TLDR
- SanDisk stock fell around 6% in Tuesday premarket, extending a 23% drop over the past three trading days
- The sell-off followed Samsung reporting a massive 1,800% jump in Q2 operating profit — but investors sold anyway
- Micron and Western Digital also dropped roughly 6% as the weakness spread across memory stocks
- SanDisk is still up over 635% this year, but trades 15.7% below its 20-day moving average
- Analysts remain bullish — Bank of America, Bernstein, and Citi all hold Buy/Outperform ratings with targets up to $3,000
Samsung reported a record quarter. Investors sold anyway — and SanDisk paid the price.
SanDisk (SNDK) stock was trading down around 6% in Tuesday’s premarket session, with shares at $1,652.12. That extends a brutal three-day stretch that has wiped roughly 23% off the stock. For context, SNDK is still up over 635% in 2026.
The trigger came from Seoul. Samsung posted preliminary Q2 operating profit of 89.4 trillion won — around $58.4 billion — a staggering 1,800% year-over-year increase driven by AI chip demand. The stock dropped 6.9% anyway. Classic sell-the-news.
That reaction rippled into U.S. markets fast. Micron and Western Digital each fell around 6% in sympathy, as traders pulled back from the entire memory sector. Nasdaq futures slipped 1.11% at the same time.
SanDisk’s run over the past year — up more than 3,750% — has made it one of the standout performers in the entire U.S. market. That kind of move naturally creates a lot of paper profits sitting in brokerage accounts, and any wobble in sentiment can shake them loose quickly.
Technical Levels to Watch
The stock is still well above its longer-term moving averages. SNDK trades 41.5% above its 100-day SMA of $1,163.00 and 131.2% above its 200-day SMA of $711.62. But near-term momentum has clearly stalled.
The 50-day SMA at $1,625.76 is the key level. SNDK is sitting just 1.2% above it — a close below could invite more selling. The RSI stands at 46.93, neutral territory, so the stock isn’t oversold yet.
Key resistance sits near $1,861 and support around $1,514.50.
It’s worth noting this isn’t the first time SNDK has had a rough patch this year. The stock posted a four-day losing run in May and a five-day slump in March before both times recovering and pushing higher.
Analyst View and What’s Next
Wall Street hasn’t flinched. Bank of America maintained its Buy rating on July 1 and raised its price target to $2,500. Bernstein held its Outperform rating on June 30 and lifted its target to $3,000. Citi also maintained Buy with a $2,500 target on June 25.
The consensus is Buy, with an average price target of $1,755.75.
The next big catalyst is earnings, estimated for August 13. Wall Street expects EPS of $33.38, up from just 29 cents a year earlier, on revenue of $8.24 billion versus $1.90 billion in the prior year period.
The stock trades at roughly 59.6 times forward earnings — a premium, but one the market has been willing to pay given the growth trajectory.
One more thing worth watching: memory-chip maker SK Hynix is set to list in the U.S. on Friday, which could add more volatility to the sector this week.
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