Option traders moderately bearish in Snowflake with shares down 2.92%

Option traders moderately bearish in Snowflake (SNOW), with shares down $4.98 near $165.35. Options volume roughly in line with average with 27k contracts traded and calls leading puts for a put/call ratio of 0.43, compared to a typical level near 0.64. Implied volatility (IV30) is higher by 4.3 points near 61.2,in the top quartile of the past year, suggesting an expected daily move of $6.37. Put-call skew steepened, indicating increased demand for downside protection.