Is my jacket too loose ?

Hi guys I’m looking to start snowboarding and I bought my first snow jacket ( the l1 phantom ) in medium , I know nothing about snowboarding outfits , I just saw a video where it recommands trying your jacket with only your base layer and I tried it with my regular hoodie . I’m pretty small , 125 lbs but not that short 5"7 . Should I go back and try the small ?