Crypto bank Silvergate Capital (NYSE:SI) +7.8% shares wrap up Wednesday's session on a strong note following an analyst upgrade on the stock. KBW analyst Michael Perito upgrades SI to Outperform which contradicts the Bearish Quant Rating, with the poorest ratings in Profitability and Momentum. But it agrees with the Bullish Wall Street Analyst Rating (5 Very Bullish, 1 Bullish, 3 Neutral). Perhaps bitcoin's (BTC-USD +3.0%) slight move to the upside helped SI perform that much better on Wednesday given the relatively high correlation between the them on a Y/Y basis, though it appears SI is a "levered" version of the digital token, among other crypto-related stocks like MicroStrategy (NASDAQ:MSTR) and Bakkt (NYSE:BKKT). On a fundamental note, SI's revenue has been growing consecutively for every quarter since Q4 2019, and soars about 100% on a Y/Y basis in the third quarter. A similar growth trend appears on the bank's balance sheet regarding its loans and deposits.
