TaskUs (NASDAQ:TASK) Stock Price Down 6.9% Following Analyst Downgrade

TaskUs, Inc. (NASDAQ:TASK) dropped 6.9% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $17.00 to $15.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. TaskUs traded as low as $12.32 and last traded at $12.35. Approximately 284,131 shares were traded during trading, an increase of 29% from the average daily volume of 220,171 shares. The stock had previously closed at $13.27.

A number of other research analysts have also weighed in on the company. Royal Bank of Canada upped their price objective on TaskUs from $17.00 to $18.00 and gave the stock a “sector perform” rating in a report on Friday, August 9th. Robert W. Baird boosted their price objective on shares of TaskUs from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Bank of America raised shares of TaskUs from an “underperform” rating to a “neutral” rating and upped their price target for the company from $12.00 to $18.00 in a report on Monday, July 22nd. The Goldman Sachs Group initiated coverage on TaskUs in a report on Monday, June 24th. They set a “sell” rating and a $12.00 target price on the stock. Finally, Citigroup upped their target price on shares of TaskUs from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.38.

Institutional Trading of TaskUs

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Lord Abbett & CO. LLC boosted its holdings in TaskUs by 26.5% in the first quarter. Lord Abbett & CO. LLC now owns 744,222 shares of the company’s stock valued at $8,670,000 after acquiring an additional 155,751 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of TaskUs by 145.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 120,920 shares of the company’s stock valued at $1,409,000 after purchasing an additional 71,621 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of TaskUs by 53.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 107,950 shares of the company’s stock worth $1,258,000 after purchasing an additional 37,505 shares during the period. Quarry LP increased its position in TaskUs by 326.6% during the 4th quarter. Quarry LP now owns 4,321 shares of the company’s stock worth $56,000 after purchasing an additional 3,308 shares in the last quarter. Finally, Olympiad Research LP purchased a new position in TaskUs in the fourth quarter valued at approximately $185,000. 44.64% of the stock is currently owned by institutional investors and hedge funds.

TaskUs Trading Down 7.7 %

The company has a debt-to-equity ratio of 0.54, a current ratio of 3.23 and a quick ratio of 3.23. The business’s 50-day simple moving average is $14.70 and its two-hundred day simple moving average is $13.40. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 24.26, a PEG ratio of 3.62 and a beta of 2.30.

TaskUs (NASDAQ:TASK) last posted its earnings results on Thursday, August 8th. The company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. TaskUs had a net margin of 5.44% and a return on equity of 16.93%. The business had revenue of $237.93 million for the quarter, compared to analyst estimates of $231.15 million. On average, research analysts anticipate that TaskUs, Inc. will post 0.84 earnings per share for the current fiscal year.

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.