SNDK Sees $60M Bullish Options Flow as Traders Load Up on Near-Term Calls
Repeated hits on $1650 and $1700 calls signal conviction despite the stock's 30% pullback from June highs
Photo by Jeffrey Blum on Unsplash
Institutional traders pushed $60.4M in net bullish premium into SNDK today, with concentrated call buying at the $1650 and $1700 strikes expiring this week.
The Flow That Caught Our Eye
Someone wanted SNDK calls today and they weren't shy about it. The tape shows $60.4 million in net bullish premium hitting the memory stock, with the heaviest activity clustered around the $1650 strike expiring September 11. The largest single alert was a $690,000 position in the $1650 calls, flagged as RepeatedHitsAscendingFill, which typically indicates a buyer lifting through multiple offers to accumulate size.
That $1650 strike saw three separate alerts totaling over $1 million in premium across the session. The pattern suggests a trader building a position rather than a single block trade, with fills coming in both ascending and descending sequences. This isn't someone dabbling. It's conviction capital betting on a move through that level before Friday's close.
Meanwhile, the $1700 calls for next week (September 18 expiry) drew a smaller but notable $70,000 position, again flagged for repeated hits. The stacking of near term calls across consecutive expiries suggests the buyer expects upside soon rather than positioning for a longer term catalyst.
Where SNDK Stands Right Now
The stock has been through a brutal correction. After touching $2,354.39 in late June, SNDK has pulled back more than 30%. The stock opened yesterday around $1,720 and traded in a wide range between $1,674 and $1,748, reflecting the volatility that's become standard for memory names this summer.
Despite the drawdown, the fundamental story hasn't cracked. SanDisk spun out from Western Digital in early 2025 and has since emerged as a direct beneficiary of AI storage demand. The company printed quarterly revenue of $8.97 billion with a gross margin north of 71%, numbers that put it in elite territory among tech hardware names. Analysts remain bullish: Citi recently reiterated a $2,100 price target, and Bernstein has the stock at $3,000 on expectations of a prolonged NAND shortage.
Adding near term fuel, SanDisk is set to join the S&P 100 index on September 21. Index inclusion typically drives passive fund buying, and the stock surged nearly 12% on the announcement. Today's call activity could reflect traders positioning for a continuation of that momentum as the inclusion date approaches.
The Put Side Stayed Quiet
For all the bullish activity, the put flow was comparatively muted. Three puts flagged alerts today: two at the $1700 strike and one at $1740, all expiring September 11. Combined premium on those positions totaled roughly $180,000, a fraction of the call side.
The $1700 puts saw two separate alerts of $60,000 and $70,000, both flagged as RepeatedHits and DescendingFill. This pattern often indicates sellers pressing into bids, which could mean traders writing puts for premium collection rather than buying protection. The $1740 put alert was even smaller at $50,000.
The imbalance between call and put activity reinforces the bullish read. When institutional flow leans this heavily in one direction, it's worth paying attention. That doesn't mean the bet will pay off, but it tells you where size players are placing their chips.
Why This Week Matters
The concentration in September 11 expiries makes this a time sensitive trade. With the S&P 100 inclusion still 10 days away, the immediate catalyst is less obvious. But memory stocks have been moving in sympathy lately, and any positive tape from Micron or SK Hynix could lift the entire sector.
There's also the technical setup. SNDK bounced hard off its August lows around $1,200 and has been consolidating between $1,650 and $1,800 for the past week. The $1,650 calls are right at the lower edge of that range, which makes them a leveraged bet that the floor holds. If it doesn't, those calls go to zero fast.
For traders using our [Whale Alerts dashboard](/whalealerts), the RepeatedHitsAscendingFill tag is worth understanding. It fires when a position accumulates through successively higher prices, suggesting a buyer willing to pay up for fills. That's different from a single block trade at one price. It implies urgency.
Context From the Broader Memory Trade
SNDK doesn't move in isolation. The memory sector has been whipsawing on macro concerns, with stocks falling sharply yesterday amid broader inflation fears. But the longer term thesis remains intact. AI infrastructure requires massive amounts of high speed storage, and supply remains constrained. Wall Street expects a multi year NAND shortage to support pricing power for companies like SanDisk, Micron, and SK Hynix.
Bernstein noted recently that SanDisk's long term supply agreements include price floors around $0.29 per gigabyte, roughly in line with current average selling prices. That provides downside protection even if the memory cycle turns. For traders, that floor matters because it suggests the fundamental story can absorb some price weakness without collapsing.
The stock is up more than 600% year to date, which means sentiment has priced in a lot of good news. But today's flow indicates at least some institutions believe there's more room to run.
What to Watch Next
The immediate tell is whether SNDK holds the $1,650 level through Friday's close. If it does, those calls print and the bullish positioning gets validated. If it doesn't, the flow was wrong and the traders who loaded up take a loss.
Beyond this week, the S&P 100 inclusion on September 21 is the next major catalyst. Index funds will need to add SNDK to their portfolios, creating mechanical buying pressure. The question is how much of that move is already priced in after the 12% pop on the announcement.
For a broader read on memory sector flow, keep an eye on Micron's options tape. MU and SNDK tend to trade sympathetically, and unusual activity in one often precedes moves in the other. If you're tracking this space, the [options heatmap](/optionsheatmap) can help you spot where premium is concentrating across related names.
For informational purposes only. Not investment advice. Published Friday, September 11, 2026.