Gemini Space Station (NASDAQ:GEMI) Stock Falls 5% – Here’s Why

Shares of Gemini Space Station, Inc. (NASDAQ:GEMI) dropped 5% during mid-day trading on Friday. The stock traded as low as $5.27 and last traded at $5.3650. 455,920 shares changed hands during trading, a decline of 77% from the average daily volume of 2,023,778 shares. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GEMI shares. Truist Financial decreased their target price 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. The Goldman Sachs Group upped their price objective on Gemini Space Station from $3.50 to $4.00 and gave the stock a “sell” rating in a research report on Wednesday, September 9th. Citigroup decreased their price objective on shares of Gemini Space Station from $4.00 to $3.20 and set a “sell” rating for the company in a research report on Thursday, August 20th. Rosenblatt Securities dropped their target price on shares of Gemini Space Station from $9.00 to $6.00 and set a “buy” rating on the stock in a research report on Monday, August 17th. Finally, Mizuho set a $7.00 price target on shares of Gemini Space Station in a research note on Monday, August 17th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.84.

Gemini Space Station Stock Down 0.8%

The stock has a market cap of $726.83 million and a PE ratio of -0.57. The business’s fifty day moving average is $4.45 and its 200 day moving average is $4.78.

Gemini Space Station (NASDAQ:GEMI) last issued its earnings results 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 company had revenue of $45.48 million during the quarter. As a group, analysts predict that Gemini Space Station, Inc. will post -3.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. ParaFi Capital LP boosted its position in shares of Gemini Space Station by 430.7% in the 2nd quarter. ParaFi Capital LP now owns 3,428,888 shares of the company’s stock worth $14,607,000 after buying an additional 2,782,786 shares in the last quarter. Commonwealth Bank of Australia acquired a new position in Gemini Space Station during the fourth quarter worth about $7,086,000. WINTON GROUP Ltd purchased a new stake in shares of Gemini Space Station in the second quarter valued at about $130,000. Gryphon Financial Partners LLC purchased a new position in shares of Gemini Space Station during the 1st quarter worth approximately $145,000. Finally, Apollon Wealth Management LLC acquired a new position in shares of Gemini Space Station during the 1st quarter worth approximately $44,000.

About Gemini Space Station

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.