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

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GEMI. Morgan Stanley began coverage on Gemini Space Station in a report on Tuesday, October 7th. They issued an “equal weight” rating and a $29.00 price target on the stock. Citigroup began coverage on shares of Gemini Space Station in a report on Tuesday, October 7th. They issued a “neutral” rating and a $26.00 price objective on the stock. Cantor Fitzgerald cut their price objective on shares of Gemini Space Station from $37.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 14th. Rosenblatt Securities assumed coverage on shares of Gemini Space Station in a research report on Tuesday, October 7th. They issued a “buy” rating and a $30.00 target price for the company. Finally, Zacks Research raised Gemini Space Station to a “hold” rating in a report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.36.

Gemini Space Station Price Performance

Gemini Space Station (NASDAQ:GEMI) last posted its quarterly earnings data on Monday, November 10th. The company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.99). The firm had revenue of $50.62 million for the quarter, compared to the consensus estimate of $45.87 million.

Hedge Funds Weigh In On Gemini Space Station

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in Gemini Space Station during the 3rd quarter valued at $51,000. National Bank of Canada FI acquired a new position in Gemini Space Station during the third quarter valued at $123,000. Man Group plc purchased a new stake in Gemini Space Station in the 3rd quarter worth about $201,000. Sandia Investment Management LP purchased a new stake in Gemini Space Station in the 3rd quarter worth about $228,000. Finally, Ground Swell Capital LLC acquired a new stake in Gemini Space Station during the 3rd quarter worth about $229,000.

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.