TaskUs (NASDAQ:TASK) Downgraded by Wall Street Zen to Hold

Key Points

• Wall Street Zen downgraded TaskUs from “Buy” to “Hold.” The broader analyst consensus is also “Hold,” with an average price target of $9.60.
• TaskUs shares opened at $8.06, with a market capitalization of approximately $739 million and a 52-week range of $4.47 to $17.54.
• The company exceeded quarterly expectations, reporting $0.33 in EPS versus a $0.28 consensus estimate and revenue of $308.86 million versus estimates of $297.58 million. Institutional investors own about 44.64% of outstanding shares.

TaskUs (NASDAQ:TASK - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

TASK has been the subject of several other reports. Morgan Stanley upped their price objective on TaskUs from $6.00 to $7.00 and gave the stock an "equal weight" rating in a research note on Tuesday, August 11th. Robert W. Baird set a $12.00 target price on TaskUs in a research report on Thursday, August 6th. Weiss Ratings raised TaskUs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, September 24th. Finally, Wedbush reduced their price target on TaskUs from $12.00 to $9.00 and set an "outperform" rating for the company in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $9.60.

TaskUs Price Performance

Shares of NASDAQ:TASK opened at $8.06 on Friday. The company has a quick ratio of 2.95, a current ratio of 2.95 and a debt-to-equity ratio of 1.56. The stock has a market capitalization of $739.02 million, a PE ratio of 6.95 and a beta of 1.83. The firm's 50 day moving average price is $7.63 and its 200-day moving average price is $6.80. TaskUs has a twelve month low of $4.47 and a twelve month high of $17.54.

TaskUs (NASDAQ:TASK - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. TaskUs had a net margin of 8.75% and a return on equity of 27.02%. The company had revenue of $308.86 million during the quarter, compared to analyst estimates of $297.58 million. Equities research analysts expect that TaskUs will post 1.1 EPS for the current year.

Institutional Investors Weigh In On TaskUs

A number of institutional investors have recently bought and sold shares of the business. Alamar Capital Management LLC bought a new stake in TaskUs during the 2nd quarter valued at approximately $80,000. Fifth Lane Capital LP purchased a new position in TaskUs in the 4th quarter worth approximately $359,000. Squarepoint Ops LLC bought a new position in TaskUs in the 2nd quarter worth approximately $148,000. Renaissance Technologies LLC bought a new position in TaskUs in the 1st quarter worth approximately $242,000. Finally, Watershed Asset Management L.L.C. grew its holdings in TaskUs by 19.5% during the 1st quarter. Watershed Asset Management L.L.C. now owns 46,422 shares of the company's stock valued at $311,000 after buying an additional 7,589 shares in the last quarter. Hedge funds and other institutional investors own 44.64% of the company's stock.

About TaskUs

TaskUs, Inc is a global provider of outsourced digital services and business-process solutions. The company helps technology, consumer, and other digitally focused businesses manage customer experience, technical support, content moderation, trust and safety, and back-office operations.

Its services also include artificial intelligence and data operations, including data annotation and model-support services, as well as risk and response solutions designed to help clients address fraud, abuse, and other online safety challenges.

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