Shares of Quantumscape Corp. (QS) tumbled 6.67% in pre-market trading on Thursday, following a double blow from UBS analysts. The sharp decline comes as investors react to a significant downgrade and a substantial cut in the stock's target price.

UBS has lowered its rating on Quantumscape from Neutral to Sell, signaling a bearish outlook on the solid-state battery manufacturer. This downgrade suggests that UBS analysts have become more pessimistic about the company's near-term prospects and potential for growth.

Adding to the negative sentiment, UBS also slashed its price target for Quantumscape by 50%, from $5 to $2.5. This dramatic reduction in the expected value of the stock has likely contributed to the pre-market sell-off, as investors reassess their positions based on this new, lower valuation benchmark.