Sandisk Corporation (NASDAQ:SNDK) Short Interest Update

Key Points

• Sandisk Corporation's short interest significantly decreased by 27.7% in September, down to 6,210,000 shares from 8,590,000 shares in August, with around 4.5% of the company's shares sold short.
• Analyst ratings for Sandisk are predominantly positive, with multiple firms adjusting their price targets upward, including Morgan Stanley raising it to $96.00 and Citigroup to $125.00, reflecting a general sentiment of buy or overweight.
• The company saw notable investments from several institutional investors in Q2 and Q3, with one of the largest purchases being by Praxis Investment Management for approximately $533,000.

Sandisk Corporation (NASDAQ:SNDK - Get Free Report) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totaling 6,210,000 shares, a drop of 27.7% from the August 31st total of 8,590,000 shares. Approximately 4.5% of the shares of the company are sold short. Based on an average daily volume of 3,580,000 shares, the short-interest ratio is presently 1.7 days. Based on an average daily volume of 3,580,000 shares, the short-interest ratio is presently 1.7 days. Approximately 4.5% of the shares of the company are sold short.

Hedge Funds Weigh In On Sandisk

Institutional investors have recently bought and sold shares of the stock. Osaic Holdings Inc. purchased a new position in Sandisk in the 2nd quarter worth about $317,000. Corient Private Wealth LLC purchased a new position in Sandisk in the 2nd quarter worth about $353,000. GAMMA Investing LLC purchased a new position in Sandisk in the 3rd quarter worth about $439,000. Finally, Praxis Investment Management Inc. purchased a new position in Sandisk in the 3rd quarter worth about $533,000.

Analyst Ratings Changes

A number of research analysts have recently commented on SNDK shares. Morgan Stanley raised their price target on Sandisk from $70.00 to $96.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Citigroup raised their price target on Sandisk from $80.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, September 24th. The Goldman Sachs Group started coverage on Sandisk in a report on Thursday, July 10th. They set a "buy" rating and a $55.00 price target on the stock. Arete started coverage on Sandisk in a report on Monday, June 9th. They set a "neutral" rating and a $63.00 target price on the stock. Finally, Mizuho lifted their target price on Sandisk from $57.00 to $112.00 and gave the stock an "outperform" rating in a report on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $77.50.

Sandisk Trading Down 5.6%

Shares of SNDK opened at $121.17 on Tuesday. The business's 50-day moving average price is $67.67 and its 200 day moving average price is $50.13. Sandisk has a 1-year low of $27.89 and a 1-year high of $137.05. The company has a debt-to-equity ratio of 0.20, a current ratio of 3.56 and a quick ratio of 2.11.

Sandisk Company Profile

SanDisk Corporation offers flash storage solutions. The Company designs, develops and manufactures data storage solutions in a range of form factors using flash memory, controller, firmware and software technologies. The Company operates through flash memory storage products segment. Its solutions include a range of solid state drives (SSD), embedded products, removable cards, universal serial bus (USB), drives, wireless media drives, digital media players, and wafers and components.

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