Bottom?
While many tech and artificial intelligence stocks have been flying high this year, Snowflake (NYSE: SNOW) is going in the opposite direction. Down 43% year to date, the cloud computing stock vastly underperformed the market -- the S&P 500 rallied 17% this year.
Snowflake's business faced multiple headwinds this year. It was involved in a data breach and investors weren't excited with a change in the CEO position that took place months earlier -- the stock still hasn't recovered from that.
But with shares of Snowflake being a bit more stable of late and its recent results not being all that bad in terms of growth, could the stock potentially have bottomed out? Is now a good time to add Snowflake to your portfolio?
Source Fool.com
