Unusual Put Option Trade in Silvergate Capital Worth $5,350K

On March 29, 2023 at 14:53:38 ET an unusually large $5,350.00K block of Put contracts in Silvergate Capital (SI) was sold, with a strike price of $12.50 / share, expiring in 23 days (on April 21, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 21.59 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in SI options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 96.15% Upside

As of March 28, 2023, the average one-year price target for Silvergate Capital is $4.08. The forecasts range from a low of $4.04 to a high of $4.20. The average price target represents an increase of 96.15% from its latest reported closing price of $2.08.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Silvergate Capital is $330MM. The projected annual non-GAAP EPS is $4.31.

What is the Fund Sentiment?

There are 507 funds or institutions reporting positions in Silvergate Capital. This is a decrease of 65 owner(s) or 11.36% in the last quarter. Average portfolio weight of all funds dedicated to SI is 0.42%, an increase of 29.54%. Total shares owned by institutions increased in the last three months by 24.97% to 37,100K shares. The put/call ratio of SI is 1.33, 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