Why Super Micro Computer, Inc. (SMCI) Soared Last Week

We recently compiled a list of the 10 Companies That Performed Well Last Week. In this article, we are going to take a look at where Super Micro Computer, Inc. (NASDAQ:SMCI) stands against the other stocks.

The stock market fell heavily into the red territory on Friday as investors sold off positions to mitigate risks from a series of macroeconomic factors.

The Dow Jones declined by 1.69 percent, the S&P dropped by 1.71 percent, and the tech-heavy Nasdaq nosedived by 2.20 percent.

Despite the broader market downturn, ten companies gained momentum, recording price growths on a week-on-week basis.

We have listed 10 companies that performed well last week. Note that shares performances were based on closing prices last Friday, February 21, as against their prices on February 14, or a week earlier.

To come up with last week’s advancers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

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Super Micro Computer, Inc. (NASDAQ:SMCI)

Super Micro Computer, Inc. (NASDAQ:SMCI) increased its share prices by 17 percent week-on-week to finish Friday’s trading at $56.07 apiece as investors gobbled up shares in the company ahead of the February 25 deadline for its delayed filings.

Investor optimism was buoyed by Super Micro Computer, Inc. (NASDAQ:SMCI)’s earlier announcements that it believes it would be able to file the delayed filings by the deadline—a move that is vital for the company in keeping its position from the Nasdaq.

“Supermicro continues to work diligently toward the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and its Quarterly Report on Form 10-Q for the period ended September 30, 2024,” the company said in a statement. “Based on information currently available, the Company believes it will make such filings by February 25, 2025,” it said.

Overall SMCI ranks 4th on our list of the companies that performed well last week. While we acknowledge the potential of SMCI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SMCI but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.