What happened

A double miss in its latest set of quarterly earnings led to a sell-off in Tremor International (TRMR 1.41%) at the kickoff of this week. This was exacerbated by several analysts trimming their price targets on the advertising services company's stock. As a result, the shares were down by almost 25% week to date as of Friday morning before market open, according to data compiled by S&P Global Market Intelligence.

So what

Early on Monday, Tremor published its third-quarter earnings results, revealing a relatively steep (19%) year-over-year decline in revenue to $70.9 million and a 49% tumble in net income to a bit below $17 million ($0.11 per share). Neither line item met the average analyst estimates, which projected almost $71.8 for revenue and $0.17 per share in net income.

Times are difficult in the ad industry just now, as many clients trim their budgets due to the potential macroeconomic slowdown. Tremor waxed optimistic about the future, however, saying that "anticipated industry secular growth trends and company-specific catalysts" should help mitigate that factor. Among those catalysts is the upcoming FIFA World Cup; the soccer tournament typically draws a massive global audience.

Now what

Alas, analysts tracking Tremor stock don't seem to be as optimistic as management about the adtech specialist's looming future.

In the wake of the third-quarter earnings release, three of those prognosticators cut their price targets on Tremor shares. Stifel's Mark Kelly reduced the target from $16 per share to $12, Matthew Swanson of RBC Capital Markets knocked it down to $15 from $17, and JMP Securities' Andrew Boone now believes shares are worth $20, from $22. All three, however, maintained their equivalents of buy recommendations.