On March 3, 2023 at 09:54:57 ET an unusually large $562.44K block of Put contracts in Silvergate Capital (SI) was bought, with a strike price of $12.00 / share, expiring in 7 days (on March 10, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.81 sigmas above the mean, placing it in the 99.71 percentile of all recent large trades made in SI options.
This trade was first picked up on Fintel’s real time Options Flow tool, where all large block option trades are tracked.
Analyst Price Forecast Suggests 179.37% Upside
As of March 3, 2023, the average one-year price target for Silvergate Capital is $15.98. The forecasts range from a low of $8.08 to a high of $26.25. The average price target represents an increase of 179.37% from its latest reported closing price of $5.72.
The projected annual revenue for Silvergate Capital is $330MM. The projected annual EPS is $4.31.
What is the Fund Sentiment?
There are 529 funds or institutions reporting positions in Silvergate Capital. This is a decrease of 36 owner(s) or 6.37% in the last quarter. Average portfolio weight of all funds dedicated to SI is 0.42%, an increase of 24.31%. Total shares owned by institutions increased in the last three months by 25.73% to 37,270K shares. The put/call ratio of SI is 2.15, indicating a bearish outlook.
What are large shareholders doing?
block.one holds 2,562K shares representing 8.09% ownership of the company.
KRE – SPDR ETF holds 2,315K shares representing 7.31% ownership of the company. In it’s prior filing, the firm reported owning 717K shares, representing an increase of 69.03%. The firm decreased its portfolio allocation in SI by 16.26% over the last quarter.
Miller Value Partners holds 1,424K shares representing 4.50% ownership of the company. In it’s prior filing, the firm reported owning 260K shares, representing an increase of 81.76%. The firm increased its portfolio allocation in SI by 34.39% over the last quarter.
LGOAX – Miller Opportunity Trust holds 1,300K shares representing 4.11% ownership of the company. In it’s prior filing, the firm reported owning 232K shares, representing an increase of 82.16%. The firm increased its portfolio allocation in SI by 37.93% over the last quarter.
Millennium Management holds 1,143K shares representing 3.61% ownership of the company. In it’s prior filing, the firm reported owning 40K shares, representing an increase of 96.48%. The firm increased its portfolio allocation in SI by 514.23% over the last quarter.
Silvergate Capital Background Information
(This description is provided by the company.)
Silvergate Capital Corporation is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that opened in 1988, has been profitable for 22 consecutive years, and has focused its strategy on creating the banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs. The Company’s assets consist primarily of its investment in the Bank and the Company’s primary activities are conducted through the Bank. The Company is subject to supervision by the Board of Governors of the Federal Reserve System (the ‘Federal Reserve’). The Bank is subject to supervision by the California Department of Business Oversight, Division of Financial Institutions and, as a Federal Reserve member bank, the Federal Reserve. The Bank’s deposits are insured up to legal limits by the Federal Deposit Insurance Corporation.
This article originally appeared on Fintel
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