TaskUs (NASDAQ:TASK) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded TaskUs from “hold” to “buy,” though the broader analyst consensus remains “hold” with an average price target of $9.60.
• TaskUs reported quarterly adjusted earnings of $0.33 per share, beating estimates of $0.28, while revenue of $308.86 million also exceeded expectations.
• Shares opened at $8.12, up from their 50-day and 200-day moving averages, while institutional investors and hedge funds collectively own 44.64% of the company.

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

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley increased their price objective on shares of TaskUs from $6.00 to $7.00 and gave the company an "equal weight" rating in a research note on Tuesday, August 11th. Wedbush lowered their target price on shares of TaskUs from $12.00 to $9.00 and set an "outperform" rating on the stock in a research note on Thursday, August 6th. Weiss Ratings restated a "sell (d+)" rating on shares of TaskUs in a research note on Tuesday, July 14th. Finally, Robert W. Baird set a $12.00 price objective on TaskUs in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, TaskUs presently has an average rating of "Hold" and a consensus target price of $9.60.

TaskUs Trading Down 0.2%

Shares of TASK opened at $8.12 on Friday. The stock's 50-day moving average price is $7.13 and its 200 day moving average price is $6.97. 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 firm has a market capitalization of $744.52 million, a price-to-earnings ratio of 7.00 and a beta of 1.75. TaskUs has a 12-month low of $4.47 and a 12-month high of $18.08.

TaskUs (NASDAQ:TASK - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $308.86 million for the quarter, compared to analyst estimates of $297.58 million. TaskUs had a return on equity of 27.02% and a net margin of 8.75%. As a group, research analysts predict that TaskUs will post 1.12 earnings per share for the current year.

Hedge Funds Weigh In On TaskUs

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Saba Capital Management L.P. acquired a new position in TaskUs during the 1st quarter worth $14,016,000. Irenic Capital Management LP acquired a new stake in shares of TaskUs in the 4th quarter valued at $11,253,000. Dalton Investments Inc. bought a new stake in shares of TaskUs during the fourth quarter worth $11,174,000. Bank of America Corp DE raised its position in shares of TaskUs by 2,573.2% during the first quarter. Bank of America Corp DE now owns 106,475 shares of the company's stock worth $714,000 after acquiring an additional 102,492 shares during the last quarter. Finally, Athos Capital Ltd lifted its stake in shares of TaskUs by 67.0% during the fourth quarter. Athos Capital Ltd now owns 240,760 shares of the company's stock valued at $2,839,000 after acquiring an additional 96,581 shares during the period. 44.64% of the stock is currently owned by institutional investors and hedge funds.

TaskUs Company Profile

TaskUs, Inc is a provider of outsourced digital services and customer experience solutions for companies operating in the technology, social media, gaming, retail, e-commerce, financial technology and healthcare sectors. The company helps clients manage customer interactions and other business processes through a combination of human expertise, technology and data-driven operations.

Its services include customer care, content moderation, trust and safety, fraud and risk management, back-office support, artificial intelligence operations and digital consulting.

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