Needham & Company LLC Has Lowered Expectations for Gemini Space Station (NASDAQ:GEMI) Stock Price

Key Points

• Needham cut Gemini Space Station’s price target from $8 to $6 but maintained a “buy” rating, implying roughly 53% upside from the prior close.
• Analyst sentiment is mixed: the consensus rating is “Hold” with a $11.36 average price target, while recent firms including Citigroup and Goldman Sachs issued “sell” ratings.
• Gemini opened at $3.92 and recently reported a larger-than-expected quarterly loss of $0.89 per share versus the $0.71 consensus estimate, alongside a negative 250.13% net margin.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) had its target price cut by stock analysts at Needham & Company LLC from $8.00 to $6.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 53.06% from the company's previous close.

GEMI has been the topic of several other reports. Citigroup decreased their price objective on shares of Gemini Space Station from $5.50 to $4.00 and set a "sell" rating on the stock in a report on Tuesday, April 28th. Rosenblatt Securities decreased their price objective on Gemini Space Station from $9.00 to $6.00 and set a "buy" rating on the stock in a report on Monday. Wall Street Zen lowered shares of Gemini Space Station from a "sell" rating to a "strong sell" rating in a research report on Saturday. Cantor Fitzgerald lowered their target price on shares of Gemini Space Station from $7.00 to $5.00 and set a "neutral" rating on the stock in a report on Monday. Finally, The Goldman Sachs Group downgraded Gemini Space Station from a "neutral" rating to a "sell" rating and set a $4.00 target price for the company. in a research report on Wednesday, July 29th. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $11.36.

Gemini Space Station Stock Performance

NASDAQ GEMI opened at $3.92 on Monday. The company has a market cap of $467.62 million and a PE ratio of -0.40. Gemini Space Station has a 12 month low of $3.74 and a 12 month high of $45.89. The stock has a 50 day moving average of $4.35 and a 200-day moving average of $5.32.

Gemini Space Station (NASDAQ:GEMI - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.89) 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 firm had revenue of $45.48 million during the quarter. As a group, sell-side analysts predict that Gemini Space Station will post -3.37 EPS for the current fiscal year.

Institutional Trading of Gemini Space Station

Hedge funds have recently made changes to their positions in the company. National Bank of Canada FI bought a new position in Gemini Space Station in the 3rd quarter valued at approximately $123,000. Man Group plc acquired a new position in Gemini Space Station in the 3rd quarter valued at approximately $201,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Gemini Space Station during the fourth quarter valued at $88,000. Sandia Investment Management LP bought a new stake in shares of Gemini Space Station in the third quarter worth $228,000. Finally, SBI Securities Co. Ltd. raised its position in Gemini Space Station by 362.1% during the 4th quarter. SBI Securities Co. Ltd. now owns 9,930 shares of the company's stock worth $99,000 after purchasing an additional 7,781 shares during the last quarter.

Gemini Space Station Company Profile

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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