Flash memory chipmaker SanDisk Corp's shares fell 15 percent on Friday after the company warned that a glut in the memory chip market will hurt prices for the rest of the year.

SanDisk shares were down 13 percent at $35.27 on the Nasdaq. They fell to $34.34 earlier in the session.

More than 13 million shares changed hands by 1030 ET, double their 10-day moving average volume, making the stock one of the most traded on the exchange.

SanDisk projected second-quarter revenue of $950 million to $1.05 billion, below analyst expectations of $1.30 billion.

Bernstein Research, however, sees demand for NAND memory chips to recover in the second half on growing demand for Ultrabooks and the introduction of Samsung Electronics' Galaxy S2 smartphone and Apple Inc's iPhone 5.

At least seven brokerages cut their price targets on SanDisk stock.

(Reporting by Siddharth Cavale in Bangalore; Editing by Don Sebastian)