Why Super Micro Computer Stock Plummeted Again This Week
Super Micro Computer (NASDAQ: SMCI) stock plunged across the last week of trading. Its share price ended the period down 24.2% from the previous week's market close, according to data from S&P Global Market Intelligence.
Supermicro stock lost ground last week, in conjunction with news that the company may miss the filing deadline for submitting its 10-Q report to the Securities and Exchange Commission (SEC). The share price also took a hit after announced more about its plans to compete in the artificial intelligence (AI) server market. Supermicro's share price is now down 35% year to date, and 84% from the all-time high that it reached in March.
In order to remain in compliance with the SEC and continue to trade on major stock exchanges, public companies have to file regular financial reports and disclosures. Given that Supermicro still has not filed its annual 10-K report for its 2024 fiscal year, which concluded June 30, it was expected that the company wouldn't be able to get the filing for the first quarter of its current fiscal year in on time. But news that the server specialist's 10-Q report will be delayed highlighted a big risk factor for investors.
Source Fool.com
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