Super Micro Computer’s (SMCI) shares surged nearly 8% on Wednesday, extending a weeklong rally that has seen the stock recover its losses from a scathing report last summer. The server maker’s stock gained over 16% on Tuesday, reaching its highest level since August 26.
The recent surge is driven by Super Micro’s business update last Wednesday, which provided ambitious long-term targets and boosted investor confidence. The company also announced that it is on track to submit delayed SEC filings by February 25, as it looks to avoid delisting from the Nasdaq.
Despite the recent upswing, Super Micro shares remain far below their record closing price of $114 last March. The company has denied allegations outlined by Hindenburg Research, which accused it of accounting violations and export control breaches. However, its accountant resigned in October, citing association with the financial statements prepared by management.
Super Micro is also searching for a new CFO after its current one delayed submission of quarterly and annual SEC filings. CEO Charles Liang outlined ambitious targets, including reaching $40 billion in revenue for fiscal year 2026. Analysts have forecast lower revenue at around $30 billion.
The company has successfully put its server systems using Nvidia’s Blackwell AI chips into full production, which is seen as a positive development.
Source: https://finance.yahoo.com/news/super-micro-stock-recovers-from-long-rout-following-accounting-violation-accusations-from-hindenburg-140037441.html