TaskUs (NASDAQ:TASK) Stock Rating Lowered by Morgan Stanley

Key Points

• Morgan Stanley downgraded TaskUs from an "overweight" to an "equal weight" rating, lowering the price target from $21.00 to $16.50, indicating a potential downside of 9.39% from its previous close.
• TaskUs is experiencing mixed ratings from analysts, with one holding a Strong Buy, one a Buy, and five rating the stock as a Hold, leading to an average rating of "Hold" with a consensus target price of $16.88.
• Institutional investors control 44.64% of TaskUs stock, with notable increases in stakes from firms like Think Investments LP and Ameriprise Financial Inc.

Morgan Stanley downgraded shares of TaskUs (NASDAQ:TASK - Free Report) from an overweight rating to an equal weight rating in a research note published on Tuesday, MarketBeat reports. The brokerage currently has $16.50 target price on the stock, down from their prior target price of $21.00.

A number of other equities research analysts have also recently commented on TASK. Baird R W cut shares of TaskUs from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 12th. Zacks Research raised shares of TaskUs from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 20th. Royal Bank Of Canada lowered their price target on shares of TaskUs from $20.00 to $16.50 and set a "sector perform" rating for the company in a report on Monday, May 12th. Finally, Robert W. Baird downgraded shares of TaskUs from an "outperform" rating to a "neutral" rating and set a $16.50 price target for the company. in a report on Monday, May 12th. One investment 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. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $16.88.

TaskUs Price Performance

NASDAQ TASK traded down $0.03 during trading hours on Tuesday, reaching $17.36. The company's stock had a trading volume of 340,418 shares, compared to its average volume of 436,495. The stock has a market cap of $1.56 billion, a PE ratio of 25.16 and a beta of 2.16. TaskUs has a fifty-two week low of $10.57 and a fifty-two week high of $19.60. The company's 50-day moving average is $17.24 and its two-hundred day moving average is $15.66. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.84 and a current ratio of 2.84.

Institutional Investors Weigh In On TaskUs

A number of institutional investors have recently bought and sold shares of TASK. Ameriprise Financial Inc. grew its holdings in TaskUs by 7.9% in the fourth quarter. Ameriprise Financial Inc. now owns 957,653 shares of the company's stock valued at $16,223,000 after purchasing an additional 69,704 shares during the period. BNP Paribas Financial Markets purchased a new stake in TaskUs in the fourth quarter valued at approximately $80,000. Bank of America Corp DE grew its holdings in TaskUs by 95.8% in the fourth quarter. Bank of America Corp DE now owns 68,783 shares of the company's stock valued at $1,165,000 after purchasing an additional 33,661 shares during the period. Balyasny Asset Management L.P. grew its holdings in TaskUs by 108.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 47,838 shares of the company's stock valued at $810,000 after purchasing an additional 24,834 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new stake in TaskUs in the fourth quarter valued at approximately $265,000. 44.64% of the stock is currently owned by hedge funds and other institutional investors.

About TaskUs

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.