On July 22, SUPER MICRO COMPUTER INC rose 14.59% in regular trading, trading at $28.925/share, with turnover of $546 million.

On the news front, the company released a preliminary business update, sharply raising its fiscal Q4 gross margin guidance from 8.2%-8.4% to 15%-17%, primarily driven by a favorable customer and product mix. Additionally, new orders for the quarter exceeded $60 billion, with backlog reaching a record high expected to be delivered over the coming quarters.

However, the company noted that quarterly revenue is expected near the low end of its $11 billion to $12.5 billion guidance range. Multiple analysts responded positively, with Barclays raising its target price to $38, Needham adjusting to $46 while maintaining a Buy rating, and Wedbush maintaining Neutral with a $34 target, noting the strong momentum could extend for several quarters. Peers Dell and HPE also traded higher on the news. The company is expected to hold its earnings call on August 11.

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