Bank of America Corp DE Sells 413,753 Shares of Gemini Space Station, Inc. $GEMI

Key Points

• Bank of America cut its Gemini Space Station stake by 97%, selling 413,753 shares and retaining 12,792 shares valued at approximately $57,000.
• Analysts have lowered several price targets, with ratings spanning Buy, Hold, and Sell. The overall consensus is Hold, with an average target of $10.84.
• Gemini reported a quarterly loss of $0.89 per share, missing expectations of a $0.71 loss, while generating $45.48 million in revenue. The company continues to post deeply negative profitability metrics.

Bank of America Corp DE lessened its position in shares of Gemini Space Station, Inc. (NASDAQ:GEMI - Free Report) by 97.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,792 shares of the company's stock after selling 413,753 shares during the period. Bank of America Corp DE's holdings in Gemini Space Station were worth $57,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS Group AG bought a new position in Gemini Space Station during the third quarter worth about $31,994,000. Vanguard Group Inc. bought a new stake in shares of Gemini Space Station in the third quarter valued at approximately $25,656,000. Commonwealth Bank of Australia acquired a new stake in Gemini Space Station during the fourth quarter worth approximately $7,086,000. Geode Capital Management LLC grew its position in Gemini Space Station by 1,220.7% during the fourth quarter. Geode Capital Management LLC now owns 484,571 shares of the company's stock worth $4,808,000 after buying an additional 447,881 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in Gemini Space Station during the 3rd quarter worth $9,547,000.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wall Street Zen downgraded Gemini Space Station from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. Rosenblatt Securities cut their price objective on shares of Gemini Space Station from $9.00 to $6.00 and set a "buy" rating for the company in a research report on Monday, August 17th. Needham & Company LLC dropped their target price on shares of Gemini Space Station from $8.00 to $6.00 and set a "buy" rating for the company in a research report on Monday, August 17th. Mizuho set a $7.00 price target on shares of Gemini Space Station in a report on Monday, August 17th. Finally, Truist Financial decreased their price objective on shares of Gemini Space Station from $5.00 to $4.50 and set a "hold" rating on the stock in a research note on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $10.84.

Gemini Space Station Price Performance

Shares of GEMI stock opened at $4.46 on Monday. The firm has a 50-day moving average of $4.29 and a 200-day moving average of $4.90. Gemini Space Station, Inc. has a one year low of $3.38 and a one year high of $45.89. The company has a market cap of $578.24 million and a P/E ratio of -0.46.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.89) earnings per share (EPS) 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 during the quarter. As a group, research analysts expect that Gemini Space Station, Inc. will post -3.37 earnings per share for the current fiscal year.

Gemini Space Station Company Profile

Gemini Space Station, Inc, doing business as Gemini, is a cryptocurrency platform that provides digital-asset trading, custody and related financial services to retail and institutional customers. Its platform enables users to buy, sell, store and transfer cryptocurrencies and access market data and portfolio-management tools.

The company has also offered institutional services, including custody, execution and clearing solutions, as well as products designed to support staking and other digital-asset activities.

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