Shares of Moelis (MC), the global independent investment bank, plunged 6.27% in pre-market trading on Thursday following the release of its third-quarter earnings report. The significant drop comes as the company's revenue fell short of analyst expectations, despite beating earnings per share estimates.

Moelis reported Q3 revenue of $356.9 million, up from $273.8 million in the same period last year. However, this figure fell short of the $381.3 million analysts had forecast, according to FactSet. On a positive note, the company's adjusted earnings per share came in at $0.68, surpassing both the previous year's $0.22 and the analyst consensus of $0.60.

The market's negative reaction appears to be primarily driven by the revenue miss, overshadowing the earnings beat. Additionally, recent analyst actions may have contributed to investor sentiment. Morgan Stanley trimmed its price target on Moelis to $86 from $90, while maintaining an Overweight rating. KBW also cut its target price to $78 from $80. Conversely, JP Morgan raised its target price slightly to $79 from $78. These mixed signals from analysts, combined with the revenue shortfall, likely contributed to the stock's sharp decline in early trading.