On August 24, Tradr 2X Long SNDK Daily ETF declined 14.7% in regular trading, trading at $12.49/share, with turnover of $173 million. The ETF is a 2x leveraged product tracking SanDisk, with the leverage mechanism amplifying losses from the underlying stock.

On the news front, Jefferies recently cut its target price on SanDisk to $1,750, noting that Q2 profit growth was primarily driven by NAND price increases with limited further upside. The firm also lowered its fiscal 2027 earnings forecast for SanDisk, warning of near-term growth deceleration risks. Additionally, Citadel previously disclosed that it had reduced risk exposure from positions exceeding $4 billion acquired from Situational Awareness by over 80%, including SanDisk long positions, intensifying institutional selling pressure on the stock.

Options market activity in earlier sessions had already signaled bearish institutional sentiment, with notable large-block bearish call spreads and put purchases observed at elevated price levels, suggesting defensive positioning ahead of the current downturn.

(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.)