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Why Super Micro Computer (SMCI) Stock Is Getting Hammered – Super Micro Computer (NASDAQ:SMCI)

2024-08-29 00:30:03

Super Micro Computer Inc SMCI shares are trading lower by 23.7% to $418.06 Wednesday morning after the company announced that it will delay its Form 10-K filing.

What Happened: Super Micro Computer announced early Wednesday that it will not file its Annual Report for the fiscal year ending June 30, 2024, on time. The company plans to file a Notification of Late Filing on August 30, 2024.

The company says the delay is due to the need for more time to complete an assessment of its internal controls over financial reporting. SMCI has not updated the financial results it previously announced on August 6, 2024.

Short Report: Hindenburg Research this week issued a short report accusing Super Micro Computer of accounting manipulation, sibling self-dealing and sanctions evasion, raising concerns about the company’s rapid growth in the AI sector.

The report cites past SEC charges, allegations of continued unethical practices, and undisclosed business ties with companies linked to CEO Charles Liang’s family.

Additionally, the report highlights growing competition from companies like Dell and Amazon, which could challenge Super Micro’s market position…Read More

What Else: The broader semiconductor industry is bracing for NVIDIA Corp’s highly anticipated second-quarter earnings report, due after the market closes on Wednesday. The outcome of Nvidia’s results could have significant implications across the sector, driving market sentiment and influencing stock movements.

Read Also: Will Nvidia Continue To Deliver? Investors Sweat Over Hyped-up Expectations And Potential Blackwell Delay Ahead Of Q2 Report

How To Buy SMCI Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Super Micro Computer’s case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, SOFI has a 52-week high of $1,229.00 and a 52-week low of $226.59.

Market News and Data brought to you by Benzinga APIs

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