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Super Micro Computer shares plunged on Friday as investors peeled back their holdings of one of the stock market's hottest names.
Super Micro Computer (NASDAQ: SMCI ) stock is taking a beating on Friday after the company announced the release date for its upcoming earnings report. A press release from Super Micro Computer released today reveals that it will publish its fiscal Q3 2024 earnings report after markets close on April 30.
Super Micro Computer Inc.'s stock is headed for its worst day in two months after the company announced an earnings date — but no early results to go with it.
SAN JOSE, Calif.--(BUSINESS WIRE)--Super Micro Computer, Inc. (Nasdaq: SMCI), a Total IT Solution Provider for AI, Cloud, Storage and 5G/Edge, today announced it will present a live audio webcast of a conference call to review its third quarter fiscal 2024 financial results on Tuesday, April 30, 2024 at 5:00 p.m. ET / 2:00 p.m. PT. The webcast will be available at https://ir.supermicro.com. A replay of the webcast will be available shortly after the call at the same website and will remain acce.
While the first quarter of 2024 has generally been exceptionally strong for the stock market, the April downturn showcased that the fever pitch might have run a bit too high.
The latest trading day saw Super Micro Computer (SMCI) settling at $960.08, representing a -1.66% change from its previous close.
That's what Loop Capital's $1,500 price target on shares of Super Micro Computer Inc. SMCI, +0.03% implies. That new target, which came out Tuesday morning and is up from $600 previously, suggests more than 50% upside for Super Micro's stock relative to recent levels.
Artificial intelligence (AI) stocks have been on a tear over the past year or so. Despite notching impressive gains, some Wall Street analysts are calling for another year with eye-popping upside.
The stock market has been turbulent lately, facing challenges like geopolitical tensions, the underperformance of key players, and the possibility of no interest rate cuts this year, according to FED chair Jerome Powell.
Super Micro is a direct beneficiary of AI-driven hardware demand. Its market cap likely influences the company's role as a "millionaire maker.