Published on 23 Jan 2024 on Zacks via Yahoo Finance
Super Micro (SMCI) Stock Jumps 4.9%: Will It Continue to Soar?
Super Micro Computer SMCI shares soared 4.9% in the last trading session to close at $457.38. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 50.6% gain over the past four weeks.
The increase in share price can be attributed to the company’s upbeat preliminary financial results for the second quarter of fiscal 2024.
The company now expects net sales to be between $3.6 billion and $3.65 billion compared with earlier guided range of $2.7- $2.9 billion. GAAP net income per share is expected to be in the range of $4.90-$5.05 (previous projection: in range of $3.75- $4.24 per share).