Short Interest in SanDisk Increases By 10.1% (SNDK)
Shares of SanDisk (NASDAQ:SNDK) were the recipient of a large growth in short interest in July. As of July 31st, there was short interest totalling 17,927,150 shares, a growth of 10.1% from the July 15th total of 16,277,486 shares, AnalystRatings.NET reports. Based on an average trading volume of 6,706,071 shares, the days-to-cover ratio is presently 2.7 days. Currently, 7.9% of the company’s stock are short sold.
SNDK has been the subject of a number of recent research reports. Analysts at Wedbush reiterated an “outperform” rating on shares of SanDisk in a research note on Thursday, July 17th. They now have a $105.00 price target on the stock, down previously from $115.00. Separately, analysts at Susquehanna raised their price target on shares of SanDisk from $110.00 to $120.00 in a research note on Thursday, July 17th. They now have a “positive” rating on the stock. Finally, analysts at RBC Capital reiterated an “outperform” rating on shares of SanDisk in a research note on Thursday, July 17th. They now have a $118.00 price target on the stock, down previously from $120.00. Ten research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $105.29.
Shares of SanDisk (NASDAQ:SNDK) opened at 92.38 on Tuesday. SanDisk has a 52 week low of $53.80 and a 52 week high of $108.77. The stock’s 50-day moving average is $98.66 and its 200-day moving average is $86.73. The company has a market cap of $20.714 billion and a price-to-earnings ratio of 18.67.
SanDisk (NASDAQ:SNDK) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $1.41 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.39 by $0.02. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.60 billion. During the same quarter in the prior year, the company posted $1.21 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts predict that SanDisk will post $5.92 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, August 25th. Investors of record on Monday, August 4th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, July 31st. This is an increase from SanDisk’s previous quarterly dividend of $0.23.
SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies.
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