Why Silvergate Capital Stock Surged This Week
Shares of Silvergate Capital (NYSE: SI) soared this week, adding as much as 18%, according to data provided by S&P Global Market Intelligence. As of 2:20 p.m. ET on Friday, the stock was still up 13.2%.
The catalyst that drove the cryptocurrency-friendly bank higher were earnings that far exceeded expectations and several price target increases courtesy of Wall Street analysts.
Silvergate Capital reported first-quarter net income of $27.4 million, surging 115% year over year. This resulted in earnings per share (EPS) of $0.79, which climbed 44%. To put those numbers in context, analysts' consensus estimates were calling for net income of $16.1 million and EPS $0.45.
Source Fool.com
