TaskUs (NASDAQ:TASK) Stock Price Down 6.5% – Time to Sell?

Shares of TaskUs, Inc. (NASDAQ:TASK) fell 6.5% on Thursday. The company traded as low as $7.53 and last traded at $7.8650. 543,327 shares changed hands during trading, a decline of 14% from the average session volume of 630,103 shares. The stock had previously closed at $8.41.

Wall Street Analysts Forecast Growth

Several research firms have commented on TASK. Morgan Stanley lifted their price target on TaskUs from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. Robert W. Baird set a $12.00 target price on TaskUs in a research note on Thursday, August 6th. Wedbush lowered their price objective on shares of TaskUs from $12.00 to $9.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Wall Street Zen upgraded TaskUs from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. Finally, Weiss Ratings upgraded TaskUs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.60.

TaskUs Stock Performance

The firm has a market cap of $751.86 million, a PE ratio of 7.07 and a beta of 1.75. The stock has a 50-day moving average price of $7.38 and a 200 day moving average price of $6.88. The company has a debt-to-equity ratio of 1.56, a current ratio of 2.95 and a quick ratio of 2.95.

TaskUs (NASDAQ:TASK) last released its earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. TaskUs had a net margin of 8.75% and a return on equity of 27.02%. The firm had revenue of $308.86 million during the quarter, compared to the consensus estimate of $297.58 million. Research analysts forecast that TaskUs, Inc. will post 1.1 earnings per share for the current year.

Institutional Investors Weigh In On TaskUs

A number of large investors have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in TaskUs during the 2nd quarter valued at $148,000. Alamar Capital Management LLC acquired a new stake in shares of TaskUs during the 2nd quarter worth approximately $80,000. Bank of America Corp DE grew its stake in TaskUs by 2,573.2% during 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 last quarter. Saba Capital Management L.P. bought a new stake in TaskUs in the first quarter valued at $14,016,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of TaskUs in the 1st quarter worth about $242,000. 44.64% of the stock is owned by institutional investors and hedge funds.

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.