5 Most Shorted Stocks Right Now on Wall Street

In this article, we will look at the 5 most shorted stocks on Wall Street right now. If you want to explore similar stocks, you can go to 15 Most Shorted Stocks Right Now on Wall Street.

5. Silvergate Capital Corporation (NYSE:SI)

Number of Hedge Fund Holders: 22

Short % of Float (Jan 30, 2023): 64.93%

Silvergate Capital Corporation (NYSE:SI) is the bank holding company for Silvergate Bank and provides various banking products and services to businesses and individuals in the United States. As of January 30, 64.93% of the company’s float has been shorted. Silvergate Capital Corporation (NYSE:SI) is placed fifth among the most shorted stocks on Wall Street right now.

On March 2, Compass Point analyst David Rochester lowered his price target on Silvergate Capital Corporation (NYSE:SI) to $16 from $10 and downgraded the stock to Neutral from Buy.

At the end of Q4 2022, Silvergate Capital Corporation (NYSE:SI) was a part of 22 investors’ portfolios. These funds held collective positions worth $106.5 million in the company, down from $441.3 million in the previous quarter with 27 positions.

As of December 31, Miller Value Partners is the top investor in Silvergate Capital Corporation (NYSE:SI) and has disclosed a stake worth $24.7 million in the company.

Here is what Artisan Partners had to say about Silvergate Capital Corporation (NYSE:SI) in its fourth-quarter 2022 investor letter:

“Silvergate Capital Corporation (NYSE:SI) (holding company for its wholly owned subsidiary, Silvergate Bank) is the leading regulated provider of traditional banking solutions to the digital currency industry. Our thesis was focused on its ability to expand the Silvergate Exchange Network (SEN), a proprietary, virtually instantaneous payment network for participants in the digital currency industry which serves as a platform for the development of additional products and services. As a bridge between regulated financial markets and the crypto industry, the company has established itself as a core infrastructure layer. Unfortunately, disruption in the digital asset industry, fueled by the unfolding demise of FTX, has once again raised uncertainty around the health of the digital asset industry overall. We not only questioned our profit cycle thesis given the issues at FTX, but we also had concerns surrounding the Silvergate franchise given the now increased level of regulatory uncertainty and decided to harvest our GardenSM position.”