Zacks Investment Research Lowers TaskUs (NASDAQ:TASK) to Hold

TaskUs (NASDAQ:TASK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “TaskUs Inc. is a provider of outsourced digital services. It serves social media, e-commerce, gaming, streaming media, food delivery and ridesharing, HiTech, FinTech and HealthTech sectors. The company operates principally in the United States, the Philippines, India, Mexico, Taiwan, Greece, Ireland and Colombia. TaskUs Inc. is based in NEW BRAUNFELS, Texas. “

TASK has been the subject of several other research reports. Royal Bank of Canada lifted their target price on TaskUs from $43.00 to $69.00 and gave the stock an “outperform” rating in a research report on Thursday, November 11th. JPMorgan Chase & Co. boosted their price objective on TaskUs from $50.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, August 17th. Robert W. Baird restated a “buy” rating on shares of TaskUs in a research report on Thursday, August 12th. Finally, Bank of America downgraded TaskUs from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $42.00 to $65.00 in a research note on Tuesday, September 14th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, TaskUs presently has an average rating of “Buy” and a consensus target price of $52.22.

TASK opened at $46.91 on Thursday. The firm’s fifty day moving average is $63.30. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.61. TaskUs has a 52 week low of $26.66 and a 52 week high of $85.49.

TaskUs (NASDAQ:TASK) last released its quarterly earnings data on Wednesday, November 10th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.23. Equities analysts predict that TaskUs will post -0.74 earnings per share for the current fiscal year.

In other news, President Jaspar Weir sold 1,974,799 shares of the company’s stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $61.44, for a total value of $121,331,650.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Fc Aggregator L.P. Bcp sold 8,127,882 shares of the stock in a transaction that occurred on Monday, October 25th. The stock was sold at an average price of $61.44, for a total value of $499,377,070.08. The disclosure for this sale can be found here.

Hedge funds have recently bought and sold shares of the company. Brookfield Asset Management Inc. acquired a new stake in TaskUs during the 2nd quarter worth $8,132,000. Goldman Sachs Group Inc. bought a new position in shares of TaskUs in the 2nd quarter valued at about $2,981,000. Thames Capital Management LLC bought a new position in shares of TaskUs in the 2nd quarter valued at about $8,090,000. Symphony Financial Ltd. Co. bought a new position in shares of TaskUs in the 3rd quarter valued at about $331,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of TaskUs in the 2nd quarter valued at about $1,712,000. 20.90% of the stock is currently owned by institutional investors.

TaskUs Company Profile

TaskUs, Inc provides outsourcing services to Internet companies worldwide. It offers digital customer experience that consists of omni-channel customer care services primarily delivered through digital channels; and other solutions, including customer care services for new product or market launches, trust and safety solutions, and customer acquisition solutions.

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