Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Life Time Fitness, (NYSE: LTM) were getting crushed today, falling as much as 14% on negative attention from analysts.

So what: Following the company's analyst day yesterday, William Blair maintained a market perform rating on the fitness-center builder, but said it could see sales and earnings growth remain constrained, and it lowered its 2015 earnings estimate to $3.41 a share. Meanwhile, Piper Jaffray cut its rating to neutral from outperform as it sees competition pressuring Life Time Fitness. The negative reaction from analysts following Life Time's Analyst Day indicates they did not hear the plans they were hoping for from the company

Now what: Analyst ratings can have varying effects on a company's stock price, and today's news comes amid pressure for the company to convert itself into a REIT, which some investors believe would unlock value. Activist firm Marcato Capital, which owns a 7.2% stake in the company, has been pushing for Life Time to expand faster and look into options for its real estate holdings. After the company announced no such plans at its Analyst Day yesterday, investors and analysts promptly punished the stock. Still, Life Time is growing at a steady pace and is affordably priced. Today's drop could be a good buying opportunity.