Sandisk closed Tuesday at $859.99, down 2.99%, and was indicated at $937.60 in Wednesday’s premarket as memory names rallied on CoreWeave’s results. At the Tuesday close, the Sandisk stock split turns one share into eight worth about $107.50 each.
SNDK traded above $1,228 when the Sandisk stock split was announced on 29 October, which put the post-split equivalent near $153.51 at the time, so anyone still working from that week’s arithmetic is carrying a figure about 30% too high. Shares are distributed after the close on 19 November and trade split-adjusted from the open on 20 November.
OCC Memo 60125 Divides Every Sandisk Strike by Eight
Listed options adjust on 20 November alongside the shares, under terms the clearing house published on 2 November. OCC Information Memo 60125, dated 2 November, sets the ex-distribution date at 20 November and applies a contract multiplier of 8.00 and a strike divisor of 8.00 under Chapter 28 of OCC’s rules.
The deliverable stays at 100 Sandisk common shares under CUSIP 80004C200, the multiplier stays at 100, and the symbols SNDK, 1SNDK and 2SNDK are unchanged, which is the clean version of a corporate action for an options book. Nobody is left with an odd-lot deliverable or a renamed contract, which is what makes the Sandisk stock split easier to carry than a merger or a spin-off.
Every strike divides by eight on the ex-date, from $45.00 at the bottom of the published table, which becomes $5.63, up to $5,000.00, which becomes $625.00. A $860 strike becomes $107.50 and a $1,300 strike becomes $162.50. Strikes listed between the memo’s publication and the ex-date take the same divisor.
Investor Takeaway
The deliverable stays at a round 100 shares and the ticker does not change, so an SNDK option position carries through the Sandisk stock split without the non-standard contract that usually follows an uneven corporate action.
Crypto Venues Reset SNDK Perps at 01:00 UTC on 20 November
The adjustment reaches past Nasdaq into the crypto venues that list SNDK exposure. OKX said on 9 November that it will adjust its xSNDK spot pairs, its SNDK-USDT-SWAP perpetual and its SNDK-USD_UM_XPERP-310627 contract from 01:00 UTC on 20 November. Binance is making the same adjustment to SNDKB, the tokenized Sandisk share it lists, so the Sandisk stock split propagates through wrapped equity exposure as well as the real thing.
Spot units multiply by eight and the price per unit divides by eight, matching the equity, while derivatives behave differently. OKX will settle open perpetual and Xperp positions at the pre-adjustment mark price, which turns unrealized profit and loss into realized profit and loss, then reopen the position at the adjusted mark as a new entry price. No fees apply to those system-generated closures, but the tax and accounting treatment of a realized position is not the same as a holding that simply rebases.
Resting orders split into three outcomes on 20 November, and only one of them rescales cleanly. Limit and post-only prices divide by eight while unfilled quantities multiply by eight, untriggered take-profit and stop-loss orders are canceled outright and not restored, and grid bots pause and need a manual restart. Anyone holding protective stops on a crypto venue through the Sandisk stock split has to place them again after trading resumes, which follows at least ten minutes of post-only quoting.
Every Price Target on the Tape Is a Pre-Split Number
Wells Fargo maintained an Equal-Weight rating while cutting its target to $1,300 from $1,550, and RBC moved to $1,400 from $1,600, per TradingView, with Susquehanna and Cantor Fitzgerald also reducing their outlooks. Fox Advisors downgraded the stock to Equal-Weight on 2 November, ahead of the 5 November selloff.
The $1,636.83 consensus becomes $204.60 on 20 November and the share price becomes $107.50, so the implied upside of roughly 90% survives the Sandisk stock split untouched even though every printed number changes. Source: TradingView, Benzinga · Chart: FinanceFeedsBenzinga’s consensus covers 18 analysts, 17 of them at Buy, with an average target of $1,636.83 against a range of $120 to $3,000. None of those figures have been restated for the Sandisk stock split, and research notes written before 20 November will keep circulating in pre-split dollars for weeks afterward.
The Sandisk Stock Split Arrives With SNDK Down 47% in a Month
The Sandisk stock split lands on a share price up 251.95% this year and down 47.35% over a month, carrying a market capitalization of $122.37 billion, a trailing price to earnings ratio of 7.11 and a beta of 3.76. Sandisk and Kioxia have both been caught in the memory selloff, alongside Micron.
A stock that has given back a 47% month while holding a 252% year is where the canceled stop orders matter most, because the Sandisk stock split removes them on a position that has been moving double digits a week. Source: TradingView · Chart: FinanceFeedsOne figure from that drawdown deserves a second look before it is quoted again. The 17.8% fall widely attached to 5 November was an intraday reading at 12:33 p.m. ET rather than a close, while Trefis put the close-to-close move at 22.3%. Both describe the same session and they are not interchangeable.
Fiscal first-quarter revenue reached $11.03 billion, up 378% year over year at an 85.1% non-GAAP gross margin, with non-GAAP earnings of $49.51 a share, broken down on 30 October. That per-share figure becomes $6.19 after the Sandisk stock split, and the $55.00 to $57.00 second-quarter guide becomes roughly $6.88 to $7.13.
Investor Takeaway
The position that needs attention before the Sandisk stock split is a leveraged one held on a crypto venue, because untriggered stops are canceled rather than rescaled and an open perpetual has its unrealized profit and loss realized at the pre-adjustment mark.
