Gemini price target lowered to $7.50 from $11.50 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Gemini (GEMI) to $7.50 from $11.50 and keeps a Neutral rating on the shares. Gemini announced that it is winding down its operations in the UK, Australia, and the EU, as a part of a broader initiative to reduce operating expenses to support the path to profitability, despite the challenging crypto backdrop, the analyst tells investors in a research note. This action reflects the impact of the crypto sell-off on reducing crypto trading volumes, which has likely termed out Gemini’s path to profitability, Goldman contends.