Crypto exchange Gemini slips after bigger-than-expected Q2 loss - GEMI News | RalliesCrypto exchange Gemini slips after bigger-than-expected Q2 loss
G
GEMI• Shares fall after wider-than-expected quarterly loss
- Crypto exchange Gemini's GEMI.O shares slipped 7% to $3.99 in premarket trading.
- GEMI late Thursday posted a bigger-than-expected Q2 loss as it set aside a $16.1 million provision for credit losses in its credit card portfolio.
- Truist analyst Matthew Coad said Q2 results were mixed and the outlook for the firm remains certain.
- GEMI has missed quarterly profit expectations three times in the past four quarters, according to LSEG.
- Of 10 brokerages, 3 rate the stock "buy", 5 "hold" and 2 "sell" or lower; the median price target is $6.25, data compiled by LSEG shows.
- As of the last close, GEMI stock was down 56.7% year to date.
