Earnings
Home›Earnings›Previews›Snowflake faces near-record short interest despite str…
Snowflake faces near-record short interest despite strong YTD rally
Short interest is 5.7% of the float, or about 18.8 million shares valued at $6.18 billion, as the company continues to report GAAP net losses and rising diluted EPS losses.
Snowflake has climbed sharply this year, up about 50% year to date, yet it remains one of the market’s most heavily shorted stocks, according to MarketBeat Ratings. The outlet points to short interest at 5.7% of the float, which it says equals more than 18.8 million shares valued at $6.18 billion and sits near the highest levels in the company’s history.
While Wall Street analysts are broadly bullish, MarketBeat Ratings highlights that short sellers are focused on fundamentals rather than price momentum. It notes that despite a long run since its IPO on Sept. 16, 2020, Snowflake has not reached GAAP profitability.
MarketBeat Ratings also cites worsening loss trends, including a fiscal 2026 net loss of $1.33 billion after net losses of $1.28 billion in 2025 and $836 million in 2024. For fiscal Q1 2027, it says net income was negative $296 million, and annualized diluted EPS losses have averaged negative 88 cents over the past four quarters.
The outlet adds that growth and dilution concerns remain central to the debate. In Q1 FY2027, it says total revenue rose 33% year over year to $1.39 billion, with product revenue growing 34% to $1.33 billion, and it flags valuation-compression risk if growth slows, along with shareholder dilution tied to stock-based compensation.