Shares of Gambling.com Group Limited (GAMB) plunged 15.90% in intraday trading on Thursday, following the release of the company's first quarter 2025 financial results and a subsequent analyst price target reduction.

The online gambling affiliate company reported record quarterly revenue of $40.6 million, up 39% year-over-year, and Adjusted EBITDA of $15.9 million, a 56% increase from the same period last year. Despite these seemingly positive results, investors appeared to focus on other aspects of the report or had higher expectations.

Adding to the downward pressure, Macquarie lowered its price target on Gambling.com from $19 to $18, while maintaining an Outperform rating on the shares. This adjustment came after the company reiterated its full-year 2025 guidance, which may have disappointed some investors hoping for an increase. The sharp stock decline suggests that market participants are reassessing the company's growth trajectory and valuation in light of these developments.