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NEW YORK (TheStreet) -- Shares of Rubicon Project (RUBI) were tumbling 32.41% to $9.24 on heavy trading volume mid-afternoon Wednesday after the advertising tech company posted solid second quarter results, but gave a downbeat forecast and was downgraded by several firms.

Raymond James cut its rating on shares to "market perform" from "outperform" this morning. The firm cited increasing headwinds for desktop advertising following the company's second quarter results, the Fly reports.

Additionally, the firm expects Rubicon's sales to remain pressured through the end of 2016 and into next year.

Cantor Fitzgerald downgraded the stock to "hold" from "buy" and lowered its price target to $14 from $22.

The firm said the company's third quarter and full-year guidance was "disappointing" and highlighted "several challenges, likely to take several quarters to overcome."

These challenges include: "worst-than-expected decline in desktop, leakage of premium inventory to competitors' header bidding systems and an increase in buyers choosing self-service methods over Rubicon's managed services (Chango)," according to Cantor.

Oppenheimer reduced its rating on the stock to "perform" from "outperform" due to a "lack of credibility" after the company's weak revenue guidance.

The stock was also downgraded to "neutral" from "buy" at SunTrust, to "hold" from "buy" at Needham and to "neutral" from "outperform" at Boenning & Scattergood, the Fly noted.

About 6.02 million of Rubicon's shares changed hands so far today vs. its average 30-day 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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