Seagate closed at a record high on Monday before its shares plunged over 7% in Tuesday premarket trading, contributing to a 13% drop in the Roundhill Memory ETF. Retail sentiment for Seagate remained bullish despite pressured peers and broad memory sector profit-taking.
Seagate shares surged to a record high on Monday, fueled by AI-driven demand for data centers and strong quarterly performance expectations. In Tuesday’s premarket session, the stock tumbled over 7%, as investors engaged in profit-taking following the recent rally.
The drop in Seagate’s share price was part of a wider decline in memory and storage names, with the Roundhill Memory ETF off 13%, SK Hynix and Samsung sliding more than 12%, and Micron and SanDisk shares down 8.4% and 9.3%, respectively.
Despite the pullback, retail sentiment for Seagate remained bullish, contrasting with more cautious or bearish views on peers. Traders cited profit-taking rather than a fundamental shift, suggesting potential support for Seagate’s share price ahead of upcoming earnings.
