On August 24, Tradr 2X Long SNDK Daily ETF declined 9.46% in pre-market trading, trading at $13.46/share, with turnover of $7.21 million. The leveraged ETF amplified losses from its underlying asset SNDK, which faced a confluence of negative catalysts.

On the news front, Jefferies recently cut its target price for SNDK to $1,750, noting that Q2 profit growth was primarily driven by NAND price increases with limited upside remaining. The firm also lowered its 2027 earnings forecast for SNDK, warning of short-term growth deceleration risks as enterprise SSD pricing momentum fades.

Adding to selling pressure, Citadel disclosed it has reduced over 80% of the $4 billion-plus position acquired from hedge fund Situational Awareness, which included significant SNDK long exposure. The combination of a major institutional unwind and a broker downgrade in forward estimates has intensified bearish sentiment on the underlying stock, with the 2x leverage structure magnifying the impact on this ETF.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)