WDC Stake Sale Sparks SanDisk Selloff Amid Debt Move
TL;DR
SanDisk stock fell about 5.7% on February 17 and slid another ~2% in after-hours trading after Western Digital disclosed plans to exit its entire SanDisk stake by selling 7.51 million shares at $535–$555, raising up to $3.09 billion to reduce debt. SanDisk will not receive any proceeds. The sale aims to swap SanDisk shares for debt held by JPMorgan and Bank of America and comes as AI-driven demand supports NAND/DRAM demand. Analysts show mixed views on SNDK, with a Moderate Buy consensus and an average target around $637.33, implying roughly 8% upside from current levels.
- Why SanDisk Stock Dropped 6% on WDC Stake Sale News TipRanks
- Western Digital to Raise $3.09 Billion in Sandisk Share Sale Bloomberg.com
- Sandisk’s stock falls as Western Digital plans to sell shares. What investors need to know. MarketWatch
- Sandisk falls after Western Digital plans to sell $3.1 billion in shares Investing.com
- Sandisk Launches Secondary Offering of $3.09 Billion Shares marketscreener.com
Want the full story? Read the original reporting
Read on TipRanks