Super Micro Computer Inc. (NASDAQ:SMCI) shares are trading volatile Wednesday, after experiencing momentum last week as investors anticipate an update on the company's delayed financial filings.
What To Know: Super Micro has been under scrutiny since its independent auditor, Ernst & Young, resigned last October over governance and transparency concerns, leading to the delay in quarterly and full-year filings. However, an independent Special Committee found no evidence of fraud or misconduct by management or the board. The company has until Feb. 25 to submit its reports to the U.S. Securities and Exchange Commission.
Last week, Super Micro reported preliminary first-quarter results and reaffirmed its commitment to filing the delayed reports before the deadline. Shares initially dipped after the announcement but rebounded after CEO Charles Liang expressed confidence that the filings would be completed on time. The company also set a revenue target of $40 billion for 2026, according to CNBC.
Super Micro shares closed Tuesday up 16.5% and continued to rise Wednesday morning, gaining 5.95% to trade at $103.90, according to Benzinga Pro.
SMCI Price Action: Super Micro Computer shares were down 0.95% at $59.65 at the time of writing, according to Benzinga Pro.
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