Two officers with Super Micro Computer (SMCI) filed to sell shares in the company after the data-center hardware specialist regained compliance with the Nasdaq exchange. SMCI stock fell on Thursday.
The San Jose, Calif.-based company, better known as Supermicro, announced Wednesday that it received a notification letter from Nasdaq indicating that it now complies with Nasdaq listing rules. It no longer faces delisting after filing delayed financial reports for its fiscal year 2024 and for the first two quarters of fiscal 2025. Supermicro filed those reports with the U.S. Securities and Exchange Commission on Tuesday.
↑ X NOW PLAYING How To Achieve Huge Returns With These Buy And Sell Rules"The matter is now closed," Supermicro said in a news release.
Then, on Wednesday, two company officers filed notice with the SEC that they plan to sell SMCI stock.
Sara Liu, co-founder, senior vice president and director, plans to sell 46,293 shares with an aggregate market value of $2.31 million. Liu is married to Charles Liang, Supermicro chairman, president and CEO.
George Kao, senior vice president of operations, plans to sell 71,720 shares with an aggregate market value of $3.62 million.
Both officers indicated that they do not know of any material adverse information related to the operations of Supermicro that has not been publicly disclosed.
Meanwhile, in afternoon trades on the stock market today, SMCI stock fell more than 11% to 45.12.
On Thursday, Barclays analyst George Wang reinstated his equal weight, or neutral, rating on SMCI stock with a price target of 59. He previously suspended his rating while the company worked through its accounting and regulatory filing issues.
"While we recognize SMCI's leadership position in AI server and direct liquid cooling (DLC) as we expect it would be among the first to ship (Nvidia) B200 HGX servers in March-Q, we believe that its competitive moat is shrinking and its checkered past could limit the P/E multiples investors are willing to pay for the stock," Wang said in a client note.
He added, "We therefore remain on the sidelines despite SMCI now being compliant with its filings, which should help with business fundamentals, such as incremental order wins from customers who were previously hesitant."
SMCI stock was a highflyer until it was hit with accounting concerns in 2024. It reached its all-time high of 122.90 in March 2024.
Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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