SanDisk Corp. (SNDK) shares rose nearly 12% on Friday to close at $1740. The rally followed the announcement that the flash memory company will join the S&P 100 index.
This inclusion marks a milestone for the firm since its February 2025 relisting on the Nasdaq. Western Digital previously spun off the company before its return to public markets.
The stock has now climbed for three consecutive days. Index-tracking funds and increased hedge fund ownership drove the recent demand. Institutional investors cited confidence in the independent company's growth prospects and market position.