Rosenblatt Analyst Set a $1,300 Price Target on Super Micro Computer. Three Weeks Later, Hindenburg Research Dropped a Short Report. The Stock Is Now at $24.

Hans Mosesmann was Wall Street's biggest SMCI bull, maintaining a street-high $1,300 price target through August 2024 while the stock traded around $60. He dismissed early Hindenburg concerns as "old news or inaccurate." Twenty days later, Hindenburg Research released its full short report alleging accounting manipulation and self-dealing. The auditor resigned. The company nearly got delisted from Nasdaq. The cofounder was later arrested on chip smuggling charges. The stock cratered 96% from Mosesmann's target to its current price of ~$24. Sometimes the most confident analyst on Wall Street is just the one who's wrong the loudest.