🔴 SNDK is trading 11.19% down today on profit-taking and market rotation despite $1,000 price target hike

SNDK is trading at $617.71, down 11.19% today as profit-taking and a broader market rotation away from high-growth tech stocks outweigh a major price target upgrade from Bernstein Research.

• Bernstein raised its price target to $1,000 from $650 following a massive Q2 earnings beat (EPS of $6.20 vs. $3.49 consensus) and exceptional Q3 gross margin guidance of 65-67%.
• The sharp pullback follows an explosive rally where the stock surged 70% in 11 trading days and over 1,500% in the last six months.
• Broader semiconductor and AI shares are under pressure due to hawkish Federal Reserve nomination concerns and weak ADP employment data.