Why Gemini Space Station Stock Is Plummeting Today
Key Points
Multiple investment firms cut their price targets for Gemini Space Station stock today.
Despite cutting price targets, several investment firms reiterated buy ratings on the stock.
Gemini's performance is being impacted by headwinds in the crypto market.
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Gemini Space Station (NASDAQ: GEMI) stock is selling off in Monday's trading. The company's share price was down 9.1% as of 11:30 a.m. ET and had been off as much as 13.8% earlier in the session.
Gemini stock is losing ground today in response to a slew of downward price target revisions from analysts. As of this writing, the company's share price has fallen roughly 64.5% year to date.
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Multiple investment firms just lowered their price targets on Gemini stock
Investment firms weighed in with new coverage on Gemini Space Station stock today, and each newly published note delivered a downward price target revision. Rosenblatt lowered its price target from $9 per share to $6 per share, Mizuho lowered its target from $8 per share to $7 per share, Needham lowered its target from $8 per share to $6 per share, and Goldman Sachs lowered its target from $4 per share to $3.50 per share.
Rosenblatt, Mizuho, and Needham each reiterated the equivalent of a buy rating on the stock, but each firm issued a significant downward adjustment for its valuation forecast. Meanwhile, Goldman maintained its sell rating on Gemini.
Analysts see tough crypto market conditions weighing on Gemini
While the majority of investment firms that issued an update on Gemini today still think the stock offers significant upside, valuation and trading dynamics in the broader market are causing analysts to adopt less bullish outlooks. The batch of coverage updates today follows the company's second-quarter report last week, which saw the business record a wider-than-expected loss and sales that beat expectations.
In Q2, the company posted a loss of $0.89 per share on revenue of $45.5 million. The average analyst estimate had targeted a loss of $0.71 per share on sales of roughly $43.5 million. Gemini has seen transaction volume decline in conjunction with trends for the broader cryptocurrency space, and valuation directionality and trading activity for the crypto market will likely continue to have a significant impact on its share price performance.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool has a disclosure policy.
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