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

Gemini Space Station, Inc. (NASDAQ:GEMI)’s share price gapped down prior to trading on Wednesday after Citigroup downgraded the stock from a neutral rating to a sell rating. The stock had previously closed at $7.11, but opened at $6.56. Citigroup now has a $5.50 price target on the stock. Gemini Space Station shares last traded at $5.8930, with a volume of 688,459 shares changing hands.

Several other brokerages have also commented on GEMI. The Goldman Sachs Group dropped their price target on 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. Weiss Ratings reiterated a “sell (d)” rating on shares of Gemini Space Station in a report on Monday, December 29th. Cantor Fitzgerald reissued a “neutral” rating and set a $8.00 target price (down from $14.00) on shares of Gemini Space Station in a research report on Wednesday, February 18th. Truist Financial lowered shares of 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. Finally, Morgan Stanley reduced their price target on shares of Gemini Space Station from $29.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday, December 22nd. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.00.

Insider Transactions at Gemini Space Station

In other Gemini Space Station news, Director Sachin Chand Jaitly sold 39,708 shares of the business’s stock in a transaction 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 document filed with the SEC, which is available at this link.

Institutional Trading of Gemini Space Station

A number of hedge funds and other institutional investors have recently modified their holdings of GEMI. SBI Securities Co. Ltd. purchased a new position in Gemini Space Station in the third quarter valued at about $51,000. Caitong International Asset Management Co. Ltd purchased a new stake in Gemini Space Station during the 4th quarter worth approximately $88,000. Engineers Gate Manager LP acquired a new position in shares of Gemini Space Station in the 4th quarter valued at approximately $100,000. National Bank of Canada FI acquired a new position in shares of Gemini Space Station in the 3rd quarter valued at approximately $123,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Gemini Space Station during the 4th quarter valued at approximately $160,000.

Gemini Space Station Trading Down 18.0%

The company has a 50-day moving average of $8.28. The company has a market capitalization of $685.90 million and a price-to-earnings ratio of -3.25.

Gemini Space Station Company Profile

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.