SanDisk Sees Significant Drop in Short Interest (SNDK)
Shares of SanDisk (NASDAQ:SNDK) saw a large decline in short interest in August. As of August 15th, there was short interest totalling 16,265,604 shares, a decline of 9.3% from the July 31st total of 17,927,150 shares, AR Network reports. Based on an average daily volume of 2,790,343 shares, the days-to-cover ratio is presently 5.8 days. Currently, 7.2% of the shares of the company are short sold.
In other SanDisk news, SVP Eric S. Whitaker sold 9,375 shares of SanDisk stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $99.00, for a total transaction of $928,125.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
A number of analysts have recently weighed in on SNDK shares. Analysts at BNP Paribas initiated coverage on shares of SanDisk in a research note on Tuesday. They set a “hold” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of SanDisk in a research note on Thursday, August 14th. They now have a $98.00 price target on the stock. Finally, 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. Twelve research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. SanDisk currently has a consensus rating of “Buy” and an average target price of $105.03.
SanDisk (NASDAQ:SNDK) opened at 95.64 on Wednesday. SanDisk has a 1-year low of $56.16 and a 1-year high of $108.77. The stock’s 50-day moving average is $95.18 and its 200-day moving average is $89.76. The company has a market cap of $21.445 billion and a P/E ratio of 20.00.
SanDisk (NASDAQ:SNDK) last posted its quarterly earnings results on Wednesday, July 16th. The company reported $1.41 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $1.21 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. On average, analysts predict that SanDisk will post $5.91 earnings per share for the current fiscal year.
SanDisk Corporation designs, develops and manufactures data storage solutions in a range of form factors using its flash memory, controller and firmware technologies.