On September 24, Tradr 2X Long SNDK Daily ETF declined 8.06% in regular trading, trading at $16.9498, with turnover of $737 million. The ETF is a two-times leveraged product tracking Sandisk's daily performance, amplifying the underlying stock's moves.
On the news front, Sandisk has been under sustained selling pressure over recent sessions. After surging over 6% on September 22 following Rosenblatt Securities' initiation of coverage with a Buy rating and a $2,400 price target, the stock entered a multi-day pullback. Sandisk fell 3.73% to $1,816.57 on September 23, and continued to decline approximately 2.7% in pre-market trading on September 24, as profit-taking intensified alongside a broader storage sector retreat. SK Hynix, Micron Technology, and Western Digital all fell in tandem, while U.S. index futures dropped notably with Nasdaq futures down 0.86%.
Adding to bearish sentiment, Sandisk Chairman and CEO David Goeckeler recently executed significant share disposals — selling approximately 33,841 shares worth $53.27 million on September 17 and an additional 31,478 shares on September 14, all under Rule 10b5-1 trading plans. The two-times leverage structure magnified Sandisk's continued decline into the ETF's roughly 8% loss.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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