Silvergate Capital Corp. SI stock shed an additional 8.5% in premarket trades on Friday, on top of a nearly 43% loss on Thursday after a warning from the company on its drop in deposits and a 40% headcount reduction. J.P.Morgan analysts downgraded Silvergate Capital to neutral from overweight and cut their price target on the stock to $14 from $33. Analysts noted that the company’s $4.
5% in premarket trades on Friday, on top of a nearly 43% loss on Thursday after a warning from the company on its drop in deposits and a 40% headcount reduction. J.P.Morgan analysts downgraded Silvergate Capital to neutral from overweight and cut their price target on the stock to $14 from $33. Analysts noted that the company’s $4.7 billion reduction in average deposits from digital asset customers was “well above even the high-end of the range” under various stress scenarios.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »