TaskUs (NASDAQ:TASK) Shares Down 5.4% – What’s Next?

Shares of TaskUs, Inc. (NASDAQ:TASK) dropped 5.4% during mid-day trading on Wednesday . The stock traded as low as $12.16 and last traded at $12.20. Approximately 91,377 shares traded hands during trading, a decline of 58% from the average daily volume of 219,664 shares. The stock had previously closed at $12.89.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on TASK shares. Royal Bank of Canada boosted 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. JPMorgan Chase & Co. decreased their price objective on TaskUs from $17.00 to $15.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Citigroup lifted their target price on TaskUs from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 12th. The Goldman Sachs Group assumed coverage on shares of TaskUs in a research report on Monday, June 24th. They set a “sell” rating and a $12.00 price target on the stock. Finally, Robert W. Baird boosted their price objective on shares of TaskUs from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $15.38.

TaskUs Price Performance

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 stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 24.00, a P/E/G ratio of 3.27 and a beta of 2.29. The business’s 50 day simple moving average is $13.65 and its 200-day simple moving average is $13.39.

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

Institutional Trading of TaskUs

Institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC lifted its holdings in shares of TaskUs by 26.5% in the first quarter. Lord Abbett & CO. LLC now owns 744,222 shares of the company’s stock worth $8,670,000 after acquiring an additional 155,751 shares during the last quarter. Dalton Investments Inc. lifted its stake in TaskUs by 2.5% in the 2nd quarter. Dalton Investments Inc. now owns 636,458 shares of the company’s stock valued at $8,471,000 after purchasing an additional 15,300 shares during the last quarter. Renaissance Technologies LLC boosted its position in TaskUs by 12.8% in the second quarter. Renaissance Technologies LLC now owns 440,523 shares of the company’s stock valued at $5,863,000 after buying an additional 50,000 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in TaskUs by 15.2% in the second quarter. Dimensional Fund Advisors LP now owns 392,504 shares of the company’s stock valued at $5,224,000 after buying an additional 51,935 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of TaskUs by 145.3% during the first quarter. Jacobs Levy Equity Management Inc. now owns 120,920 shares of the company’s stock worth $1,409,000 after buying an additional 71,621 shares during the last quarter. 44.64% of the stock is currently owned by institutional investors.

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.