TaskUs (NASDAQ:TASK) Downgraded by Bank of America to Underperform

Bank of America downgraded shares of TaskUs (NASDAQ:TASK – Get Rating) from a buy rating to an underperform rating in a research report released on Tuesday morning, The Fly reports. Bank of America currently has $11.00 price objective on the stock, down from their previous price objective of $25.00.

Several other research firms have also recently issued reports on TASK. Citigroup lowered their price objective on TaskUs from $23.00 to $16.00 in a report on Tuesday. Wells Fargo & Company decreased their price objective on TaskUs from $17.00 to $16.00 and set an underweight rating on the stock in a report on Tuesday, February 28th. Morgan Stanley decreased their price objective on TaskUs from $20.00 to $19.00 and set an equal weight rating on the stock in a report on Tuesday, February 28th. Finally, Robert W. Baird decreased their price objective on TaskUs from $22.00 to $18.00 and set an outperform rating on the stock in a report on Friday, April 21st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $17.33.

TaskUs Stock Performance

NASDAQ TASK opened at $11.90 on Tuesday. The stock has a 50-day simple moving average of $14.34 and a two-hundred day simple moving average of $17.14. The firm has a market capitalization of $1.16 billion, a P/E ratio of 30.51 and a beta of 2.50. TaskUs has a fifty-two week low of $11.03 and a fifty-two week high of $26.73. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.11 and a current ratio of 3.11.

TaskUs (NASDAQ:TASK – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.03). TaskUs had a net margin of 4.01% and a return on equity of 11.78%. The business had revenue of $242.22 million during the quarter, compared to analysts’ expectations of $231.71 million. On average, equities analysts forecast that TaskUs will post 0.78 earnings per share for the current year.

Institutional Trading of TaskUs

A number of large investors have recently modified their holdings of TASK. Eagle Asset Management Inc. increased its holdings in TaskUs by 4.9% in the third quarter. Eagle Asset Management Inc. now owns 693,352 shares of the company’s stock valued at $11,162,000 after buying an additional 32,131 shares during the last quarter. Think Investments LP acquired a new stake in shares of TaskUs during the third quarter worth about $17,710,000. Homestead Advisers Corp raised its holdings in TaskUs by 87.3% during the third quarter. Homestead Advisers Corp now owns 143,500 shares of the company’s stock worth $2,310,000 after purchasing an additional 66,900 shares in the last quarter. Prelude Capital Management LLC raised its holdings in TaskUs by 194.4% during the third quarter. Prelude Capital Management LLC now owns 116,537 shares of the company’s stock worth $1,876,000 after purchasing an additional 76,953 shares in the last quarter. Finally, Freemont Management S.A. raised its holdings in TaskUs by 22.5% during the third quarter. Freemont Management S.A. now owns 13,883 shares of the company’s stock worth $224,000 after purchasing an additional 2,549 shares in the last quarter. Hedge funds and other institutional investors own 27.86% of the company’s stock.

About TaskUs

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TaskUs, Inc provides digital outsourcing services for 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.