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Key Takeaways
- Super Micro Computer shares surged 12% Friday to cap off a week that saw the stock rise nearly 80%.
- The gains came in the wake of a shoutout from partner Nvidia in the chipmaker’s earnings call Wednesday, and a compliance plan filed Monday to stave off delisting.
- Supermicro’s plan still requires approval from the Nasdaq, with Mizuho analysts telling clients the approval process could take between two and five weeks.
Super Micro Computer (SMCI) shares surged 12% Friday to cap off a wild week that saw the stock add nearly 80%.
The gains come in the wake of a shoutout from partner and artificial intelligence (AI) darling Nvidia (NVDA) in the chipmaker’s earnings call Wednesday, and a compliance plan filed Monday to stave off delisting.
Still, at Friday’s closing price of $33.15, shares in the server maker are more than 70% off their highs in March, having taken a hit from regulatory concerns following allegations of accounting manipulation and filing delays.
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The stock could face an uphill battle to win back investors’ confidence and return to those levels, with Supermicro now under pressure to complete its delinquent annual report by a fresh deadline, after naming a new auditor and requesting an extension from the Nasdaq.
The plan still requires approval from the Nasdaq, with analysts at Mizuho telling clients in a note Tuesday they expect the approval process could take between two and five weeks, with a new filing deadline in February.
