
It has been a great 12 months for Sandisk (SNDK) and its investors. SNDK stock is up more than 1,100% in the past 52 weeks on strong optimism that the company’s NAND flash storage products and other computing memory devices will continue to be in high demand. Sandisk was the best-performing stock in all of the S&P 500 ($SPX) in 2025, and is continuing its strong performance with a 150% year-to-date (YTD) gain.
But a short report from Citron Research threatens to let some air out of Sandisk’s sails. Citron said Sandisk is vulnerable because it believes that NAND flash memory drive demand is cyclical rather than structural, and the company is ripe for a pullback.