Morgan Stanley Has Lowered Expectations for Gemini Space Station (NASDAQ:GEMI) Stock Price

Gemini Space Station (NASDAQ:GEMI) had its target price dropped by research analysts at Morgan Stanley from $29.00 to $13.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 9.70% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Gemini Space Station in a research report on Thursday, December 11th. Needham & Company LLC dropped their price target on Gemini Space Station from $42.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Gemini Space Station in a research report on Wednesday. Truist Financial reduced their price target on shares of Gemini Space Station from $28.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, November 25th. Finally, Citigroup lowered their price objective on shares of Gemini Space Station from $16.00 to $13.00 and set a “neutral” rating on the stock in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $23.91.

Gemini Space Station Trading Up 3.8%

GEMI stock traded up $0.43 during midday trading on Monday, reaching $11.85. 786,450 shares of the company’s stock traded hands, compared to its average volume of 2,976,089. The firm has a fifty day simple moving average of $14.79. Gemini Space Station has a 52 week low of $9.67 and a 52 week high of $45.89.

Gemini Space Station (NASDAQ:GEMI) last posted 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 firm had revenue of $50.62 million during the quarter, compared to the consensus estimate of $45.87 million.

Institutional Investors Weigh In On Gemini Space Station

Several hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. purchased a new position in shares of Gemini Space Station during the 3rd quarter worth approximately $51,000. National Bank of Canada FI purchased a new stake in Gemini Space Station in the third quarter worth $123,000. Man Group plc bought a new position in Gemini Space Station in the third quarter worth $201,000. Sandia Investment Management LP purchased a new position in Gemini Space Station during the third quarter valued at $228,000. Finally, Ground Swell Capital LLC bought a new stake in shares of Gemini Space Station during the 3rd quarter valued at $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. Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets.