Short Interest in TaskUs, Inc. (NASDAQ:TASK) Drops By 27.9%

Key Points

• Short interest in TaskUs, Inc. dropped by 27.9% in August, with a total of 177,700 shares shorted as of August 31st, now representing only 0.3% of the company's shares.
• Analysts have mixed views on TaskUs, with Morgan Stanley downgrading the stock from "overweight" to "equal weight" and Zacks Research upgrading it to "strong-buy," leading to an average rating of "Hold" with a target price of $16.88.
• Institutional investors hold 44.64% of TaskUs stock, with various funds recently purchasing new stakes, including significant investments from the New York State Common Retirement Fund and Point72 Asset Management.

TaskUs, Inc. (NASDAQ:TASK - Get Free Report) saw a significant drop in short interest during the month of August. As of August 31st, there was short interest totaling 177,700 shares, a drop of 27.9% from the August 15th total of 246,400 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average daily volume of 276,600 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily volume of 276,600 shares, the days-to-cover ratio is presently 0.6 days. Currently, 0.3% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Morgan Stanley lowered TaskUs from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $21.00 to $16.50 in a report on Tuesday, September 9th. Zacks Research raised TaskUs from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $16.88.

Institutional Trading of TaskUs

Hedge funds and other institutional investors have recently bought and sold shares of the company. New York State Common Retirement Fund purchased a new stake in TaskUs in the 2nd quarter worth approximately $67,000. Harbor Capital Advisors Inc. purchased a new stake in TaskUs in the 1st quarter worth approximately $63,000. BNP Paribas Financial Markets purchased a new stake in shares of TaskUs during the 4th quarter valued at $80,000. Point72 Asset Management L.P. purchased a new stake in shares of TaskUs during the 4th quarter valued at $83,000. Finally, Quarry LP purchased a new stake in shares of TaskUs during the 1st quarter valued at $83,000. 44.64% of the stock is owned by hedge funds and other institutional investors.

TaskUs Trading Up 0.2%

Shares of TASK opened at $17.40 on Tuesday. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of 25.22 and a beta of 2.16. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.84 and a quick ratio of 2.84. TaskUs has a 1-year low of $10.57 and a 1-year high of $19.60. The firm has a 50 day simple moving average of $17.25 and a 200-day simple moving average of $15.69.

TaskUs Company Profile

TaskUs, Inc provides digital outsourcing services for companies in Philippines, the United States, India, and internationally. It offers digital customer experience that consists of omni-channel customer care services primarily delivered through non-voice digital channels; and other solutions, including experience and customer care services for new product or market launches, and customer acquisition solutions.

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