Super Micro Computer Inc (NASDAQ:SMCI) shares are surging on Thursday. The Nasdaq is up 0.87% while the S&P 500 has gained 0.78%.
Retail traders are tracking a significant decrease in short interest. Data shows short interest fell from 86.79 million to 80.58 million shares recently. Currently, 17.73% of the company’s float remains short.
It would take 2.89 days for shorts to cover their positions. This is based on an average daily volume of 27.89 million shares.
• Super Micro Computer stock is moving in positive territory. Why are SMCI shares climbing?
Earnings Beat Sparks Optimism
The rally follows a blowout third-quarter earnings report. Super Micro reported adjusted earnings of 84 cents per share. This beat the consensus estimate of 62 cents by 35.48%.
While revenue of $10.24 billion missed the $12.33 billion …
This post was originally published here
