Snowflake Sees $4.4M Bullish Options Bet as Stock Trades Near 52-Week Lows

May 18, 2026

By TrendSpider Editor

Snowflake Sees $4.4M Bullish Options Bet as Stock Trades Near 52-Week Lows

A trader has placed a $4.4 million call premium on Snowflake Inc. (SNOW), targeting a $200 strike expiring January 21, 2028, signaling a long-term bullish conviction at a time when the stock sits well below its 52-week high. SNOW is currently trading at $161.88, up 2.81% on the session, but remains far removed from its 52-week peak of $280.67. With a 52-week low of $118.31, the stock has been carving out a wide range, and today's unusual options activity suggests at least one large player is betting on a meaningful recovery.

Key Drivers of the SNOW Stock Move

Main Catalyst: Two unusual call contracts were flagged today, led by a 1,000-contract block on the $200 strike expiring January 21, 2028, carrying a premium of $4,400,000. A second, smaller call at the $182.50 strike expiring June 18, 2026 generated $38,488.20 in premium despite volume running at 1,000% of open interest, signaling a fresh and aggressive position relative to existing interest.
Bull Case: The dominant $4.4 million call represents a single, concentrated bet that SNOW will trade above $200 within roughly 20 months. The $200 strike sits about 23.5% above the current price of $161.88, and the sheer size of the premium relative to open interest (26%) indicates institutional-scale conviction rather than a retail flier.
Bear Case: Both contracts are out of the money, meaning they require a substantial price appreciation to become profitable at expiration. SNOW has already lost significant ground from its 52-week high of $280.67, a drop of more than 42%, and options flow alone does not guarantee a fundamental catalyst is on the horizon to close that gap.

The forward setup for SNOW is intriguing. The near-term $182.50 call expiring June 18, 2026 adds a short-horizon layer to today's flow, suggesting some traders are positioning for a move higher within weeks, not just years. The total unusual options premium across both contracts reached $4,438,488.20, an outsized figure for a single session. Snowflake has been navigating a competitive cloud data landscape where growth expectations remain high but execution scrutiny is equally intense. With the stock still trading closer to its 52-week low of $118.31 than its high of $280.67, any positive data point around consumption trends, enterprise deals, or product momentum could act as a meaningful catalyst for the bullish theses embedded in today's contracts.

SNOW Unusual Options Activity

Contract 1: Call | Strike: $200 | Expiry: January 21, 2028 | Volume: 1,000 | Open Interest: 26% OI ratio | OTM | Premium: $4,400,000
Contract 2: Call | Strike: $182.50 | Expiry: June 18, 2026 | Volume: 46 | Open Interest: 1,000% OI ratio | OTM | Premium: $38,488.20

Both contracts are calls, and neither carry any put-side counterweight, making today's total unusual flow of $4,438,488.20 unambiguously directional to the upside. The 1,000% open interest ratio on the June contract is particularly notable, as it indicates that today's volume dwarfs the existing open positions and represents a fresh entry rather than a hedge or roll.

SNOW Seasonality

Mid-May through early summer has historically been an active period for cloud software names as enterprise budget cycles and conference season generate incremental news flow. The June 18, 2026 expiry on the smaller contract aligns closely with this window, suggesting the trader may be positioning ahead of a near-term catalyst.

SNOW Relative Performance

SNOW is up 2.81% on the session at $161.88, outperforming on a day when the broader market is digesting macro uncertainty. However, at roughly 42% below its 52-week high of $280.67 and only about 37% above its 52-week low of $118.31, SNOW remains in a technically challenged position relative to peers in the cloud data and analytics space that have fared better in recovering from late 2025 selling pressure.