Verra Mobility Corporation (VRRM) saw its stock price plummet 11.87% during intraday trading on Wednesday.

The sharp decline followed the company's release of fourth-quarter results, which showed adjusted earnings per share of $0.30, missing the analyst consensus estimate of $0.31 and falling from $0.33 a year earlier. While revenue for the quarter rose year-over-year and exceeded expectations, the earnings miss appears to have disappointed investors.

Adding to the negative sentiment, multiple investment banks lowered their price targets on the stock. Deutsche Bank cut its target to $26 from $30, JPMorgan reduced its target to $24 from $25, and Morgan Stanley slashed its target to $20 from $24. These downward revisions from analysts likely contributed to the selling pressure on the stock.