GEMI Stock Plunges To Record Low – Wall Street Price Target Cuts Leave Shares Down 90% From IPO

Goldman Sachs was the most bearish, pointing to market share losses, lower profitability and muted trading activity.

• The cuts follow the company’s second-quarter earnings report, which missed Wall Street’s earnings expectations.
• Mizuho said Gemini's diversification "is real, but industry headwinds need to reverse for the stock to start working." 
• Cantor Fitzgerald noted that while Gemini's progress toward its "markets company" strategy was encouraging, broader crypto weakness and elevated credit card provisions continue to weigh on financials.

Shares in Gemini Space Station Inc. (GEMI) fell to a new all-time low on Monday after four Wall Street firms lowered their price targets on the crypto exchange following its second-quarter results last week.

According to a note to investors cited by TheFly, Goldman Sachs (GS) had the most bearish stance. The firm lowered its price target on GEMI stock to $3.50 from $4 and reiterated a ‘Sell' rating. 

The firm said lower profitability, market-share losses, high card provisions, and muted spot trading outweighed early cost savings, growth in prediction markets, product diversification, and strong over-the-counter trading.

GEMI stock dropped over 10% in midday trade. On Stocktwits, retail sentiment around Gemini improved to ‘bullish’ from the ‘neutral’ zone, while chatter stayed at ‘high’ levels over the past day.

GEMI Price Targets Slashed

Other analysts also lowered their price targets on GEMI stock, but had a more bullish rating. Rosenblatt cut its price target to $6 from $9 but kept its ‘Buy’ rating on Gemini, citing progress by the company on profitability despite "brutal crypto market conditions." 

The firm cited management guidance for 20% lower core expenses in the second half of 2026 that it said should help shield profitability during a prolonged crypto downturn. 

Mizuho also lowered its price target on GEMI stock to $7 from $8 and maintained an ‘Outperform’ rating. The firm said Gemini's diversification "is real, but industry headwinds need to reverse for the stock to start working." Meanwhile, Needham cut its target to $6 from $8 while maintaining a ‘Buy’ rating. 

Cantor Fitzgerald was neither bullish nor bearish, with ‘Neutral’ rating on GEMI stock. It cut its price target to $5 from $7. The firm noted that while Gemini’s progress toward its "markets company" strategy was encouraging, broader crypto weakness and elevated credit card provisions continue to weigh on financials.

Gemini’s Q2 Earnings Recap

Gemini’s second-quarter revenue rose 37% year over year to $45.5 million, beating Wall Street’s expectations of $43 million, as per Koyfin. Meanwhile, adjusted loss per share came in at $0.90, wider than the analysts’ consensus estimate of a $0.66 loss per share. 

The company said its revenue growth was driven by a 117% increase in services revenue, including strong growth in credit card, staking, and OTC revenue. 

However, transaction revenue declined 15% year over year to $17.8 million as exchange revenue declined 38% and spot trading volume cratered 66% to $3.8 billion. 

GEMI stock has fallen nearly 90% since its public market debut in September last year. The shares are down more than 65% this year.

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