SNOW Stock: Unusual Bearish Options Bet Targets $220 Strike Ahead of March Expiration

March 16, 2026

By TrendSpider Editor

SNOW Stock: Unusual Bearish Options Bet Targets $220 Strike Ahead of March Expiration

A single high-conviction put contract at the $220 strike expiring March 20, 2026 drew attention in Snowflake Inc. options trading, carrying a total premium of $6,643,720. The activity arrives as SNOW trades at $174.84, down 2.12% in the current session, and sits well below the $220 strike, making this contract deeply in the money. With a 52-week range spanning $120.10 to $280.67, Snowflake remains in the lower half of its annual trading band, adding weight to the cautious tone this options flow signals.

Key Drivers of the SNOW Stock Move

Main Catalyst: One unusual put contract was flagged at the $220 strike expiring March 20, 2026, with a volume of 1,480 contracts and an open interest percentage of 93%. The $6,643,720 premium attached to this single contract represents a concentrated, directional bet. With SNOW currently trading at $174.84, the contract is deep in the money, suggesting this may be a protective hedge or an outright bearish position from a large player.
Bull Case: Despite the bearish options flow, SNOW is trading well above its 52-week low of $120.10, indicating the stock has already absorbed significant downside over the past year. The current price of $174.84 reflects a degree of stabilization, and any positive fundamental development could compress the bearish thesis quickly given the contract expires in just four days.
Bear Case: The $220 strike sitting 25.8 points above the current price of $174.84, combined with a 93% open interest reading and nearly $6.65 million in premium, points to a trader with a strong conviction that SNOW will remain under pressure into expiration. The stock is already down 2.12% on the session, reinforcing near-term selling momentum. SNOW is also trading significantly off its 52-week high of $280.67, meaning the longer-term trend remains unfavorable.

With the put expiring on March 20, 2026, just four days from today, the timing of this options activity is notable. A contract of this size and premium placed this close to expiration typically signals urgency, whether as a hedge against an existing long position or as a short-term directional trade. The deep in-the-money nature of the $220 strike means the contract already carries substantial intrinsic value relative to the current $174.84 share price, limiting the downside risk of the premium paid and increasing the likelihood this is a defensive institutional move. Traders will want to watch closely for any catalysts between now and Friday that could drive volatility in either direction.

SNOW Unusual Options Activity

One unusual options contract was flagged for Snowflake Inc. Details are as follows:

Type: Put | Strike: $220 | Expiry: March 20, 2026 | Volume: 1,480 | Open Interest: 93%

This is the only unusual contract flagged, with a total premium of $6,643,720 and a total unusual contract count of one. The elevated open interest reading of 93% suggests this strike has seen sustained positioning relative to available open contracts, reinforcing that this is not a one-off speculative flier but a deliberate, sizable trade.

SNOW Seasonality

Mid-March has historically been an active period for technology and cloud software names as institutional portfolio rebalancing around quarter-end can amplify price swings. Given SNOW's position in the lower half of its 52-week range heading into this window, seasonal selling pressure could compound the bearish signal embedded in today's options activity.

SNOW Relative Performance

Snowflake is currently trading at $174.84, which represents a significant decline from its 52-week high of $280.67 and places the stock closer to the middle of its annual range between $120.10 and $280.67. The 2.12% decline on today's session suggests SNOW is underperforming on a day where broad risk sentiment would need to be considered alongside company-specific options flow. Without peer price data in today's dataset, a direct comparison cannot be made, but SNOW's position well off its highs reflects the broader pressure that has weighed on high-multiple cloud software names over the past year.