Gemini Space Station

GEMI · NASDAQ

$3.14−$0.08 (−2.49%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $3.22

GEMI analyst rating

HoldConsensus of 9 analysts over the last 12 months. 33% rate it a buy.

Strong buy0
Buy3
Hold5
Underperform0
Sell1

12-month price target · 12 analysts

Average $5.32 (+69.8% upside)

Low: $3.23
Now: $3.14
High: $7.35

Upgrades and downgrades

The latest rating actions, newest first

GEMI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Oct 13, 2026	Upgrade	Sell → Neutral	$3.20 → $4.75	46%
Goldman Sachs	Sep 9, 2026	Maintains	Sell	$3.50 → $4.00	50%
Citigroup	Aug 20, 2026	Maintains	Sell	$4.00 → $3.20	46%
Goldman Sachs	Aug 17, 2026	Maintains	Sell	$4.00 → $3.50	50%
Rosenblatt	Aug 17, 2026	Maintains	Buy	$9.00 → $6.00	35%
Cantor Fitzgerald	Aug 17, 2026	Maintains	Neutral	$7.00 → $5.00	40%
Needham	Aug 17, 2026	Maintains	Buy	$8.00 → $6.00	51%
Truist Securities	Jul 24, 2026	Maintains	Hold	$5.00 → $4.50	68%
Morgan Stanley	Jul 10, 2026	Maintains	Equal-Weight	$6.00 → $5.50	54%
Rosenblatt	May 18, 2026	Maintains	Buy	$9.00	35%

The case for and against

Updated Oct 14, 2026

Bull case

Gemini Space Station is well positioned because it is diversifying beyond volatile crypto trading into a broader markets platform spanning Invest & Trade, Onchain, Card, and Predictions, supported by shared trading, custody, compliance, and regulatory infrastructure that should improve operating leverage. The company is also showing early monetization strength, with pre-provision net revenue up 44% q/q to $5.5m, services and interest income up 117% Y/Y to $26.0M, and prediction contracts traded up 93% q/q while cumulative contracts surpassed 225m. Importantly, management’s deliberate liquidity investment, 20% lower core expenses in 2H26 guidance, and in-house clearinghouse savings of roughly $250k per quarter strengthen the path to profitability even amid weaker crypto volumes.

Bear case

Gemini Space Station is struggling with a business mix still dominated by highly cyclical trading, as 2Q26 exchange revenue fell 38% y/y to $12.5m and total trading volume dropped to $3.8bn from $11.3bn in 2Q25, even though total revenue rose 37% to $45.5m on services growth. Profitability remains weak because adjusted EBITDA was about ($49m) and the company posted a $16.1m credit-loss provision tied mainly to a fraud-related card cohort, highlighting operating and underwriting risk rather than durable earnings power. Although management is expanding into stocks, derivatives, and prediction markets, those initiatives are still early-stage and have yet to offset crypto weakness, while falling assets on platform to $8.4bn and rising competition underscore limited near-term fundamental support.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.