Citi Downgrades Crypto Exchange Gemini After Cutting Bitcoin, Ethereum Price Targets

Crypto exchange and custodian Gemini's stock dropped more than 16% after Citigroup analysts downgraded the company Wednesday morning, suggesting that it'll be years before the firm is profitable. The company, which trades on the Nasdaq under the GEMI symbol, saw its rating fall from Neutral to Sell, and Citi lowered its price target from $13 to $5.50, according to a note published Wednesday morning. At the time of writing, GEMI was changing hands for $5.95 per share after having dropped more than 16% sin ...