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. This Rare Signal Is Flashing Again.
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » 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.
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. Before you buy stock in Gemini Space Station, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gemini Space Station wasn't one of them.
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