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.

Shares of TaskUs, Inc. (NASDAQ:TASK - Get Free Report) 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 trading hands.

TASK has been the subject of several other research reports. Zacks Research upgraded shares of TaskUs from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 20th. Baird R W lowered shares of TaskUs from a "strong-buy" rating to a "hold" rating in a report on Monday, May 12th. Royal Bank Of Canada lowered their target price 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 lowered shares of TaskUs from an "outperform" rating to a "neutral" rating and set a $16.50 target price for the company. in a report on Monday, May 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and five have assigned 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Two Sigma Investments LP lifted its holdings in TaskUs by 25.5% during the 4th quarter. Two Sigma Investments LP now owns 281,864 shares of the company's stock valued at $4,775,000 after buying an additional 57,248 shares in the last quarter. Bank of America Corp DE lifted its holdings in TaskUs by 95.8% during the 4th quarter. Bank of America Corp DE now owns 68,783 shares of the company's stock valued at $1,165,000 after buying an additional 33,661 shares in the last quarter. Tocqueville Asset Management L.P. bought a new stake in TaskUs during the 1st quarter valued at about $2,576,000. AlphaQuest LLC lifted its holdings in TaskUs by 1,153.0% during the 1st quarter. AlphaQuest LLC now owns 23,845 shares of the company's stock valued at $325,000 after buying an additional 21,942 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in TaskUs during the 4th quarter valued at about $265,000. Institutional investors own 44.64% of the company's stock.

TaskUs Stock Down 2.6%

The business's fifty day moving average is $17.20 and its two-hundred day moving average is $15.61. The company has a market cap of $1.59 billion, a P/E ratio of 25.63 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.

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.

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