Silvergate Capital stock down 57% since May 4 amid bitcoin swoon – MarketWatch

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Silvergate Capital SI, -10.92% shares fell 15.6% on Thursday amid weaker bitcoin prices, as a chartered bank that runs a banking portal called Silvergate Exchange Network for clients including Coinbase Global Inc. COIN, +8.90%, Paxos, Kraken and Bitstamp Ltd. The stock is down about 57% since May 4, when it traded at $140 a share. Silvergate Capital is covered by seven Wall Street analysts, all of which have buy ratings on the stock, according to FactSet. The stock is now trading at its lowest point since December, 2020, when it last changed hands around the $60 mark.
They are underperforming the market by a widening margin. There is no reason to consider buying this group of stocks anytime soon.

Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.

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