TaskUs (NASDAQ:TASK) Shares Gap Down - Should You Sell?

Key Points

• TaskUs shares opened at $15.50 after closing at $17.09, representing a significant gap down in stock price.
• Morgan Stanley downgraded TaskUs from "overweight" to "equal weight" and lowered the target price from $21.00 to $16.50.
• The stock has an average rating of "Hold" with a consensus price target of $16.88, indicating mixed sentiment from analysts.

TaskUs, Inc. (NASDAQ:TASK - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $17.09, but opened at $15.50. TaskUs shares last traded at $16.30, with a volume of 576,338 shares changing hands.

Analysts Set New Price Targets

Several research firms have recently weighed in on TASK. Weiss Ratings restated a "hold (c)" rating on shares of TaskUs in a research report on Saturday, September 27th. Morgan Stanley cut shares of TaskUs from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $21.00 to $16.50 in a report on Tuesday, September 9th. Finally, Zacks Research upgraded shares of 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 six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $16.88.

TaskUs Stock Down 4.9%

The firm has a market capitalization of $1.46 billion, a PE ratio of 23.55 and a beta of 2.15. The business's 50-day moving average price is $17.43 and its 200-day moving average price is $16.15. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.42.

Hedge Funds Weigh In On TaskUs

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. New York State Common Retirement Fund bought a new position in TaskUs during the second quarter valued at approximately $67,000. Harbor Capital Advisors Inc. bought a new position in shares of TaskUs in the first quarter valued at approximately $63,000. Quarry LP bought a new position in shares of TaskUs in the first quarter valued at approximately $83,000. OMERS ADMINISTRATION Corp bought a new position in shares of TaskUs in the second quarter valued at approximately $211,000. Finally, Voya Investment Management LLC bought a new position in shares of TaskUs in the first quarter valued at approximately $178,000. Institutional investors own 44.64% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.