TaskUs (NASDAQ:TASK) Trading Down 6.9% After Analyst Downgrade

TaskUs, Inc. (NASDAQ:TASK)’s share price fell 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. 284,131 shares traded hands during trading, an increase of 29% from the average session volume of 220,171 shares. The stock had previously closed at $13.27.

Several other equities research analysts have also recently issued reports on TASK. Royal Bank of Canada lifted their price objective on shares of TaskUs from $17.00 to $18.00 and gave the company a “sector perform” rating in a research report on Friday, August 9th. The Goldman Sachs Group initiated coverage on shares of TaskUs in a report on Monday, June 24th. They issued a “sell” rating and a $12.00 target price for the company. Bank of America raised TaskUs from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $12.00 to $18.00 in a research note on Monday, July 22nd. Robert W. Baird raised their target price 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. Finally, Citigroup lifted their target price on TaskUs from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, TaskUs has a consensus rating of “Hold” and an average price target of $15.38.

Hedge Funds Weigh In On TaskUs

Institutional investors have recently made changes to their positions in the company. Lord Abbett & CO. LLC grew its stake in TaskUs by 26.5% in the 1st 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 period. Dalton Investments Inc. raised its stake in TaskUs by 2.5% during the second quarter. Dalton Investments Inc. now owns 636,458 shares of the company’s stock worth $8,471,000 after purchasing an additional 15,300 shares during the period. Renaissance Technologies LLC boosted its holdings in TaskUs by 12.8% during the 2nd quarter. Renaissance Technologies LLC now owns 440,523 shares of the company’s stock valued at $5,863,000 after acquiring an additional 50,000 shares during the period. Dimensional Fund Advisors LP lifted its holdings in TaskUs by 15.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 392,504 shares of the company’s stock worth $5,224,000 after buying an additional 51,935 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in TaskUs by 145.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 120,920 shares of the company’s stock worth $1,409,000 after purchasing an additional 71,621 shares during the period. 44.64% of the stock is owned by hedge funds and other institutional investors.

TaskUs Trading Down 7.7 %

The company has a quick ratio of 3.23, a current ratio of 3.23 and a debt-to-equity ratio of 0.54. The company’s fifty day moving average is $14.70 and its two-hundred day moving average is $13.40. The stock has a market cap 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 released its quarterly earnings data on Thursday, August 8th. The company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. TaskUs had a net margin of 5.44% and a return on equity of 16.93%. The company had revenue of $237.93 million for the quarter, compared to analysts’ expectations of $231.15 million. On average, research analysts predict that TaskUs, Inc. will post 0.84 EPS 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.