Citigroup has drastically cut Gemini's stock price target by 60%, projecting a long road to profitability for the cryptocurrency exchange. The move follows a significant drop in Gemini's stock price and is part of a broader reassessment of crypto-related equities by the bank.
Wall Street giant Citi, with a 213-year history, recently significantly lowered the stock price target for cryptocurrency exchange Gemini, a reduction of up to 60%. Analysts at the bank believe it will take several more years for Gemini to achieve profitability. Influenced by this news, Gemini (GEMI) stock fell 16% in the previous trading session, closing at $5.96. As of this report, the stock's latest quote was $5.89, down 1.17% intraday.
Notably, Gemini is not the only cryptocurrency-related stock whose target price has been lowered by Citi. Previously, Citi had quietly adjusted its ratings and target prices for most cryptocurrency stocks, although there were some exceptions.