SanDisk (SNDK) Stock Jumps 12% After S&P 100 Inclusion Announcement
TLDR
- SNDK surged 11.9% on Friday, closing at $1,740, marking its third consecutive day of gains
- SanDisk will join the S&P 100 on September 21, alongside Dell, Palo Alto Networks, and Arista Networks
- Hedge fund holdings in SNDK jumped 125% to $25.6 billion in Q2, with 128 funds holding positions
- NAND flash revenue surged roughly 70% quarter-on-quarter in Q2, with AI data center demand keeping supply tight
- Bernstein maintains a bullish $3,000 price target on SNDK
SanDisk stock hit $1,740 on Friday, up 11.9% on the day, capping a three-day winning streak. Earlier in the week, the stock had already gained 5.8% in a single session, touching an intraday high of $1,647.40.
The catalyst behind the latest leg up is clear: S&P Dow Jones Indices confirmed that SanDisk will be added to the S&P 100 index on September 21. That kind of inclusion forces index-tracking funds to buy the stock to mirror the index, which can create real buying pressure.
SanDisk joins Dell Technologies, Palo Alto Networks, and Arista Networks in the reshuffle. They replace Honeywell Aerospace, Nike, Simon Property Group, and Colgate-Palmolive, which are being dropped from the index on the same date.
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