Gemini Space Station (NASDAQ:GEMI) Cut to Underweight at Morgan Stanley

Morgan Stanley downgraded shares of Gemini Space Station (NASDAQ:GEMI) from an equal weight rating to an underweight rating in a report released on Friday, Marketbeat Ratings reports. The firm currently has $4.75 target price on the stock.

Several other research analysts also recently commented on the company. 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 research note on Monday, August 17th. Weiss Ratings cut Gemini Space Station from a “sell (d)” rating to a “sell (e+)” rating in a research report on Friday, August 14th. The Goldman Sachs Group boosted their price objective on Gemini Space Station from $3.50 to $4.00 and gave the company a “sell” rating in a research note on Wednesday, September 9th. Truist Financial reduced their target price on shares of Gemini Space Station from $5.00 to $4.50 and set a “hold” rating for the company in a report on Friday, July 24th. Finally, Citigroup reduced their target price on shares of Gemini Space Station from $4.00 to $3.20 and set a “sell” rating for the company in a report on Thursday, August 20th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus price target of $5.61.

Gemini Space Station Stock Performance

Shares of Gemini Space Station stock opened at $4.39 on Friday. Gemini Space Station has a one year low of $3.38 and a one year high of $25.41. The stock’s fifty day moving average is $4.57 and its 200 day moving average is $4.59. The stock has a market cap of $569.16 million and a P/E ratio of -0.45.

Gemini Space Station (NASDAQ:GEMI) last released its earnings results on Thursday, August 13th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $45.48 million for the quarter. Analysts predict that Gemini Space Station will post -3.37 EPS for the current year.

Institutional Inflows and Outflows

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

About Gemini Space Station

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.