Supermicro Stock Drops 20% Friday After Spectacular Run

Shares in Supermicro were clipped Friday, falling 20% for the day after a spectacular runup this month.

Supermicro broke the $1,000 mark on Thursday and dropped big on Friday after concerns of the company being overpriced. The stock has already gained 181% this year and is up an astonishing 842% over the past 12 months.

For the fiscal first quarter ending Dec. 31, 2023, Supermicro reported net sales of $3.66 billion versus $2.12 billion in the first quarter of fiscal year 2024 and $1.80 billion in the same quarter of last year.