Super Micro Computer Stock Plummeted Today -- Is This a Chance to Buy the Explosive Artificial Intelligence (AI) Growth Stock?
Super Micro Computer (NASDAQ: SMCI) stock got crushed in Friday's daily trading. The server and storage technology specialist's share price closed out the daily session down 20%, according to data from S&P Global Market Intelligence.
Notably, Supermicro stock actually started Friday's trading session on a bullish note. The company's share price had been up as much as 7.4% early in the day. The initial gains may have been thanks to the unveiling of Sora -- OpenAI's new text-to-video artificial intelligence software. But the stock appears to have lost ground due to new coverage from an analyst.
Wells Fargo analyst Aaron Rakers published a note on Supermicro this morning. In the coverage-initiating note, Rakers gave an "equal weight" rating to the company and assigned a one-year price target of $960 per share. While the analyst championed strong performance catalysts for the company's business, his target actually came in below the $1,045 per-share price at which Supermicro had started today's trading. The neutral coverage appears to have triggered today's big sell-off.
Source Fool.com
