NEW YORK (TheStreet) -- Shares of Rubicon Project (RUBI) - Get Report were diving 32.92% to $9.17 on heavy trading volume Wednesday morning after the company posted solid results for the 2016 second quarter but provided a weak outlook.

After yesterday's market close, the Los Angeles-based advertising tech company said it sees third quarter earnings per share between 7 cents and 9 cents on revenue of $64 million to $70 million.

Analysts are modeling earnings of 12 cents per share on revenue of $70.1 million for the current period.

The company forecasts 2016 earnings per share between 75 cents and 85 cents on revenue in the range of $275 million and $305 million. Wall Street is looking for earnings of 90 cents per share on revenue of $295.2 million for the full year.

For the 2016 second quarter, Rubicon posted adjusted earnings of 17 cents per share, above analysts' estimates of 10 cents per share. Revenue jumped 33% to $70.5 million from last year, surpassing expectations of $63.8 million.

"The digital advertising market is undergoing changes that have fueled headwinds that we expect will continue through the remainder of the year-particularly as it relates to desktop advertising in the U.S.," CEO Frank Addante said in a statement.

About 2.65 million of the company's shares changed hands so far today vs. its average volume of 511,047 shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth.

But the team also finds weaknesses including a generally disappointing performance in the stock itself and weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: RUBI

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