Shares of SanDisk Corp (NASDAQ:SNDK) are surging this morning, last seen up 0.8% at $858.39, after Mizuho reiterated its "outperform" rating on the storage and memory stock. The firm, which also handed out a bull note to SanDisk's former parent company Western Digital (WDC), hiked its price target to $1,000 from $710.
SNDK traded at a fresh record high of $873.95 out of the gate, putting the shares on track for a third-straight win and adding to its obscene 2,227% year-over-year gain. The ascending 50-day moving average has acted as support for the stock since September, capturing two pullbacks in March.
Despite the chart outperformance, options traders lean extremely bearish toward the memory leader. This is per SNDK's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 88% of annual readings. Echoing this, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.09 ranks in the 95th annual percentile.
Lastly, SanDisk stock's Schaeffer's Volatility Scorecard (SVS) comes in at 89 out of 100. In other words, shares have consistently realized higher volatility than its options have priced in over the past 12 months.
