Why Shares of Silvergate Capital Are Falling Today

Why Shares of Silvergate Capital Are Falling Today

Shares of the crypto bank Silvergate Capital (NYSE: SI) traded more than 6.6% lower as of 12:40 p.m. ET today after a Wall Street analyst lowered his rating on the bank and also cut his price target. Wells Fargo analyst Jared Shaw double-downgraded Silvergate Capital from an "overweight" rating to "underweight" and also lowered his price target from $115 to $70. Shaw believes growth at Silvergate is going to be "significantly limited in the current environment," according to a research note recently put out by the analyst.