Why Snowflake Stock Soared Today
Shares of Snowflake (NYSE: SNOW) jumped 13.5% on Thursday, defying those who had expected the cloud-data leader's stock price to fall.
Snowflake announced on Dec. 29 that its initial public offering (IPO) lock-up period would end on Jan. 7, allowing early investors and company insiders to sell their shares. Many analysts expected this selling to cause Snowflake's stock price to decline, with some going so far as to cut their price targets for its shares.
Snowflake's surging stock price surprised many investors on Thursday. Image source: Getty Images.
Source Fool.com
