SNOW Stock: Unusual Put Activity Flags Bearish Hedging as Snowflake Trades Near Cycle Lows

March 26, 2026

By TrendSpider Editor

SNOW Stock: Unusual Put Activity Flags Bearish Hedging as Snowflake Trades Near Cycle Lows

Snowflake Inc. is drawing attention in the options market Thursday, with two unusual put contracts totaling $2,324,862 in combined premium hitting the tape as SNOW trades at $162.26, up 1.03% on the session. The activity arrives with the stock sitting well off its 52-week high of $280.67 and hovering closer to the low end of its 52-week range of $120.10 to $280.67, suggesting options traders are positioning for continued downside or seeking protection on an already battered name.

Key Drivers of the SNOW Stock Move

Main Catalyst: Two unusual put contracts were flagged today, carrying a combined premium of $2,324,862. One contract is in-the-money with a $167.50 strike expiring April 10, 2026, while the other is a longer-dated, out-of-the-money put at the $160 strike expiring September 17, 2027. Together they represent a notable surge in bearish options flow relative to existing open interest.
Bull Case: SNOW is up 1.03% today, showing some near-term resilience. The $160 put is out-of-the-money at current levels, meaning the stock would need to break below $160 before that larger position moves into profitable territory. Today's positive price action could reflect a stabilization attempt after a prolonged decline from the 52-week high.
Bear Case: The sheer scale of the premium deployed, particularly the $2,265,000 block on the September 2027 put, signals that at least one large player is making a long-duration bearish bet on SNOW. The $167.50 strike put expiring April 10, 2026 is already in-the-money at the current price of $162.26, meaning that near-term position is already profitable and reflects immediate downside conviction.

The forward setup for SNOW remains complicated. The stock has lost significant ground from its 52-week high of $280.67, and the options market appears to be treating today's modest bounce with skepticism rather than conviction. The longer-dated put expiring in September 2027 is particularly notable because it suggests at least one institutional player is not just hedging a near-term catalyst but is instead making a structural call on the company's valuation over the next 18 months. Snowflake operates in an intensely competitive cloud data and AI infrastructure space, and any signs of slowing consumption growth or margin pressure could continue to weigh on the multiple. Investors will want to watch for any upcoming product announcements or management commentary that could shift the narrative before the April 10 expiration arrives.

SNOW Unusual Options Activity

Two unusual put contracts were flagged in Thursday's session, with no call activity detected:

Contract 1: Put | Strike: $167.50 | Expiry: April 10, 2026 | Volume: 66 | Open Interest Change: 1,000% | Status: In-the-Money | Premium: $59,862
Contract 2: Put | Strike: $160.00 | Expiry: September 17, 2027 | Volume: 600 | Open Interest Change: 316% | Status: Out-of-the-Money | Premium: $2,265,000

Both contracts reflect elevated volume relative to existing open interest, with the April $167.50 put seeing a 1,000% surge in open interest and the September 2027 $160 put logging a 316% increase. The total unusual premium across both contracts stands at $2,324,862, all on the put side, with zero unusual call activity reported today.

SNOW Seasonality

Late March historically marks the tail end of Snowflake's fiscal fourth quarter reporting season and the beginning of a fresh fiscal year, a period that can bring renewed institutional positioning as annual outlooks are digested. The presence of a put expiring in mid-April aligns with a window where any lingering post-earnings sentiment or forward guidance revisions could catalyze a directional move.

SNOW Relative Performance

SNOW is up 1.03% today, though that modest gain does little to offset the stock's steep decline from its 52-week high of $280.67. At $162.26, Snowflake sits roughly 42% below that peak and only about 35% above its 52-week low of $120.10, indicating the stock remains in a structurally weak position relative to where it traded just months ago. The bearish options flow today suggests that, despite the intraday bounce, sophisticated market participants are not yet convinced a meaningful recovery is underway.