Down Nearly 50% From Its High, Has Sandisk Stock Become a Cheap Buy?

SanDisk (SNDK) shares are down about 49% from their 52-week high after a brief slide that’s now stretched into more than a month. The memory and storage shortage that’s helped drive demand may last for years, but the market has turned cautious on Sandisk. In its quarter ended July 3, the company reported revenue just under $9 billion, up 372% year over year, yet forecast weakness drove the selloff. For the next quarter, Sandisk expects $10.3 billion to $10.8 billion versus about $11.2 billion expected by analysts. Valuation sits near 17 times trailing earnings.