Shares of Global Industry Company (GIC) experienced a sharp 15.12% decline during Wednesday's trading session, following a disappointing third-quarter earnings report released after market close on Tuesday. The significant drop reflects investor disappointment with the company's financial performance, which fell short of Wall Street expectations.

According to the earnings report, Global Industrial, a subsidiary of GIC, reported Q3 sales of $353.6 million, representing a 3.3% year-over-year increase. However, the company's earnings per share (EPS) came in at $0.48, missing the mean expectation of $0.59 from two analysts. The gross margin for the quarter stood at 35.6%, with an operating margin of 7.4%.

The market's negative reaction was evident in the after-hours trading on Tuesday, where GIC's stock plummeted by 20.54%. This sharp decline carried over into Wednesday's regular trading session, resulting in the 15.12% drop. Analysts have expressed concerns about the company's performance, with Ryan Merkel from William Blair maintaining a Hold rating on Global Industrial Company following the earnings release. The current average analyst rating on GIC shares is "hold," with a median 12-month price target of $38.00, which now represents a significant premium to the current trading price following the steep decline.