Agilysys (AGYS), a hospitality software provider, saw its stock plummet 11.92% in pre-market trading on Tuesday following the release of its fiscal first-quarter earnings report. The company's financial results fell short of analysts' expectations, triggering a significant sell-off among investors.

According to the earnings report, Agilysys posted adjusted earnings of 33 cents per share for the quarter, missing the consensus estimate of 36 cents per share. This disappointing performance represents a decline from the company's earnings in the same period last year, raising concerns about Agilysys's growth trajectory and profitability.

The pre-market plunge comes despite a recent vote of confidence from Wall Street. Oppenheimer, a prominent investment bank, raised its target price for Agilysys from $90 to $120. However, this positive outlook was overshadowed by the company's actual financial performance, demonstrating the market's preference for concrete results over speculative forecasts. As trading opens, investors will be closely watching to see if Agilysys can recover from this early morning setback or if the downward pressure will persist throughout the session.