Morgan Stanley Downgrades TaskUs (NASDAQ:TASK) to Equal Weight

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 lowered shares of TaskUs (NASDAQ:TASK - Free Report) from an overweight rating to an equal weight rating in a report released on Tuesday, MarketBeat reports. They currently have $16.50 price objective on the stock, down from their previous price objective of $21.00.

Other analysts have also issued reports about the stock. Baird R W lowered shares of TaskUs from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 12th. Robert W. Baird lowered shares of TaskUs from an "outperform" rating to a "neutral" rating and set a $16.50 price target on the stock. in a research report on Monday, May 12th. Royal Bank Of Canada dropped their price target on shares of TaskUs from $20.00 to $16.50 and set a "sector perform" rating on the stock in a research report on Monday, May 12th. Finally, Zacks Research raised shares of TaskUs from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, TaskUs has a consensus rating of "Hold" and a consensus target price of $16.88.

TaskUs Stock Down 0.2%

Shares of TASK stock traded down $0.03 during trading 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 business has a fifty day moving average price of $17.24 and a 200-day moving average price of $15.66. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.42. The company has a market cap of $1.56 billion, a price-to-earnings ratio of 25.16 and a beta of 2.16. TaskUs has a one year low of $10.57 and a one year high of $19.60.

Hedge Funds Weigh In On TaskUs

Large investors have recently modified their holdings of the stock. New York State Common Retirement Fund bought a new position in shares of TaskUs in the second quarter valued at about $67,000. Harbor Capital Advisors Inc. bought a new position in TaskUs during the first quarter worth about $63,000. BNP Paribas Financial Markets bought a new position in TaskUs during the fourth quarter worth about $80,000. Point72 Asset Management L.P. bought a new position in TaskUs during the fourth quarter worth about $83,000. Finally, Quarry LP bought a new position in TaskUs during the first quarter worth about $83,000. 44.64% of the stock is owned by 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.