Sandisk Corporation (NASDAQ:SNDK) stock rose more than 4% in Wednesday’s premarket trading.
Strong AI infrastructure demand signals from CoreWeave Inc. (NASDAQ:CRWV) and Super Micro Computer Inc. (NASDAQ:SMCI) offered a positive read-through for data-center memory and storage demand.
Peers also moved higher in premarket trading, signaling broader strength across the memory and data-storage group.
Micron Technology Inc. (NASDAQ:MU), Western Digital Corporation (NASDAQ:WDC) and Seagate Technology Holdings PLC (NASDAQ:STX) gained alongside Sandisk as investors leaned back into AI-linked storage names. The group has been highly sensitive to shifts in expectations for AI data-center spending and memory demand.
The broader market also supported the move. Nasdaq futures gained 0.69%, while S&P 500 futures rose 0.24%. The positive industry backdrop comes as Sandisk attempts to rebound from its recent pullback from June highs.
Technical Analysis
Sandisk’s longer-term trend remains positive. The stock trades about 50% above its 200-day simple moving average of $883.31.
However, the intermediate trend remains weaker. Shares trade 20.7% below the 50-day SMA of $1,671.54 and 3.6% below the 100-day SMA of $1,375.07.
The 20-day SMA remains below the 50-day SMA, signaling near-term weakness. However, the 50-day SMA remains above the 200-day SMA. That suggests the longer-term uptrend remains intact.
Momentum is also improving. The MACD is above its signal line, while the histogram is positive. That suggests selling pressure is easing and bullish momentum may be rebuilding.
- Key resistance: $1,446.50
- Key support: $1,277.50
Analyst Outlook
The stock has a consensus Buy rating and an average price forecast of $2,114.77. Recent analyst moves include:
Argus Research upgraded Sandisk to Buy on Aug. 10. RBC Capital Markets maintained a Sector Perform rating and raised its price forecast to $1,300 on Aug. 6. Wells Fargo maintained an Equal-Weight rating and lowered its price forecast to $1,400 on the same day.
Top ETF Exposure
Sandisk also has significant exposure through several exchange-traded funds:
- Invesco S&P 500 Pure Growth ETF (NYSE:RPG): 9.61%
- Global X Nasdaq 100 Covered Call ETF (NASDAQ:QYLD): 7.64%
- First Trust US Equity Opportunities ETF (NYSE:FPX): 7.37%
Large inflows or outflows from funds with meaningful Sandisk exposure can contribute to buying or selling pressure in the stock.
SNDK Price Action
SNDK Stock Price Activity: Sandisk shares were up 4.12% at $1323.43 during premarket trading on Wednesday, according to Benzinga Pro data.
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