TaskUs (NASDAQ:TASK) Shares Gap Down Following Analyst Downgrade

Key Points

• TaskUs shares gapped down following a downgrade by Morgan Stanley from an overweight to an equal weight rating, with a new price target set at $16.50.
• Institutional investors have shown significant changes, with Bank of America increasing its holdings by 95.8% during the 4th quarter.
• The current market cap of TaskUs is $1.59 billion, with shares last trading at $17.67 after a 2.6% decline.

TaskUs, Inc. (NASDAQ:TASK - Get Free Report)'s stock price gapped down before the market opened on Tuesday after Morgan Stanley downgraded the stock from an overweight rating to an equal weight rating. The stock had previously closed at $18.21, but opened at $17.56. Morgan Stanley now has a $16.50 price target on the stock, down from their previous price target of $21.00. TaskUs shares last traded at $17.67, with a volume of 213,970 shares changing hands.

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

Institutional Investors Weigh In On TaskUs

Hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund acquired a new stake in shares of TaskUs during the 2nd quarter worth about $67,000. Harbor Capital Advisors Inc. acquired a new stake in shares of TaskUs during the 1st quarter worth about $63,000. BNP Paribas Financial Markets acquired a new stake in shares of TaskUs during the 4th quarter worth about $80,000. Point72 Asset Management L.P. acquired a new stake in shares of TaskUs during the 4th quarter worth about $83,000. Finally, Quarry LP acquired a new stake in shares of TaskUs during the 1st quarter worth about $83,000. Institutional investors and hedge funds own 44.64% of the company's stock.

TaskUs Stock Down 0.2%

The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 25.16 and a beta of 2.16. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.84 and a current ratio of 2.84. The business's 50-day moving average is $17.24 and its 200-day moving average is $15.66.

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.