Super Micro Computer (SMCI) stock fell more than 5% in early trading Tuesday, ending a five-day rally that saw shares gain nearly 60%.

Shares of the firm — a rival to Dell (DELL) that makes computer servers using Nvidia's (NVDA) latest Blackwell AI chips — soared 18% Monday alone to nearly $43, their highest level since last October. The stock has been on an upswing ahead of its scheduled business update after the bell on Feb. 11, which investors hope will shed light on how the company is working to comply with the Nasdaq to avoid delisting after a turbulent year.

Despite the gain, Super Micro Computer shares remain far below their all-time-high of roughly $123 last March ahead of the company’s milestone addition to the S&P 500. After that peak — which followed the stock’s stellar performance in 2022 and 2023 — SMCI shares began to waver as the server maker struggled to meet analysts' and investors' high expectations and grappled with the fallout from a scathing report published by short-selling firm Hindenburg Research.

SOPA Images via Getty Images

Hindenburg last August took a short position on SMCI and accused the company of accounting violations, violations of export controls, and questionable relationships between its executives and key suppliers. Quickly after, the US Department of Justice reportedly launched a probe into Super Micro’s accounting practices, its accountant resigned, and the company’s quarterly earnings missed expectations. Adding to its woes, the server maker faced delisting by the Nasdaq after delaying its quarterly and annual SEC filings.

Hindenburg shut down in mid-January. Super Micro last year was granted an extension by the Nasdaq to submit its late filings by Feb. 25. The company has hired a new accountant, and the server maker said an independent review of its business found no evidence of misconduct.

Super Micro reports its fiscal second quarter earnings for the December period after the bell Tuesday. Of the 11 analysts tracked by Yahoo Finance covering SMCI, six have a Hold rating on the stock. Analysts see shares hitting $40.79 over the next 12 months, just slightly higher than their $40.37 price before the open Tuesday.

Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance