24-04-1 Claire Ching - Gemini - PULLOUT 1 (1:46)

Gemini Space Station (NASDAQ: GEMI) is a crypto trading exchange founded by the Winklevoss twins in 2014. The company, which went public last year, has laid off approximately 30% of its workforce in 2026 so far.

The company recently reported its financial results and posted an annual loss of $585 million in 2025.

Tyler Winklevoss and Cameron Winklevoss discuss bitcoin with with Maria Bartiromo during FOX Business' "Mornings With Maria" at FOX Studios on December 11, 2017 in New York City

Getty Images

Ahead of the earnings report, Citigroup (NYSE: C) downgraded the rating on the Gemini stock from "Neutral" to "Sell" and cut the price target on its stock by around 60% from $13 to $5.50.

Now, a Wall Street analyst with a 54% success rate has also cut the company's stock price target.

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Needham analyst cuts Gemini stock price target

On March 23, Needham analyst John Todaro lowered the target on Gemini's stock price by 20% from $10 to $8, Investing.com reported.

As per TipRanks, Todaro has a success rate of 54% on his ratings.

The analyst maintained a Buy rating on the GEMI stock and said the company's management highlighted four core growth areas:

  • Prediction markets

  • Crypto trading and staking

  • Card services

  • Agentic commerce

The analyst said its optimistic view of Gemini is driven by the crypto exchange's decision to focus on fewer areas and develop an in-house prediction market instead of relying on third-party platforms like Polymarket.

Though Todaro admitted that the prediction markets have become increasingly mature and competitive, the analyst expressed concern about Gemini’s ability to succeed beyond crypto services, as its previous products like NFTs with Nifty Gateway and Gemini Pay haven't been very successful.

Since its IPO in September, the GEMI stock has lost more than 80% of its value. It closed 3.35% lower at $5.77 on March 23.

Related: 213-year-old bank cuts Gemini stock target 60% ahead of earnings

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