Gemini Space Station (NASDAQ:GEMI) Stock Price Down 5.7% After Analyst Downgrade

Gemini Space Station, Inc. (NASDAQ:GEMI) shares dropped 5.7% on Tuesday after Morgan Stanley lowered their price target on the stock from $29.00 to $13.00. Morgan Stanley currently has an equal weight rating on the stock. Gemini Space Station traded as low as $11.02 and last traded at $11.07. Approximately 249,979 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 2,944,070 shares. The stock had previously closed at $11.74.

GEMI has been the subject of several other research reports. Zacks Research raised shares of Gemini Space Station to a “hold” rating in a research report on Wednesday, October 8th. Mizuho assumed coverage on Gemini Space Station in a research note on Tuesday, October 7th. They set an “outperform” rating and a $30.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Gemini Space Station in a research note on Thursday, December 11th. Keefe, Bruyette & Woods initiated coverage on shares of Gemini Space Station in a research note on Tuesday, October 7th. They issued a “market perform” rating and a $27.00 price target on the stock. Finally, Evercore ISI lowered their price objective on shares of Gemini Space Station from $30.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, November 28th. Six analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.91.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. North Reef Capital Management LP purchased a new stake in Gemini Space Station during the third quarter valued at about $5,878,000. Dragoneer Investment Group LLC purchased a new position in shares of Gemini Space Station during the third quarter valued at approximately $38,815,000. Altimeter Capital Management LP bought a new stake in shares of Gemini Space Station during the 3rd quarter valued at about $38,336,000. Atreides Management LP purchased a new position in shares of Gemini Space Station during the 3rd quarter worth approximately $1,677,000. Finally, Ghisallo Capital Management LLC purchased a new stake in shares of Gemini Space Station in the 3rd quarter worth about $1,677,000.

Gemini Space Station Stock Performance

The stock has a fifty day moving average price of $14.55.

Gemini Space Station (NASDAQ:GEMI) last announced its earnings results on Monday, November 10th. The company reported ($1.81) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.99). The business had revenue of $50.62 million for the quarter, compared to analyst estimates 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. Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets.