Why Supermicro Stock Is Up 30% Today

• Supermicro’s shares were up more than 30% in recent trading, extending a wild year that has seen both dramatic highs and steep declines.

• The company late yesterday issued a much-awaited announcement, naming a new auditor and filing a plan to avoid delisting by the Nasdaq.

• Despite today’s jump, the stock is down 75% from its all-time highs in March.
  

Shares of Super Micro Computer are flying today, though nowhere near their highs.

The server maker’s shares were recently up more than 30% in Tuesday trading, extending a wild year that has seen both dramatic highs and steep declines.

What’s behind the move? Supermicro (SMCI) late yesterday issued a much-awaited announcement, naming a new auditor and filing a plan to avoid delisting by the Nasdaq—which was itself necessitated by the company’s failure to file its annual report on time. (The plan still requires approval from the Nasdaq, Mizuho analysts noted Tuesday.)

Today’s jump is the latest swing for a stock that has seen a whipsaw 2024. Aided by AI-fueled enthusiasm, the stock—which finished last year just below $29—jumped above $120 in March; earlier this month, amid ongoing concerns about issues related to the filing, its accounting and related matters, it traded below $18.

Along the way, the company was named to the benchmark S&P 500 index and split its shares 10-for-1. At recent prices, it’s roughly in the neighborhood of break-even for the year so far.