TLDR
- Sandisk (SNDK) stock fell about 3% on Tuesday, touching an intraday low near $826 to $839 depending on the source.
- The stock is roughly 65% below its June record of $2,354.39.
- Counterpoint data put Sandisk’s NAND revenue share at 11%, down from 13%, while YMTC reached 14%.
- Sandisk beat third-quarter earnings estimates with $49.51 per share on $11.03 billion in revenue.
- An 8-for-1 stock split takes effect Friday, November 20.
Sandisk (SNDK) stock dropped about 3% in Tuesday trading. It last changed hands at $859.99 after closing the prior session at $886.51.
The intraday low depends on which report you read. One put it at $826.67, while another cited $839.41.
Volume ran a bit light. About 13 million shares traded, roughly 12% below the daily average of 14.8 million.
The slide is part of a long run lower. Sandisk is down about 65% from its all-time high of $2,354.39, set in June.
The stock’s 50-day average sits at $1,492.47. Its 200-day average is $1,266.90, so the price is well below both.
What Is Weighing on the Stock
Reports point to a few pressure points. One is regulatory worry after Democrats won both houses of Congress in the November elections.
That result has some investors rethinking AI infrastructure spending. Memory names tend to feel those doubts first.
Competition is another concern. Counterpoint Research says Sandisk’s global NAND revenue share fell to 11% in the second quarter, from 13% in the first.
China’s YMTC reportedly reached 14% in the same period. That puts a domestic rival ahead of Sandisk on this measure.
Analyst sentiment has cooled a little too. Fox Advisors cut the stock to Equal-Weight on November 2.
Royal Bank of Canada trimmed its price target from $1,600 to $1,400 on October 30. It kept a “sector perform” rating.
The pain is not limited to Sandisk. Micron and SK Hynix have also slid through November.
One market analysis found no fresh company-specific news behind Tuesday’s drop. It pointed to ongoing volatility and profit-taking across memory and AI stocks.
The wider market was soft as well. The Nasdaq Composite fell about 0.75% and the S&P 500 dropped about 0.4% to 0.6%, depending on the report.
The Numbers Behind the Stock
The company’s latest results were strong. Sandisk reported $49.51 in earnings per share on October 29, beating the $46.19 estimate.
Revenue came in at $11.03 billion, up 23% from a year earlier. Net margin was 67.04%.
Wall Street still leans positive. One analyst rates the stock Strong Buy, 22 say Buy and five say Hold.
The average target price is $2,056.23. That is more than double Tuesday’s price.
Rosenblatt reissued a Buy rating with a $2,400 target on October 30. Wedbush has an Outperform rating and a $2,000 target.
The company also has a $14 billion buyback plan, approved August 5. It covers up to 6.6% of its stock.
Insiders have been sellers. They sold 77,899 shares worth about $121 million over the last 90 days, including CFO Luis Visoso’s 1,000-share sale in September.
Sandisk’s market cap sits at $122.37 billion, with a beta of 5.66. That high beta helps explain the big swings.
An 8-for-1 stock split was announced October 29. New shares will be issued after the close on Thursday, November 19, and split trading begins Friday, November 20.
