Super Micro Computer (NASDAQ:SMCI) Trading Down 7.4% – Here’s What Happened

Super Micro Computer, Inc. (NASDAQ:SMCI) dropped 7.4% on Thursday . The company traded as low as $17.36 and last traded at $18.83. Approximately 48,020,879 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 80,410,328 shares. The stock had previously closed at $20.33.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SMCI shares. Bank of America cut shares of Super Micro Computer from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $109.00 to $70.00 in a report on Wednesday, August 7th. Barclays reduced their price target on shares of Super Micro Computer from $438.00 to $42.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 2nd. Mizuho initiated coverage on shares of Super Micro Computer in a research report on Tuesday, September 17th. They set a “neutral” rating and a $45.00 price target for the company. Wedbush restated a “neutral” rating and set a $32.00 price target (down from $62.00) on shares of Super Micro Computer in a research report on Monday, November 4th. Finally, Argus lowered shares of Super Micro Computer from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Super Micro Computer currently has an average rating of “Hold” and a consensus price target of $66.89.

Super Micro Computer Stock Down 8.6 %

The firm has a market capitalization of $10.40 billion, a PE ratio of 9.45 and a beta of 1.28. The business’s 50 day simple moving average is $40.61 and its 200 day simple moving average is $63.43. The company has a current ratio of 3.77, a quick ratio of 1.93 and a debt-to-equity ratio of 0.32.

Hedge Funds Weigh In On Super Micro Computer

Institutional investors and hedge funds have recently made changes to their positions in the business. GQG Partners LLC purchased a new position in shares of Super Micro Computer during the 1st quarter worth about $1,325,466,000. Vanguard Group Inc. boosted its stake in shares of Super Micro Computer by 25.7% during the 1st quarter. Vanguard Group Inc. now owns 6,194,607 shares of the company’s stock worth $6,256,739,000 after purchasing an additional 1,265,542 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Super Micro Computer by 63,634.1% during the 3rd quarter. International Assets Investment Management LLC now owns 916,496 shares of the company’s stock worth $381,629,000 after purchasing an additional 915,058 shares during the period. Bridgewater Associates LP boosted its stake in shares of Super Micro Computer by 921.1% during the 3rd quarter. Bridgewater Associates LP now owns 161,104 shares of the company’s stock worth $67,084,000 after purchasing an additional 145,327 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of Super Micro Computer by 1,169.5% during the 3rd quarter. Van ECK Associates Corp now owns 134,670 shares of the company’s stock worth $56,077,000 after purchasing an additional 124,062 shares during the period. 84.06% of the stock is owned by hedge funds and other institutional investors.

About Super Micro Computer

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.