Shares of Ryan Specialty Group Holdings, Inc. (RYAN) plummeted 13.39% during intraday trading on Friday, reflecting a sharp sell-off in the stock.

The steep decline was driven by the company's fourth-quarter financial results, which fell short of market expectations. Ryan Specialty reported Q4 revenue of $751.21 million, missing the analyst consensus estimate of $777.61 million. Furthermore, its adjusted earnings per share of 45 cents came in below the estimated 50 cents.

In response to the earnings miss, multiple brokerage firms swiftly lowered their price targets on the stock. Analysts from Jefferies, KBW, Barclays, Mizuho, and Piper Sandler all reduced their targets, signaling diminished near-term expectations for the specialty insurance firm's financial performance.