Spruce Point has placed a 50% downside target on Super Micro Computer, arguing the computer server and storage hardware maker is too reliant on Facebook parent Meta Platforms, which is cutting back spending on data centers.

‘‘Spruce Point has grave concerns about the accuracy of its financial reporting and sustainability of its recent stock price performance,’’ said the short seller in a fresh report Tuesday. It also noted that Super Micro’s top two executives have been unloading stock at a record pace in recent months.

The firm’s biggest concern, however, is that Super Micro has outsized exposure to struggling Meta as a 22% customer. Facebook’s parent recently canceled a $342 million contract to build two new data centers in Denmark.

Super Micro’s stock nearly doubled in 2022 but Spruce Point said this is likely to reverse once investors realize that management’s long-term revenue goals are ‘‘outlandish’’ and the company fails to grow its cash flow.

The short seller also pointed to Super Micro’s history of delinquent filings and financial restatements, noting that in 2020 regulators slapped the company with a $17.5 million fine in a case alleging “widespread accounting violations” tied to revenue and expense recognition.

Spruce Point noted that Super Micro is currently trading at the highest revenue multiple in its sector, despite its working capital and cash management becoming more strained. The firm sees the company’s fair value between $42.39 and $50.86.

Super Micro shares were down 8% at $78 each as of 9:37 Tuesday morning in New York.