In a report released today, John Todaro from Needham maintained a Buy rating on Gemini Space Station, Inc. Class A, with a price target of $35.00.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
John Todaro has given his Buy rating due to a combination of factors related to Gemini Space Station, Inc.’s strategic advancements and market opportunities. One of the key reasons is the company’s recent acquisition of a Designated Contract Market (DCM) license from the CFTC, which allows them to offer prediction markets to U.S. customers. This development positions GEMI alongside other major platforms like Coinbase and Robinhood, which have already tapped into this lucrative market.
Furthermore, the introduction of prediction markets is expected to enhance GEMI’s fee revenue, similar to the positive impact seen with other companies expanding into these markets. However, John Todaro also notes potential risks, such as ongoing regulatory challenges related to sports-betting and prediction markets, which could affect market volumes. Despite these risks, the overall outlook for GEMI’s expansion into prediction markets appears promising, justifying the Buy rating.
In another report released yesterday, Cantor Fitzgerald also maintained a Buy rating on the stock with a $25.00 price target.