Gemini Space Station (NASDAQ:GEMI) Shares Gap Down Following Analyst Downgrade

Gemini Space Station, Inc. (NASDAQ:GEMI) shares gapped down prior to trading on Wednesday after Citigroup downgraded the stock from a neutral rating to a sell rating. The stock had previously closed at $7.11, but opened at $6.56. Citigroup now has a $5.50 price target on the stock. Gemini Space Station shares last traded at $5.8930, with a volume of 688,459 shares traded.

A number of other analysts also recently commented on the company. Evercore downgraded Gemini Space Station from an “outperform” rating to an “in-line” rating and set a $10.00 target price on the stock. in a research report on Friday, February 6th. Rosenblatt Securities cut their price target on Gemini Space Station from $26.00 to $11.50 and set a “buy” rating for the company in a research note on Friday, February 20th. Morgan Stanley decreased their price objective on shares of Gemini Space Station from $29.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday, December 22nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $8.00 price objective (down from $14.00) on shares of Gemini Space Station in a research note on Wednesday, February 18th. Finally, Truist Financial downgraded shares of Gemini Space Station from a “buy” rating to a “hold” rating and set a $7.00 target price for the company. in a report on Tuesday, February 17th. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $16.00.

Insiders Place Their Bets

In related news, Director Sachin Chand Jaitly sold 39,708 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $8.92, for a total transaction of $354,195.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new stake in shares of Gemini Space Station in the third quarter worth approximately $51,000. National Bank of Canada FI acquired a new position in Gemini Space Station during the third quarter worth approximately $123,000. Man Group plc purchased a new position in Gemini Space Station during the third quarter worth approximately $201,000. Caitong International Asset Management Co. Ltd purchased a new position in Gemini Space Station during the fourth quarter worth approximately $88,000. Finally, Sandia Investment Management LP acquired a new position in shares of Gemini Space Station in the 3rd quarter valued at $228,000.

Gemini Space Station Trading Down 18.0%

The company’s fifty day simple moving average is $8.28. The company has a market cap of $685.90 million and a P/E ratio of -3.25.

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.