Gemini Space Station (NASDAQ:GEMI) Shares Down 11.1% – Should You Sell?

Gemini Space Station, Inc. (NASDAQ:GEMI)’s share price traded down 11.1% on Thursday . The stock traded as low as $7.70 and last traded at $7.6780. 594,994 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 1,568,029 shares. The stock had previously closed at $8.64.

Analysts Set New Price Targets

Several brokerages have commented on GEMI. Mizuho dropped their price target on shares of Gemini Space Station from $30.00 to $26.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 24th. Needham & Company LLC lowered their price objective on shares of Gemini Space Station from $23.00 to $10.00 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. Rosenblatt Securities cut their target price 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. Cantor Fitzgerald restated a “neutral” rating and issued a $8.00 price target (down from $14.00) on shares of Gemini Space Station in a research report on Wednesday, February 18th. Finally, Truist Financial cut Gemini Space Station from a “buy” rating to a “hold” rating and set a $7.00 price target on the stock. in a report on Tuesday, February 17th. Three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $16.68.

Gemini Space Station Stock Down 1.8%

The stock’s 50 day moving average price is $8.45. The stock has a market capitalization of $913.00 million and a P/E ratio of -4.29.

Insider Activity at Gemini Space Station

In related news, Director Sachin Chand Jaitly sold 39,708 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $8.92, for a total value of $354,195.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Hedge Funds Weigh In On Gemini Space Station

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dragoneer Investment Group LLC purchased a new stake in shares of Gemini Space Station in the third quarter valued at $38,815,000. Altimeter Capital Management LP purchased a new position in shares of Gemini Space Station during the third quarter valued at $38,336,000. UBS Group AG acquired a new position in Gemini Space Station during the third quarter valued at $31,994,000. Vanguard Group Inc. acquired a new position in Gemini Space Station during the third quarter valued at $25,656,000. Finally, Commonwealth Bank of Australia purchased a new stake in Gemini Space Station in the 4th quarter worth about $7,086,000.

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.