Ziff Davis, Inc. (ZD) shares plummeted 5.24% during intraday trading on Wednesday, as the stock faced significant selling pressure.

The sharp decline appears to be driven by negative analyst actions published earlier in the session. Citi lowered its price target on Ziff Davis to $29 from $35, while maintaining a Neutral rating on the shares. Separately, UBS also cut its target price for the company to $30 from $38.

These downward revisions in price targets from major financial institutions contributed to negative market sentiment toward the stock, leading to the substantial intraday drop.