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3D Systems (DDD)  tumbled more than 23% on Wednesday after first-quarter revenue missed analysts' estimates and its quarterly loss was wider than expectations.

Shares fell 23.2% to $8.12.

Revenue in the quarter was $152 million, down 8% from year-earlier revenue of $165.9 million. Analysts surveyed by FactSet had been looking for revenue of  $164.69 million.

The company reported a non-GAAP loss of 9 cents a share, much wider than expectations that called for a loss of 1 cent.

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Analysts in the past week changed the consensus earnings estimate for the second quarter to 1 cent a share from 4 cents share, and cut their sales estimate to $168.5 million from $176.3 million, according to Bloomberg.

Canaccord Genuity has a hold rating on the stock and lowered its price target to $10 from $13.

The company's transition from plastic-based printers to metal-based ones has "been rough and at a slow pace," the analyst said. Metal printing margins are lower than plastic.

William Blair, who has an underperform rating on the stock, is concerned with cash burn in the near term and said even at $9 the stock would be overvalued.

3D has one buy, seven holds, and four sell ratings; the consensus price target is $10, according to Bloomberg data.