Gemini Space Station (NASDAQ:GEMI) Stock Price Down 4.2% on Analyst Downgrade

Shares of Gemini Space Station, Inc. (NASDAQ:GEMI) dropped 4.2% during trading on Monday after Needham & Company LLC lowered their price target on the stock from $10.00 to $8.00. Needham & Company LLC currently has a buy rating on the stock. Gemini Space Station traded as low as $5.69 and last traded at $5.72. Approximately 445,353 shares changed hands during trading, a decline of 73% from the average daily volume of 1,664,097 shares. The stock had previously closed at $5.97.

Several other research firms have also recently weighed in on GEMI. Morgan Stanley cut their price target on Gemini Space Station from $29.00 to $13.00 and set an “equal weight” rating on the stock in a report on Monday, December 22nd. Truist Financial lowered Gemini Space Station from a “buy” rating to a “hold” rating and set a $7.00 target price on the stock. in a research report on Tuesday, February 17th. Evercore downgraded Gemini Space Station from an “outperform” rating to an “in-line” rating and set a $10.00 price target for the company. in a research report on Friday, February 6th. Rosenblatt Securities decreased their price target on shares of Gemini Space Station from $26.00 to $11.50 and set a “buy” rating for the company in a research note on Friday, February 20th. Finally, Citigroup downgraded shares of Gemini Space Station from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $13.00 to $5.50 in a report on Wednesday, March 18th. Three equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.82.

Insider Activity at Gemini Space Station

In related news, Director Sachin Chand Jaitly sold 39,708 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $8.92, for a total transaction of $354,195.36. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Institutional Trading of Gemini Space Station

Several hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC bought a new position in Gemini Space Station in the third quarter valued at approximately $325,000. Wealth Enhancement Advisory Services LLC bought a new stake in Gemini Space Station during the third quarter worth $248,000. SBI Securities Co. Ltd. acquired a new stake in shares of Gemini Space Station in the 3rd quarter valued at $51,000. Ground Swell Capital LLC acquired a new stake in shares of Gemini Space Station in the 3rd quarter valued at $229,000. Finally, Vanguard Group Inc. bought a new position in shares of Gemini Space Station in the 3rd quarter valued at $25,656,000.

Gemini Space Station Price Performance

The company has a market cap of $668.27 million and a price-to-earnings ratio of -3.14. The business has a 50-day moving average of $7.98.

Gemini Space Station (NASDAQ:GEMI) last released its quarterly earnings results on Thursday, March 19th. The company reported ($1.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.06) by ($0.16). The firm had revenue of $60.34 million for the quarter.

About Gemini Space Station

Our mission is to unlock the next era of financial, creative, and personal freedom. Gemini envisions a future where crypto will redesign the global financial system, the internet, and money in a way that provides greater choice, independence, and opportunity for all. As a trusted bridge between the traditional financial system and the emerging cryptoeconomy, we are providing access for individuals and institutions to a decentralized future that is more open, fair, and secure. Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets.