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Sandisk Stock Is Falling Monday: What's Going On?
Benzinga • • business
Key Points:
- Sandisk Corporation's stock dropped nearly 5% in premarket trading ahead of its quarterly earnings report scheduled for August 5, with Wall Street expecting earnings per share of $33.38 on $8.24 billion in revenue.
- Despite short-term weakness, Sandisk remains in a long-term uptrend, trading significantly below its 20-day and 50-day moving averages but well above its 200-day moving average, indicating sustained broader momentum.
- Technical indicators such as the MACD and moving average crossovers suggest near-term pressure on the stock, with key resistance near $1,331.94 and support around $1,004.68.
- Analysts maintain a consensus Buy rating with an average price target of $2,031.69, though recent price forecasts vary, reflecting differing views on valuation and near-term prospects.
- Sandisk holds a high Momentum score of 99.9, signifying strong long-term price performance, but its low Value score of 11.07 points to a relatively rich valuation compared to the broader market.
