Robert Half (RHI), a leading staffing and consulting firm, saw its stock plummet 8.50% in Thursday's trading session, following a disappointing third-quarter earnings report and a series of analyst downgrades. The sharp decline came after the company already experienced a 5.53% drop in pre-market trading, signaling investors' immediate negative reaction to the financial results.

The company's Q3 report, released late Wednesday, revealed a significant decline in both net income and revenue. Robert Half's net income fell to $0.43 per diluted share, down from $0.64 in the same period last year. While this met analysts' expectations, the firm's service revenue decreased to $1.35 billion from $1.47 billion a year earlier, slightly missing the forecasted $1.36 billion. These figures highlight the challenges facing the staffing industry in the current economic climate.

In response to the earnings report, several major financial institutions lowered their price targets for Robert Half, further contributing to the stock's decline. JP Morgan made a drastic cut, reducing its target price from $45 to $29. BMO Capital lowered its target from $36 to $31, maintaining a Market Perform rating, while UBS decreased 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 key factor in their decisions. These downgrades have likely intensified the sell-off, as investors reassess their positions in light of the company's financial performance and the less optimistic analyst views.