Super Micro Computer (NASDAQ:SMCI) is feeling the heat after a brief surge, with shares dropping 9.7% at 11.56am today. Despite a 12% rally the day before, driven by the company meeting its delayed filing deadline and sidestepping a Nasdaq delisting, the stock couldn't maintain its momentum. Investors are still processing Nvidia's earnings, which were expected to give a lift to AI-related stocks, but that boost wasn't enough to keep Super Micro's price on the uptrend. SMCI is now trading far off its high of $118.81 from March last year.

• Warning! GuruFocus has detected 4 Warning Signs with SMCI.

Analysts are split on SMCI's outlook. Barclays analyst George Wang kept his Hold rating with a $59 price target, but he warned that Super Micro's competitive edge in the AI server space is narrowing. The company's ongoing accounting issues, including the resignation of Ernst & Young and accusations of financial mismanagement from short-seller Hindenburg Research, are still lingering concerns. However, with BDO now in place as its auditor and no fraud found in an independent investigation, Super Micro is back on track with its filings. Still, Wang noted that the company's past may continue to limit its valuation.

On the flip side, Loop Capital raised its price target to $70, signaling some optimism. But with SMCI down 57% from its peak and a history of accounting drama, the stock's volatility is clear. While it's gained 180% from its low in November, the market's still cautious about its future, and Super Micro's rocky past might continue to hold it back from reclaiming those sky-high valuations.