Why Silvergate Capital Stock Jumped Today
Shares of crypto bank Silvergate Capital (NYSE: SI) jumped on Wednesday, adding as much as 9%. As of 1:58 p.m. ET, the stock was still up 6.9%.
The catalyst that drove the crypto-friendly bank higher was an upgrade courtesy of a Wall Street analyst, as well as a wide-ranging recovery in the cryptocurrency market.
Michael Perito -- an analyst with Keefe, Bruyette & Woods -- upgraded Silvergate Capital to outperform (buy) from market perform (hold), while simultaneously assigning a $225 price target, according to The Fly. His new estimate would represent potential upside for investors of more than 74% over the coming year, compared with the stock's closing price on Tuesday.
Source Fool.com