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Super Micro Computer CEO Charles Liang
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Shares of Supermicro rose more than 30% in recent trading, extending a wild year that saw both dramatic highs and sharp declines.
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The company published a long-awaited announcement late yesterday, appointing a new accountant and submitting a plan to avoid delisting from the Nasdaq.
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Despite today’s jump, the stock is down 75% from its all-time high in March.
Shares of Super Micro Computer are flying higher today, but are still nowhere near their highs.
Shares of the server maker recently rose more than 30% in Tuesday trading, extending a wild year that saw both dramatic highs and sharp declines.
What’s behind the move? Supermicro (SMCI) published a long-awaited announcement late yesterday, appointing a new auditor and submitting a plan to avoid delisting from the Nasdaq – which itself was necessary because the company failed to file its annual report on time. (The plan still requires approval from the Nasdaq, Mizuho analysts noted Tuesday.)
Today’s jump is the latest for a stock that has seen a peak in 2024. Aided by AI-powered enthusiasm, the stock – which finished just below $29 last year – soared above $120 in March; earlier this month, amid ongoing concerns over filing, accounting and related issues, it traded below $18.
Along the way, the company was included in the S&P 500 index and split its shares 10 to 1. At recent prices, it’s about close to breakeven for the year so far.
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