Gemini Space Station (NASDAQ:GEMI) Trading Down 6.5% Following Analyst Downgrade

Gemini Space Station, Inc. (NASDAQ:GEMI)’s share price traded down 6.5% during trading on Tuesday after Truist Financial lowered their price target on the stock from $28.00 to $17.00. Truist Financial currently has a buy rating on the stock. Gemini Space Station traded as low as $9.85 and last traded at $10.07. 216,390 shares traded hands during trading, a decline of 93% from the average session volume of 3,064,167 shares. The stock had previously closed at $10.77.

Several other equities analysts have also weighed in on GEMI. Evercore ISI began coverage on Gemini Space Station in a research note on Tuesday, October 7th. They issued an “outperform” rating and a $30.00 target price on the stock. Morgan Stanley assumed coverage on shares of Gemini Space Station in a research report on Tuesday, October 7th. They issued an “equal weight” rating and a $29.00 price target on the stock. Barclays began coverage on shares of Gemini Space Station in a research note on Tuesday, October 7th. They set an “equal weight” rating and a $41.00 price objective on the stock. Zacks Research upgraded shares of Gemini Space Station to a “hold” rating in a report on Wednesday, October 8th. Finally, Rosenblatt Securities assumed coverage on shares of Gemini Space Station in a report on Tuesday, October 7th. They issued a “buy” rating and a $30.00 target price on the stock. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Gemini Space Station currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.09.

Institutional Trading of Gemini Space Station

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dragoneer Investment Group LLC acquired a new stake in Gemini Space Station in the 3rd quarter valued at approximately $38,815,000. Altimeter Capital Management LP acquired a new position in Gemini Space Station during the third quarter worth $38,336,000. UBS Group AG bought a new position in Gemini Space Station in the third quarter valued at $31,994,000. Vanguard Group Inc. acquired a new stake in Gemini Space Station in the 3rd quarter valued at $25,656,000. Finally, Squarepoint Ops LLC bought a new stake in Gemini Space Station during the 3rd quarter worth about $9,547,000.

Gemini Space Station Price Performance

The firm’s fifty day moving average price is $18.73.

Gemini Space Station (NASDAQ:GEMI) last posted its quarterly earnings results on Monday, November 10th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.99). The business had revenue of $50.62 million for the quarter, compared to analysts’ expectations of $45.87 million.

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.