North Reef Capital Management LP Sells 250,262 Shares of Gemini Space Station, Inc. $GEMI

Key Points

• North Reef Capital Management cut its Gemini Space Station stake by 83.4% in the first quarter, selling 250,262 shares and leaving it with 49,738 shares worth about $220,000.
• Several other institutions also initiated new positions in GEMI, including Vanguard Group, UBS Group, Van ECK Associates, Franklin Resources, and Squarepoint Ops, signaling continued hedge fund interest.
• Analyst sentiment remains cautious: the stock carries an average Hold rating with a consensus target price of $12.25, while recent price targets have been lowered by firms such as Morgan Stanley, Citigroup, and Goldman Sachs.

North Reef Capital Management LP lowered its position in shares of Gemini Space Station, Inc. (NASDAQ:GEMI - Free Report) by 83.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 49,738 shares of the company's stock after selling 250,262 shares during the period. North Reef Capital Management LP's holdings in Gemini Space Station were worth $220,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of GEMI. Vanguard Group Inc. bought a new position in Gemini Space Station in the third quarter valued at about $25,656,000. Van ECK Associates Corp bought a new stake in shares of Gemini Space Station during the third quarter worth about $9,328,000. Franklin Resources Inc. acquired a new position in shares of Gemini Space Station in the third quarter valued at approximately $2,963,000. UBS Group AG acquired a new position in shares of Gemini Space Station in the third quarter valued at approximately $31,994,000. Finally, Squarepoint Ops LLC bought a new position in Gemini Space Station in the 3rd quarter valued at approximately $9,547,000.

Wall Street Analyst Weigh In

Several research firms recently commented on GEMI. Morgan Stanley cut their target price on shares of Gemini Space Station from $6.00 to $5.50 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. Citigroup dropped their price target on shares of Gemini Space Station from $5.50 to $4.00 and set a "sell" rating for the company in a research note on Tuesday, April 28th. Weiss Ratings upgraded shares of Gemini Space Station from a "sell (e+)" rating to a "sell (d)" rating in a report on Friday, May 22nd. The Goldman Sachs Group reduced their price objective on shares of Gemini Space Station from $6.50 to $5.75 and set a "neutral" rating on the stock in a research note on Wednesday, April 8th. Finally, Wall Street Zen downgraded Gemini Space Station from a "hold" rating to a "sell" rating in a report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $12.25.

Gemini Space Station Stock Performance

NASDAQ:GEMI opened at $4.29 on Friday. The company has a market capitalization of $511.75 million and a PE ratio of -1.08. The company has a 50 day simple moving average of $4.60 and a two-hundred day simple moving average of $6.04. Gemini Space Station, Inc. has a fifty-two week low of $3.83 and a fifty-two week high of $45.89.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.93) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.03). The business had revenue of $50.27 million for the quarter. The company's quarterly revenue was up 38.3% on a year-over-year basis. Research analysts predict that Gemini Space Station, Inc. will post -3.37 EPS for the current year.

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.

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