H&R Block's stock fell sharply by 5.03% during intraday trading on Wednesday, following negative analyst sentiment toward the tax preparation company.

The decline came after Barrington Research analyst Alexander Paris lowered the firm's price target on H&R Block to $50 from $62, while maintaining an Outperform rating on the shares. The significant reduction in price target suggests lowered expectations for the company's future performance, which likely contributed to the selling pressure.