TaskUs (NASDAQ:TASK) Stock Price Down 6.5% – Here’s Why

TaskUs, Inc. (NASDAQ:TASK) shares were down 6.5% during trading on Thursday . The stock traded as low as $7.53 and last traded at $7.8650. Approximately 543,327 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 630,103 shares. The stock had previously closed at $8.41.

Analysts Set New Price Targets

Several brokerages recently issued reports on TASK. Wedbush dropped their price objective on shares of TaskUs from $12.00 to $9.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Morgan Stanley boosted their price target on shares of TaskUs from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Robert W. Baird set a $12.00 target price on shares of TaskUs in a report on Thursday, August 6th. Weiss Ratings restated a “sell (d+)” rating on shares of TaskUs in a research note on Tuesday, July 14th. Finally, Wall Street Zen raised TaskUs from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $9.60.

TaskUs Stock Performance

The company has a debt-to-equity ratio of 1.56, a current ratio of 2.95 and a quick ratio of 2.95. The business has a 50-day moving average of $7.30 and a 200-day moving average of $6.89. The company has a market capitalization of $733.04 million, a P/E ratio of 6.89 and a beta of 1.75.

TaskUs (NASDAQ:TASK) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $308.86 million for the quarter, compared to the consensus estimate of $297.58 million. TaskUs had a net margin of 8.75% and a return on equity of 27.02%. On average, sell-side analysts anticipate that TaskUs, Inc. will post 1.1 EPS for the current year.

Hedge Funds Weigh In On TaskUs

Large investors have recently bought and sold shares of the business. Saba Capital Management L.P. acquired a new position in shares of TaskUs in the first quarter valued at about $14,016,000. Dimensional Fund Advisors LP lifted its holdings in shares of TaskUs by 12.8% during the first quarter. Dimensional Fund Advisors LP now owns 678,859 shares of the company’s stock worth $4,554,000 after purchasing an additional 77,072 shares during the period. Irenic Capital Management LP purchased a new stake in TaskUs in the fourth quarter valued at approximately $11,253,000. Bank of America Corp DE increased its holdings in TaskUs by 2,573.2% in the 1st quarter. Bank of America Corp DE now owns 106,475 shares of the company’s stock worth $714,000 after buying an additional 102,492 shares during the period. Finally, Dalton Investments Inc. acquired a new position in TaskUs in the 4th quarter worth approximately $11,174,000. Institutional investors own 44.64% of the company’s stock.

About TaskUs

TaskUs, Inc is a provider of outsourced digital services and customer experience solutions for companies operating in the technology, social media, gaming, retail, e-commerce, financial technology and healthcare sectors. The company helps clients manage customer interactions and other business processes through a combination of human expertise, technology and data-driven operations.

Its services include customer care, content moderation, trust and safety, fraud and risk management, back-office support, artificial intelligence operations and digital consulting.