Shares of Moelis (MC) plummeted 6.27% in early trading on Thursday following the release of its third-quarter earnings report. Despite beating earnings per share (EPS) expectations, the investment bank's revenue fell short of analyst projections, triggering a sell-off in the stock.

Moelis reported Q3 adjusted earnings of $0.68 per diluted share, surpassing the FactSet analyst consensus of $0.60 and showing significant improvement from $0.22 a year earlier. However, the company's revenue for the quarter ended September 30 came in at $356.9 million, falling short of the $381.3 million expected by analysts polled by FactSet, despite being up from $273.8 million in the same period last year.

The revenue miss has prompted some analysts to revise their outlook on Moelis. Morgan Stanley trimmed its price target to $86 from $90, while maintaining an Overweight rating. KBW also cut its target price to $78 from $80. However, JP Morgan raised its target price slightly to $79 from $78. These mixed analyst actions reflect the market's uncertainty following the earnings report, potentially contributing to the stock's sharp decline.