Gemini Space Station (NASDAQ:GEMI) Stock Dropped to Underweight by Morgan Stanley

Key Points

• Morgan Stanley downgraded Gemini Space Station to “underweight” from “equal weight” and set a $4.75 price target, implying roughly 6.3% upside from the reported $4.47 share price.
• Analyst sentiment remains cautious: the stock has a consensus “Reduce” rating, with three Buys, four Holds and four Sells, and an average price target of $5.61.
• Gemini reported a quarterly loss of $0.89 per share, missing estimates by $0.18, while posting $45.48 million in revenue and a negative net margin of 250.13%.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) was downgraded by investment analysts at Morgan Stanley from an "equal weight" rating to an "underweight" rating in a report issued on Friday, MarketBeat reports. They presently have a $4.75 target price on the stock. Morgan Stanley's target price suggests a potential upside of 6.26% from the company's current price.

Several other research analysts have also weighed in on GEMI. Needham & Company LLC dropped their price objective on shares of Gemini Space Station from $8.00 to $6.00 and set a "buy" rating on the stock in a research note on Monday, August 17th. Truist Financial reduced their price objective on Gemini Space Station from $5.00 to $4.50 and set a "hold" rating for the company in a research report on Friday, July 24th. Keefe, Bruyette & Woods raised Gemini Space Station to a "hold" rating in a research note on Tuesday, September 29th. Weiss Ratings lowered Gemini Space Station from a "sell (d)" rating to a "sell (e+)" rating in a report on Friday, August 14th. Finally, The Goldman Sachs Group raised their price objective on shares of Gemini Space Station from $3.50 to $4.00 and gave the company a "sell" rating in a research report on Wednesday, September 9th. Three research analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and an average target price of $5.61.

Gemini Space Station Stock Down 0.4%

Shares of NASDAQ:GEMI opened at $4.47 on Friday. The company's fifty day moving average is $4.56 and its two-hundred day moving average is $4.60. The company has a market cap of $579.54 million and a P/E ratio of -0.46. Gemini Space Station has a 12-month low of $3.38 and a 12-month high of $26.34.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.89) earnings per share for the quarter, missing analysts' consensus estimates of ($0.71) by ($0.18). Gemini Space Station had a negative net margin of 250.13% and a negative return on equity of 75.66%. The business had revenue of $45.48 million for the quarter. Equities research analysts anticipate that Gemini Space Station will post -3.37 earnings per share for the current year.

Institutional Investors Weigh In On Gemini Space Station

A number of hedge funds have recently bought and sold shares of the company. WINTON GROUP Ltd bought a new stake in Gemini Space Station during the 2nd quarter valued at approximately $130,000. ParaFi Capital LP increased its position in Gemini Space Station by 430.7% during the second quarter. ParaFi Capital LP now owns 3,428,888 shares of the company's stock worth $14,607,000 after acquiring an additional 2,782,786 shares during the period. Gryphon Financial Partners LLC bought a new stake in Gemini Space Station in the 1st quarter valued at $145,000. Apollon Wealth Management LLC acquired a new stake in Gemini Space Station in the 1st quarter worth $44,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Gemini Space Station during the fourth quarter valued at about $88,000.

Gemini Space Station Company Profile

Gemini Space Station, Inc operates Gemini, a cryptocurrency platform founded by Cameron and Tyler Winklevoss in 2014. The company provides individuals and institutions with services for buying, selling, trading, storing and transferring digital assets.

Its offerings include a digital-asset exchange, custodial services, institutional trading tools, staking services and other products designed to support cryptocurrency investing and blockchain-based transactions. Gemini has also offered products connected with digital-asset payments and rewards, subject to applicable regulatory requirements and geographic availability.

The company serves customers in the United States and selected international markets through its online platform and related services.

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