It's been a terrible couple of weeks for Super Micro Computer (SMCI) stock.

Shares of the datacenter server maker, considered one of this year's biggest beneficiaries of the AI craze, have cratered 25% since the delay of its annual report in late August, shortly after short-seller Hindenburg Research accused the AI high flyer of accounting manipulation.

On Friday the stock took another hit, falling more than 5% amid an overall tech selloff. JPMorgan analysts downgraded Super Micro to Neutral from Overweight and slashed its price target almost in half to $500.

"As a result of our expectations for a near-term overhang for the shares from the uncertainty, we prefer to recommend new investors to remain on the sidelines till the company is back in compliance," wrote JPMorgan's Samik Chatterjee and his team.

The analysts clarified the downgrade was not led by lower confidence in the company’s ability to regain compliance with regulators by issuing its annual financial filing , nor the content of the Hindenburg report.

Apart from the filing, JPMorgan analysts expect "a response from Super Micro to ensure that customers do not divert orders, which could involve aggressive pricing, in our view, and the competitive response from peers."

Analysts from Barclays and CFRA also downgraded the stock in recent days after the San Jose, California-based company said it needed more time to file its annual report for its fiscal year ending June 30.

"Additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024," the company said in a statement on August 28.

The announcement came a day after seller Hindenburg Research claimed, among other things, "accounting manipulation" at the artificial intelligence high flyer.

The short-seller claimed that despite a $17.5 million settlement in August 2020 with the SEC following an inquiry for "widespread accounting violations," Super Micro's business practices did not improve, and senior executives who had left amid the scandal were later rehired.

"All told, we believe Super Micro is a serial recidivist," read the report.

Shares of Super Micro soared from below $300 in early January to a peak of nearly $1,200 by March, when the stock was added to the S&P 500 (^GSPC).

The ticker also joined the Nasdaq 100 index (^NDX) in July.

On Friday, shares were trading just below the $400 level. Despite the steep declines, Super Micro is still up roughly 35% year to date.

The company recently announced a 10-for-1 stock split effective Oct. 1.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.