Super Micro Computer (SMCI) reportedly will file a plan with the Nasdaq Stock Market on Monday that will allow the data center specialist to avoid being delisted from the exchange. SMCI stock surged on the news but is well off its intraday highs.
The San Jose, Calif.-based company had until Monday to file a plan to regain compliance with Nasdaq’s listing requirements. Super Micro is delinquent in filing its financial reports for its fiscal year ended June 30 and for the first quarter of fiscal 2025.
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Barron’s reported late Friday that the company intended to deliver its plan to Nasdaq by Monday.
In late morning trades on the stock market today, SMCI stock was up more than 14% to 21.33. Earlier in the session, SMCI stock was up more than 22% to 22.70.
SMCI stock hit an all-time high of 122.90 on March 8 before its troubles started.
Super Micro is in the process of hiring a new auditor. Its accounting firm, Ernst & Young, quit on Oct. 24, citing concerns about the company’s financial reporting.
Super Micro Computer shares soared earlier this year as hyperscale cloud computing firms began splurging on AI data center gear.
Meanwhile, rivals such as Dell Technologies (DELL) are aiming to grab market share from a weakened Super Micro.
On Monday, Dell stock received price target hikes from three Wall Street firms: Mizuho Securities, Morgan Stanley and Wells Fargo. All three have buy ratings on Dell stock
Meanwhile, Barclays on Friday joined the list of brokerage firms that have suspended coverage of SMCI stock amid Super Micro’s operational issues.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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