On September 23, Tradr 2X Long SNDK Daily ETF declined 8.24% in regular trading, trading at $18.39/share, with turnover of $814 million. As a 2x leveraged product tracking Sandisk (SNDK), the ETF's decline reflects a pullback in the underlying stock following its sharp rally the prior session.
On September 22, Sandisk had surged over 6% to a two-month high after Rosenblatt Securities initiated coverage with a Buy rating and a $2,400 price target, implying roughly 31% upside. Analyst Kevin Cassidy highlighted AI-driven demand reshaping NAND flash from a commodity into a critical AI infrastructure component, citing Sandisk's BiCS8 and BiCS10 platforms and agreements with eight major customers covering approximately 65% of projected output.
However, Sandisk retreated approximately 3.19% on September 23 as the prior rally faded. Adding to selling pressure, Chairman and CEO David Goeckeler has been actively reducing his holdings. On September 17, he sold 33,841 shares across 15 transactions for approximately $53.27 million, following a separate sale of 31,478 shares on September 14, both executed under a pre-established Rule 10b5-1 trading plan.
(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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