Sandisk Corp (NASDAQ:SNDK) shares have pulled back from their earlier surge, last seen down 1.7% to trade at $1,079.86 despite an excellent fiscal third quarter. The semiconductor company came out with earnings of $23.41 per share on revenue of $5.95 billion, both of which surpassed estimates. Plus, CEO David Goeckeler announced the signing of five long-term supply agreements. No fewer than nine analysts lifted their price target on SNDK after the event, with a lofty adjustment from Barclays to $1,200 from $750.
The security hit an all-time high of $1,153.32 straight out of the gate this morning before falling into the red. Over the last year, SNDK has soared a whopping 3,245%.
Over in the options pits, 90,000 calls and 82,000 puts have been exchanged, double the intraday average volume. Expiring today, the weekly 5/1 1,200-strike call is the most popular, with new positions being opened there.
SNDK's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 88, indicating Sandisk's stock has tended to exceed option traders' volatility expectations during the past year.
