Silvergate Capital Corp (SICP)

[SmokyStock]

Silvergate recovers earlier losses, Goldman Sachs moves it to a suspended rating

Silvergate shares rose 3% after falling as much as 10% earlier in the day and ending the previous session down more than 57%.

The move higher coincided with a broader stock market climb. All of the major averages were on track to post a 1% by the mid-afternoon.

Nevertheless, investors will continue to monitor the fallout of the crypto bank that warned this week that it may not be able to operate another 12 months. Goldman Sachs moved Silvergate to a suspended rating Friday morning, saying it doesn’t have enough information on the stock.

The stock is still down almost 60% for the week.