Zacks Investment Research Downgrades 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. “

A number of other research firms have also weighed in on TASK. JPMorgan Chase & Co. upped their target price on shares of TaskUs from $50.00 to $52.00 and gave the stock an “overweight” rating in a report on Tuesday, August 17th. Robert W. Baird reaffirmed a “buy” rating on shares of TaskUs in a research report on Thursday, August 12th. Bank of America downgraded shares of TaskUs from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $42.00 to $65.00 in a research report on Tuesday, September 14th. Finally, Royal Bank of Canada upped their price objective on shares of TaskUs from $43.00 to $69.00 and gave the stock an “outperform” rating in a research report on Thursday, November 11th. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $52.22.

TASK opened at $46.91 on Thursday. 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 fifty-two week low of $26.66 and a fifty-two week high of $85.49. The stock has a 50-day simple moving average of $63.30.

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

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

Several institutional investors and hedge funds have recently made changes to their positions in TASK. Blackstone Inc bought a new stake in shares of TaskUs during the 2nd quarter valued at about $221,829,000. FMR LLC purchased a new position in TaskUs during the 2nd quarter valued at about $77,964,000. Sylebra Capital Ltd purchased a new position in TaskUs during the 3rd quarter valued at about $71,069,000. Massachusetts Financial Services Co. MA purchased a new position in TaskUs during the 2nd quarter valued at about $34,529,000. Finally, American Century Companies Inc. purchased a new position in TaskUs during the 2nd quarter valued at about $32,439,000. 20.90% of the stock is currently owned by hedge funds and other institutional investors.

About TaskUs

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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