SanDisk (SNDK) stock slips as fresh Wall Street target hikes collide with profit-taking

Sandisk Corp shares ended Friday down 5.8%, closing at $474 after moving between $463.40 and $506.00 during a volatile session. Trading volume reached roughly 20.2 million shares.

Sandisk Corp shares climbed 0.5% to $503.44 by 9:34 a.m. EST Friday, hovering near yesterday’s highs. S3 Partners noted that “short sellers have moved in lockstep over the last few months, utilizing a reversal strategy by shorting aggressively into the rally.” Bloomberg reported short interest jumped to 7.5% of the float, up from around 4% since early November, piling on roughly $3 billion in unrealized losses on those short positions.

Shares of Sandisk Corp jumped Tuesday after Citi boosted its 12-month price target to $490 from $280, reaffirming its Buy rating. The bank cited strong spending from major cloud data-center players as a key driver. Sandisk climbed roughly 7.4% to $444.43 by mid-morning, hitting an intraday peak of $449.80.

Sandisk Corp shares edged up 1.1% to $413.71 in morning trading on Friday, bouncing between $405.39 and $437.30 earlier in the session.

Sandisk Corp shares dipped 0.5% to $387.81 in after-hours trading Wednesday, after earlier swings between $377 and $401. Since its February 2025 debut, the flash-memory maker has skyrocketed nearly tenfold and climbed roughly 65% this year. Retail investors poured a record $7.1 million into the stock on Monday. According to Reuters, it’s also the top holding in the Roundhill Meme Stock ETF. “Seeing Sandisk in the No. 4 slot tells us it is more than a coincidence,” said Steve Sosnick of Interactive Brokers, noting chipmakers are facing what Samsung co-CEO TM Roh described as an “unprecedented” shortage.

Sandisk Corp shares closed Friday at $377.41, jumping 12.8% amid chatter about sharp price hikes for data-center storage chips. Western Digital climbed 6.8%, Seagate Technology rose 6.9%, and Micron gained 5.5%. Nvidia, meanwhile, saw little movement.