1 Top Growth Stock Down 58% to Buy Before It Is Too Late
Super Micro Computer (NASDAQ: SMCI) has been one of the hottest stocks on the market this year, clocking tremendous gains of 73% as of this writing, but a closer look at the stock's more recent performance tells us that its bull run has come to an end. In fact, shares of Supermicro (as the company is known) are down 58% since hitting a 52-week high on March 8.
However, the company, which manufactures server and storage solutions, has been enjoying phenomenal growth thanks to the booming demand for artificial intelligence (AI) servers, and that remains a hot industry. Let's take a closer look at Supermicro's prospects and check if the recent pullback in the stock is a buying opportunity.
Supermicro released its fourth-quarter fiscal 2024 results for the three months ended June 30 on Aug. 6. The company's revenue for the year shot up an impressive 110% to roughly $15 billion. Adjusted earnings also nearly doubled to $22.09 per share from $11.81 per share in fiscal 2023. Throw in the stock's attractive valuation, and it looks like investors would do well to buy it hand over fist right now.
Source Fool.com
