Super Micro Computer Inc ( SMCI ) shares are trading higher Wednesday on what appears to be continued momentum from last week. Investors await an update from the company regarding its delayed filings.

What To Know: Super Micro’s independent auditor Ernst & Young resigned last October over governance and transparency concerns, which led to the company delaying the filing of its quarterly and full-year results.

An independent Special Committee found no evidence of fraud or misconduct on the part of management or the company's board. Super Micro has until Feb. 25 to file its delayed reports with the U.S. Securities and Exchange Commission.

Super Micro reported preliminary first-quarter results last week and said it continues to work diligently toward the filing of its delayed reports. The company noted that it expected to file the delayed reports before the deadline next week.

Shares initially traded lower on the report before CEO Charles Liang said on a conference call following the print that he was “confident” that the company would file by the deadline. Super Micro also said on the call that it expects to reach $40 billion in revenue in 2026, according to CNBC.

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The optimistic outlook paired with the anticipated filings appear to be driving shares higher this week. Multiple analysts also raised price targets in the wake of earnings.

JPMorgan analyst Samik Chatterjee maintained Super Micro with an Underweight, but raised the price target from $23 to $35. Wedbush analyst Matt Bryson maintained a Neutral rating and raised the price target from $24 to $40, and Loop Capital analyst Ananda Baruah maintained a Buy and raised the price target from $40 to $50.

Loop Capital was positive on Super Micro ahead of the print as the analyst firm believes the company stands to benefit from tightened internal controls related to the delayed filings. Wedbush was more cautious last week noting that "substantial unknowns" remain. Investors continue to expect an update from Super Micro in the coming days.

SMCI Price Action: Super Micro shares closed Tuesday up 16.5%. The stock was up another 5.95% Wednesday morning, trading at $103.90 at the time of publication, according to Benzinga Pro.

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