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Why the Shine Was off Silvergate Capital Stock This Week

Eric Volkman, The Motley Fool
·2-min read
Why the Shine Was off Silvergate Capital Stock This Week

Unfortunate financial services company Silvergate Capital (NYSE: SI) suffered both indignities this week. It probably goes nearly without saying that Silvergate's downgrade and the unwanted political attention stem from the potential fallout of the FTX collapse. Monday morning before market open, Morgan Stanley analyst Manank Gosalia dropped his recommendation one peg to underweight (sell, in other words) from his previous equalweight (neutral), citing the "ongoing stress in the crypto ecosystem" due to FTX's swoon.

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