The fallout from a disappointing earnings report put new pressure on Groupon on Thursday, with the daily deal website hit by a rash of downgrades from Wall Street analysts.
A day after the company reported lighter-than-expected profits in the fourth quarter, Wells Fargo, Bank of America, and Raymond James all revised downward their targets for Groupon's shares.
The reports helped accelerate a swoon in the company's shares, which were down by more than 20 percent in late morning trading. (Click here for the latest after-hours quote.)
The stock's current level is a far cry from its 2011 initial public offering price, when the stock popped above $26 in its debut — far above the expected range of $16 to 20. Since last year, Groupon's shares have shed nearly 70 percent of their value.