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Super Micro Computer, Inc. (NASDAQ:SMCI) shares are trading higher Tuesday after the company posted an update from its CEO regarding the company's delayed annual report and a recent short seller report.
The Details:
Super Micro CEO Charles Liang wrote a letter addressing the company's customers and partners stating the business remains unaffected by the accusations in the Hindenburg short report and the delayed filing of its annual report.
"Neither of these events affects our products or our ability and capacity to deliver the innovative IT solutions that you rely on every day. Our production capabilities are unaffected and continue operating at pace to meet customer demand. Our world class engineering and support teams are also unaffected and continue to build and deploy large scale AI Total Solutions," wrote Liang.
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The CEO reiterated previous statements that he has confidence in the finance and internal teams at Super Micro and does not anticipate any material changes to its financial reports resulting from the on-going audit.
Liang also said the Hindenburg report contained "false or inaccurate statements" which will be addressed "in due course."
SMCI shares are moving higher on above-average volume Tuesday as investors digest the CEO's statements. However, SMCI's stock price remains well-below its 50-day moving average of $707.78, according to data from Benzinga Pro.
When trying to assess whether or not Super Micro Computer will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $713.82 on Super Micro Computer. The Street high target is currently at $1300 and the Street low target is $325. Of all the analysts covering Super Micro Computer, 3 have positive ratings, 7 have neutral ratings and one has a negative rating.
In the last month, 8 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Super Micro Computer have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Super Micro Computer is 59.7% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Super Micro Computer, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
SMCI Price Action: According to Benzinga Pro, Super Micro Computer shares are up 2.37% at $448.06 at the time of publication Tuesday.
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