Super Micro Computer Inc (NASDAQ:SMCI) shares hit a fresh 52-week low Friday afternoon as selling pressure intensified following a Justice Department case tied to individuals connected to the company. Here’s what investors need to know.
- Super Micro Computer stock is at significant support. What’s pressuring SMCI?
SMCI Stock Falls After DOJ Export Charges
Friday’s drop built on steep after-hours losses Thursday, when shares fell about 11.9% to roughly $27 after prosecutors charged three people, including SMCI co-founder and board member Yih-Shyan “Wally” Liaw, a Taiwan-based sales manager, and a contractor, in an alleged scheme to unlawfully export AI server technology to China in violation of U.S. export controls.
Super Micro said it was informed of the indictment but emphasized the company itself was not named as a defendant. The firm called the alleged conduct a violation of its policies, placed Liaw and another employee on leave, cut ties with the contractor and said it is cooperating with investigators.
SMCI Trades Below Key Moving Averages
SMCI shares have fallen sharply from a 52-week high of $60.71 to near the bottom of their range, plunging toward the $21.75 low hit Friday.
The stock sits below its 20 day, 50 day, and 200 day moving averages, signaling sustained bearish momentum.
SMCI Shares Hit New 52-Week Low Friday
SMCI Price Action: Super Micro Computer shares were down 29.20% at $21.80 at the time of publication on Friday. The stock is trading at a new 52-week low, according to Benzinga Pro data.
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