The Evolution Mining Ltd (ASX: EVN) share price is down 6% this morning.
The fall follows several analysts trimming their price targets on Evolution Mining shares before today's open.
Currently, Evolution shares are exchanging hands at $4.38 apiece, ~6% into the red from the market open.
Let's take a closer look at how it went down today.
Quick recap on Evolution
Evolution is a gold mining company that sits on the podium as one of Australia's premier gold producers.
It has interests in key gold hubs dotted along the eastern seaboard of Australia and also in Canada.
At the time of writing, Evolution has a market capitalisation of $7.5 billion.
Downgrades to Evolution's price target
Several investment banking firms have trimmed their targets on Evolution's share price this morning, Bloomberg LP reports.
Analysts from Macquarie Group and Credit Suisse each cut their outlook on Evolution shares.
Macquarie analysts cut the recommendation on Evolution to underperform, whilst Credit Suisse assigned a neutral rating.
Analysts at both firms set new price targets of $4.90 and $4.45 respectively.
Meanwhile, Canaccord Genuity and Morgan Stanley also revised their outlook on the company's share price.
Canaccord assigned a new sell rating with a new price target of $4, whereas Morgan Stanley revised its figure by 7% to arrive at the same target.
These moves follow the release of Evolution's FY 2021 production update on 16 July.
In its release, Evolution stated production came in at 681,000 ounces of gold for the financial year.
This number came in below upgraded guidance figures from April that forecasted 695,000 to 710,000 ounces.
Investors have since punished the Evolution shares, which have fallen 9% into the red since the market open on 16 July.
Evolution share price snapshot
The Evolution share price has had a choppy year to date, posting a loss of ~11% since January 1. This has extended the previous 12 months' loss of ~27%.
These returns have lagged the S&P/ASX 200 Index (ASX: XJO)'s 12-month return of 23%.
Evolution shares are trading 33% off their 52-week high of $6.59 at the time of writing.
