Super Micro Computer (NASDAQ:SMCI) Shares Down 9.9% – Here’s What Happened

Super Micro Computer, Inc. (NASDAQ:SMCI) shares dropped 9.9% during mid-day trading on Tuesday . The company traded as low as $34.03 and last traded at $34.62. Approximately 48,581,993 shares traded hands during trading, a decline of 41% from the average daily volume of 82,609,328 shares. The stock had previously closed at $38.41.

Wall Street Analysts Forecast Growth

SMCI has been the topic of several recent research reports. Bank of America downgraded shares of Super Micro Computer from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $109.00 to $70.00 in a report on Wednesday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $130.00 price target on shares of Super Micro Computer in a research report on Wednesday, August 7th. Loop Capital reduced their price objective on Super Micro Computer from $150.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Mizuho started coverage on Super Micro Computer in a research note on Tuesday, September 17th. They issued a “neutral” rating and a $45.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on Super Micro Computer from $65.00 to $37.50 and set an “equal weight” rating for the company in a research report on Wednesday, August 28th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Super Micro Computer has a consensus rating of “Hold” and an average price target of $66.89.

Super Micro Computer Trading Up 1.9 %

The stock has a market cap of $19.62 billion, a PE ratio of 17.61 and a beta of 1.28. The company’s 50-day moving average price is $37.70 and its 200 day moving average price is $59.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.93 and a current ratio of 3.77.

Hedge Funds Weigh In On Super Micro Computer

Hedge funds have recently made changes to their positions in the stock. Synovus Financial Corp acquired a new position in Super Micro Computer during the third quarter worth $443,000. Tidal Investments LLC lifted its stake in Super Micro Computer by 143.8% during the 3rd quarter. Tidal Investments LLC now owns 50,355 shares of the company’s stock worth $20,968,000 after acquiring an additional 29,697 shares in the last quarter. World Investment Advisors LLC boosted its holdings in Super Micro Computer by 13,210.5% during the 3rd quarter. World Investment Advisors LLC now owns 56,969 shares of the company’s stock valued at $23,722,000 after acquiring an additional 56,541 shares during the period. Sanctuary Advisors LLC grew its position in Super Micro Computer by 254.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 30,634 shares of the company’s stock valued at $12,756,000 after acquiring an additional 21,997 shares in the last quarter. Finally, Strait & Sound Wealth Management LLC acquired a new position in Super Micro Computer in the 3rd quarter valued at about $1,143,000. Hedge funds and other institutional investors own 84.06% of the company’s stock.

Super Micro Computer Company Profile

Super Micro Computer, Inc, together with its subsidiaries, develops and manufactures high performance server and storage solutions based on modular and open architecture in the United States, Europe, Asia, and internationally. Its solutions range from complete server, storage systems, modular blade servers, blades, workstations, full racks, networking devices, server sub-systems, server management software, and security software.