Why Silvergate Capital Had a Volatile Day on Wednesday
It was a volatile session for Silvergate Capital (NYSE: SI) on Wednesday. The stock price dropped by some 5.2% in the morning, but bounced back into positive territory late in the day before ending the day down just 0.3%.
That final result was in line with the broader market, which was down across the board. The Dow Jones Industrial Average dropped 0.3%, the S&P 500 fell 0.7%, and the Nasdaq Composite was off by 0.9%.
It appears that the cryptocurrency-focused bank's shares bounced around primarily in response to the release of several notes from analysts that cover it. On one end of the spectrum, Wells Fargo's Jared Shaw lowered his price target from $78 to $50 -- which, from its current price of $54 per share would represent an 8% decline. The stock is down 63% year to date.
Source Fool.com
