Needham Slashes Gemini Space Station Price Target Amid Crypto Weakness

Gemini Space Station's stock price target has been lowered by Needham to $6.00 from $8.00, while maintaining a Buy rating.

The company reported revenue in line with expectations but missed on net income due to higher-than-expected crypto asset losses.

Management guided to an improved expense outlook, but ongoing crypto weakness led Needham to lower its estimates.

The stock currently trades at $3.92, hovering just above its 52-week low of $3.74, reflecting investor concerns about the company's profitability challenges.

According to InvestingPro data, shares have plunged 87.75% over the past year.