Gemini Space Station (NASDAQ:GEMI) Shares Down 7.6% – Here’s Why

Gemini Space Station, Inc. (NASDAQ:GEMI) shares traded down 7.6% on Wednesday . The stock traded as low as $11.07 and last traded at $11.17. 1,096,921 shares were traded during mid-day trading, a decline of 66% from the average session volume of 3,184,990 shares. The stock had previously closed at $12.09.

Wall Street Analysts Forecast Growth

GEMI has been the topic of a number of research reports. Morgan Stanley initiated coverage on Gemini Space Station in a research note on Tuesday, October 7th. They issued an “equal weight” rating and a $29.00 price objective on the stock. Barclays assumed coverage on shares of Gemini Space Station in a research report on Tuesday, October 7th. They issued an “equal weight” rating and a $41.00 price target on the stock. The Goldman Sachs Group dropped their price target on shares of Gemini Space Station from $22.00 to $19.00 and set a “neutral” rating on the stock in a research note on Friday. Mizuho assumed coverage on shares of Gemini Space Station in a research note on Tuesday, October 7th. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, Wall Street Zen downgraded Gemini Space Station from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Six research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Gemini Space Station currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.09.

Gemini Space Station Stock Up 0.5%

The firm’s 50-day moving average price is $19.29.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dragoneer Investment Group LLC bought a new stake in Gemini Space Station during the third quarter worth about $38,815,000. Altimeter Capital Management LP purchased a new position in shares of Gemini Space Station during the 3rd quarter valued at about $38,336,000. UBS Group AG bought a new stake in Gemini Space Station in the 3rd quarter worth approximately $31,994,000. Vanguard Group Inc. purchased a new stake in Gemini Space Station in the third quarter worth approximately $25,656,000. Finally, Squarepoint Ops LLC purchased a new stake in Gemini Space Station in the third quarter worth approximately $9,547,000.

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.