Golden Entertainment (GDEN) shares plummeted 6.46% in pre-market trading on Friday, as the casino and gaming company faced a triple whammy of disappointing quarterly results, an analyst downgrade, and reduced price targets.

The company reported its second-quarter earnings, which fell short of analyst expectations. Golden Entertainment posted an adjusted earnings per share of $0.17, slightly below the consensus estimate of $0.18. Revenue also disappointed, declining 2.2% year-over-year to $163.62 million, missing the expected $167.79 million. This marks the third consecutive quarter that the company has missed earnings estimates, potentially raising concerns about its growth trajectory.

Adding to the pressure, CBRE analyst John DeCree downgraded Golden Entertainment from Buy to Hold, setting a price target of $32. This downgrade suggests a more cautious outlook on the stock's near-term prospects. Furthermore, Truist Securities cut its price target for Golden Entertainment from $34 to $30, reflecting reduced confidence in the company's valuation. These actions by analysts likely contributed to the significant drop in the stock price, as investors reassessed their positions based on the new guidance and company performance.