Gemini Space Station (NASDAQ:GEMI) Cut to “In-Line” at Evercore ISI

Gemini Space Station (NASDAQ:GEMI) was downgraded by analysts at Evercore ISI from an “outperform” rating to an “in-line” rating in a research note issued to investors on Friday,Finviz reports. They presently have a $10.00 price objective on the stock. Evercore ISI’s price objective suggests a potential upside of 49.25% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Truist Financial reduced their price target on Gemini Space Station from $28.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, November 25th. Cantor Fitzgerald decreased their price target on shares of Gemini Space Station from $25.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, January 29th. Morgan Stanley reduced their price objective on Gemini Space Station from $29.00 to $13.00 and set an “equal weight” rating for the company in a research report on Monday, December 22nd. Needham & Company LLC reduced their price objective on Gemini Space Station from $35.00 to $23.00 and set a “buy” rating for the company in a research report on Monday, December 29th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Gemini Space Station in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $21.00.

Gemini Space Station Stock Performance

Shares of NASDAQ GEMI opened at $6.70 on Friday. Gemini Space Station has a 12-month low of $6.66 and a 12-month high of $45.89. The business’s 50 day simple moving average is $10.49. The firm has a market capitalization of $788.26 million and a P/E ratio of -3.70.

Gemini Space Station (NASDAQ:GEMI) last released its earnings results on Monday, November 10th. The company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.99). The business had revenue of $50.62 million during the quarter, compared to analysts’ expectations of $45.87 million.

Institutional Investors Weigh In On Gemini Space Station

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new stake in shares of Gemini Space Station in the 3rd quarter valued at about $51,000. National Bank of Canada FI acquired a new stake in Gemini Space Station during the 3rd quarter worth approximately $123,000. Man Group plc acquired a new stake in shares of Gemini Space Station during the third quarter worth $201,000. Sandia Investment Management LP bought a new stake in shares of Gemini Space Station in the third quarter valued at about $228,000. Finally, Ground Swell Capital LLC bought a new stake in Gemini Space Station in the 3rd quarter valued at about $229,000.

Key Stories Impacting Gemini Space Station

Here are the key news stories impacting Gemini Space Station this week:

• Positive Sentiment: Company says it will concentrate on the U.S. market and “prediction markets” and is taking a large cost-cutting step that could reduce cash burn and improve near-term margins. Gemini to exit U.K., EU and Australia, reduce staff by 25%, and focus on U.S. and prediction markets
• Neutral Sentiment: Management frames the moves as a strategic retrenchment to weather the crypto cycle; outcome depends on how quickly revenue stabilizes in the U.S. and whether the cost cuts preserve growth options. Gemini Space Station to Cut 25% of Staff in Broad Restructuring
• Negative Sentiment: Announced workforce reduction of up to ~200 jobs (about 25% of staff) — a sign of material downsizing that may depress investor sentiment and reflect weaker business momentum. Gemini Space Station plans to cut 200 jobs
• Negative Sentiment: Gemini will exit operations in the U.K., EU and Australia — reducing its addressable international market and potentially cutting customer/deposit volumes. Gemini Slashes Staff, Exits Europe Amid Crypto Downturn
• Negative Sentiment: Analyst coverage reflects lower expectations — an 11.3% cut to GEMI’s price target was reported, which can sustain selling pressure until fundamentals improve. GEMI price target decreased
• Negative Sentiment: Actions are being taken against a backdrop of a sustained bitcoin slump and weaker crypto volumes — the macro crypto selloff is a primary driver of the restructuring. Winklevoss twins’ Gemini cuts 25% of workforce as bitcoin slumps

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.