Shares of Advanced Micro Devices Inc. plunged on heavy volume Tuesday, to suffer their worst day in over 12 years, as the chipmaker’s results didn’t live up to analysts’ high hopes.

The company reported late Monday first-quarter results that were mostly in line with expectations, but analysts expressed concern over the margin outlook. With the stock more than tripling over the past year, Wall Street had set the bar very high.

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The stock AMD, -2.87% tumbled 24.4% to $10.30, the lowest close since Jan. 23, 2017. That’ s the biggest one-day percentage decline since it plummeted 26.2% on Jan. 11, 2005. Volume rocketed to 266.6 million shares, which was more than five-times the full-day average and enough to make the stock the most actively traded on major U.S. exchanges.

Shares slipped further, by 0.3%, in premarket trade Wednesday.

Analyst Christopher Rolland at Susquehanna Financial said AMD needed to have a “near perfect” quarter to justify the recent ramp up in share price, but the results fell a bit short. “AMD’s new products are beginning to accelerate growth, but perhaps without all the gross margin benefits we had hoped for,” he wrote in a note to clients.

Rolland kept his rating at neutral, and his stock price target at $12, which is now about 17% above current levels.

UBS analyst Stephen Chin affirmed his sell rating on the stock and $9 price target, which calls for a further selloff of about 13%, on concerns that the margin expansion story could take more time to develop.

“We keep our sell rating on the stock as we see limited EPS growth near term to support its high multiple as it need to invest heavily to keep pace with Intel and Nvidia,” Chin wrote. “We also estimate limited operating margin expansion in the near term.”

AMD has a price-to-earnings ratio for next-12-month estimates of 148.6, according to FactSet, compared with Intel Corp.’s INTC, +0.74% 13.0 and Nvidia Corp.’s NVDA, -3.66% 37.0.

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Analyst Ruben Roy at MKM Partners said AMD appears to be executing largely according to plan, with the shipment of its new Ryzen desktop processors during the first quarter, and the results didn’t change is fundamental view of the company. However, the margin outlook is a concern as the shares appear fairly valued.

“While we do not find lumpy gross margin performance all that surprising as AMD transitions into a number of new product launches, we do understand investor disappointment with a step back given the buzz around Ryzen,” Roy wrote.