Silvergate Capital Corp Cl A Up 14.67% To $74.59 After Earnings Beat

Silvergate Capital Corp Cl A (SI) said before open Tuesday that it earned $1.13 per share in quarter two 2022.

On the revenue line, the company reported $79.8 million, beating estimates by $6.2 million.

In the same quarter a year ago, the company earned $0.8 per share on revenue of $42.5 million.

The stock is up 14.67% to $74.59 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 63. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Silvergate Capital Corp is a provider of various financial infrastructure solutions and services. Its solutions and service offerings include Silvergate Exchange Network, Cash Management Solutions and Deposit Account Services. Its customers include U.S. exchanges and global investors in the digital currency industry. The company also provides financial services that include commercial banking, business lending, commercial and residential real estate lending, and mortgage warehouse lending.