Option traders moderately bearish in Snowflake (SNOW), with shares down $2.32 near $208.53. Options volume relatively light with 26k contracts traded and calls leading puts for a put/call ratio of 0.4, compared to a typical level near 0.58. Implied volatility (IV30) is higher by 0.5 points near 31.62,in the lowest 10% of observations over the past year, suggesting an expected daily move of $4.15. Put-call skew steepened, indicating increased demand for downside protection, following an upgrade to Buy at UBS.
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