Robert Half (RHI) shares tumbled 5.53% in pre-market trading on Thursday, following the release of its third-quarter earnings report and a series of analyst downgrades. The staffing and consulting firm reported a significant decline in both net income and revenue, sparking concerns among investors about its near-term prospects.

According to the company's Q3 report, Robert Half's net income fell to $0.43 per diluted share, down from $0.64 in the same period last year. The firm's service revenue also decreased to $1.35 billion from $1.47 billion a year earlier. While the earnings per share met analysts' expectations, the revenue slightly missed the forecasted $1.36 billion.

In response to the earnings report, several major financial institutions have lowered their price targets for Robert Half. JP Morgan cut its target price drastically from $45 to $29, while BMO Capital reduced its target from $36 to $31, maintaining a Market Perform rating. UBS also lowered its price target to $27 from $30, keeping a Sell rating on the shares. Analysts cited concerns about the company's Q4 earnings outlook as a factor in their decisions. These downgrades have likely contributed to the significant pre-market sell-off, as investors reassess their positions in light of the company's financial performance and the less optimistic analyst views.