With the second month of 2024 already well underway, the year has been exceptionally bullish for the stock of Super Micro Computer Inc. (NASDAQ: SMCI), but artificial intelligence (AI) algorithms are not very optimistic about its price retaining this momentum by the year’s end.
Indeed, SMCI has raced nearly 180% since January 1, recently recording its new all-time high (ATH) at over $797, but the advanced AI price forecasting algorithms have set its price at $115.96 on December 31, 2024.
Specifically, if these projections, which rely on the historical SMCI price trends, indicators, and various chart patterns, materialize, it means that the price of the technology provider’s stock would drop by a whopping 85.35% compared to its current price, as per data on February 14.
SMCI stock price analysis
Meanwhile, SMCI stock was at press time changing hands at the price of $791.49, recording a 2.39% gain on the day, advancing 16.96% across the previous week, and accumulating an increase of 142.56% on its monthly chart, in addition to racing 752.16% over the last year.
As it happens, SMCI’s price increase this year coincides with the higher-than-expected preliminary Q2 revenue results published on January 18, upon which the Super Micro shares soared 36%, with the rally continuing on a company’s board member buying over $1 million in SMCI stock.
This all has contributed to the stock’s exceptional yearly performance, during which SMCI outperformed 99% of all assets in the stock market, as well as doing better than 96% of the other stocks in the technology hardware, storage, and peripherals industry.
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Source: https://finbold.com/ai-predicts-smci-stock-price-for-end-of-2024/