Gemini Space Station (NASDAQ:GEMI) Shares Gap Down Following Analyst Downgrade

Shares of Gemini Space Station, Inc. (NASDAQ:GEMI) gapped down prior to trading on Tuesday after Truist Financial downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $7.56, but opened at $6.98. Truist Financial now has a $7.00 price target on the stock. Gemini Space Station shares last traded at $6.65, with a volume of 454,862 shares trading hands.

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC dropped their price objective on Gemini Space Station from $35.00 to $23.00 and set a “buy” rating on the stock in a research note on Monday, December 29th. The Goldman Sachs Group cut their price target on shares of Gemini Space Station from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Friday, December 5th. Evercore lowered shares of Gemini Space Station from an “outperform” rating to an “in-line” rating and set a $10.00 price objective on the stock. in a research note on Friday, February 6th. Citigroup dropped their target price on shares of Gemini Space Station from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, December 22nd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Gemini Space Station in a report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Gemini Space Station has an average rating of “Hold” and an average price target of $20.09.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Dragoneer Investment Group LLC acquired a new stake in shares of Gemini Space Station in the third quarter valued at approximately $38,815,000. Altimeter Capital Management LP acquired a new position in Gemini Space Station in the 3rd quarter valued at $38,336,000. UBS Group AG bought a new stake in shares of Gemini Space Station during the 3rd quarter valued at $31,994,000. Vanguard Group Inc. acquired a new stake in shares of Gemini Space Station during the 3rd quarter worth $25,656,000. Finally, Commonwealth Bank of Australia acquired a new stake in shares of Gemini Space Station during the 4th quarter worth $7,086,000.

Gemini Space Station Trading Down 14.0%

The company has a market cap of $764.73 million and a P/E ratio of -3.59. The firm has a 50-day simple moving average of $10.00.

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.