Mattel's stock price plummeted 5.44% during intraday trading on Thursday, following a key analyst rating change.

The sharp decline came shortly after Citigroup downgraded Mattel's stock from "Buy" to "Neutral." Analyst downgrades often trigger negative market sentiment and can lead to immediate selling pressure from investors who follow such recommendations.

Earlier in the session, Goldman Sachs had maintained its "Neutral" rating on the toy maker, which may have contributed to a lack of positive catalysts to offset the negative news from Citigroup.