Why Ryan Specialty Holdings Shares Are Nosediving

Ryan Specialty Holdings Inc RYAN shares are trading lower by 22.98% to $34.15 after the company reported worse-than-expected third-quarter results. Multiple analysts lowered their price targets on the stock following the report.

What Happened?

Ryan Specialty Group reported quarterly earnings of 25 cents per share which missed the analyst consensus estimate of 26 cents. The company also reported quarterly sales of $412.00 million which missed the analyst consensus estimate of $422.93 million by 2.58 percent. This sales figure however represents a 17% increase over sales of $352.77 million in the same period last year.

Additionally, Wells Fargo analyst Elyse Greenspan maintained Ryan Specialty Holdings with an Equal-Weight and lowered the price target from $44 to $41.

RBC Capital analyst Mark Dwelle maintained Ryan Specialty Holdings with a Sector Perform and lowered the price target from $47 to $46.

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According to data from Benzinga Pro, RYAN has a 52-week high of $46.40 and a 52-week low of $33.09.