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Shares of Arcos Dorados Holdings (NASDAQ:ARCO) were down 8.7% during mid-day trading on Tuesday following a dissappointing earnings announcement, reports. The stock traded as low as $9.00 and last traded at $9.15, with a volume of 920,609 shares changing hands. The stock had previously closed at $10.02.

The company reported ($0.47) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.07) by $0.40. The company had revenue of $917.90 million for the quarter, compared to the consensus estimate of $951.90 million. During the same quarter last year, the company posted $0.04 earnings per share. Arcos Dorados Holdings’s revenue was down 7.2% compared to the same quarter last year.

ARCO has been the subject of a number of recent research reports. Analysts at HSBC downgraded shares of Arcos Dorados Holdings from a “neutral” rating to an “underweight” rating in a research note on Tuesday, July 22nd. They now have a $7.00 price target on the stock, down previously from $9.00. Separately, analysts at Bank of America upgraded shares of Arcos Dorados Holdings from an “underperform” rating to a “buy” rating in a research note on Monday, June 9th. They now have a $14.16 price target on the stock, up previously from $9.61. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $10.37.

The stock’s 50-day moving average is $10.59 and its 200-day moving average is $9.67.

Arcos Dorados Holdings Inc is a McDonald’s franchisee. As of December 31, 2010, the Company operated or franchised 1,755 McDonald’s-branded restaurants, which represented 6.

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