Gemini Space Station (NASDAQ:GEMI) Hits New 12-Month Low Following Weak Earnings

Shares of Gemini Space Station, Inc. (NASDAQ:GEMI) hit a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $14.08 and last traded at $14.17, with a volume of 2036771 shares changing hands. The stock had previously closed at $16.84.

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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Wall Street Zen lowered shares of Gemini Space Station from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Morgan Stanley started coverage on Gemini Space Station in a research note on Tuesday, October 7th. They issued an “equal weight” rating and a $29.00 target price for the company. Truist Financial dropped their price target on Gemini Space Station from $31.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Cantor Fitzgerald started coverage on Gemini Space Station in a research report on Tuesday, October 7th. They issued an “overweight” rating and a $37.00 price objective for the company. Finally, Barclays initiated coverage on Gemini Space Station in a research note on Tuesday, October 7th. They set an “equal weight” rating and a $41.00 target price for the company. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.73.

Institutional Investors Weigh In On Gemini Space Station

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new position in shares of Gemini Space Station during the 3rd quarter worth approximately $51,000. Ground Swell Capital LLC acquired a new position in Gemini Space Station during the third quarter worth $229,000. Wealth Enhancement Advisory Services LLC bought a new position in Gemini Space Station in the third quarter valued at $248,000. SG Americas Securities LLC acquired a new stake in Gemini Space Station in the 3rd quarter valued at $325,000. Finally, TD Asset Management Inc bought a new stake in Gemini Space Station during the 3rd quarter worth about $415,000.

Gemini Space Station Stock Down 15.4%

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.