Super Micro Computer Inc (NASDAQ:SMCI) shares are down 5.6% to trade at $28.44 at last glance, after Goldman Sachs initiated coverage with a "sell" rating and $26 price target, down from $34. The analyst in coverage noted the tech company's margins may see additional downside.
Coming into today, eight of 19 analysts in question still called the equity a "hold" or worse, while the 12-month consensus target price of $45.32 is a 60.4% premium to current levels. This means there is plenty of room for downgrades and/or price-target cuts going forward.
Carrying a 46.8% six-month deficit, SMCI could today mark its fourth loss in the last five sessions. Shares earlier hit their lowest level since April, and have been struggling with overhead pressure from the descending 20-day moving average since mid-December.
Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 3.04 sits higher than nearly all its readings from the last year. This indicates an unwinding of optimism in the options pits could pressure SMCI lower.
Options bears are already piling on today, with 79,000 puts exchanged so far, which is triple the intraday average volume. The most active contract is the January 16, 2026 27-strike put, followed by the 28.5-strike put in that series, where new positions are being sold to open.
