TaskUs (NASDAQ:TASK) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of TaskUs (NASDAQ:TASK) from a sell rating to a hold rating in a research note published on Wednesday morning, 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. “

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley assumed coverage on shares of TaskUs in a research note on Tuesday, July 6th. They issued an equal weight rating and a $34.00 price target on the stock. Bank of America lowered TaskUs from a buy rating to a neutral rating and raised their price objective for the company from $42.00 to $65.00 in a report on Tuesday, September 14th. Wells Fargo & Company assumed coverage on TaskUs in a report on Tuesday, July 6th. They issued an overweight rating and a $35.00 price objective on the stock. Royal Bank of Canada assumed coverage on TaskUs in a report on Tuesday, July 6th. They issued an outperform rating and a $43.00 price objective on the stock. Finally, BTIG Research assumed coverage on TaskUs in a report on Thursday, July 8th. They issued a buy rating and a $45.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, TaskUs presently has a consensus rating of Buy and a consensus price target of $46.88.

TaskUs stock opened at $64.95 on Wednesday. The company has a fifty day moving average of $58.24. TaskUs has a 1 year low of $26.66 and a 1 year high of $85.49. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.24 and a current ratio of 1.24.

TaskUs (NASDAQ:TASK) last released its quarterly earnings results on Tuesday, August 10th. The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). The company had revenue of $180.02 million for the quarter, compared to analysts’ expectations of $161.96 million. During the same quarter in the prior year, the company earned $0.18 earnings per share. The business’s revenue for the quarter was up 57.4% compared to the same quarter last year. As a group, analysts forecast that TaskUs will post 1.19 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. acquired a new position in TaskUs in the 2nd quarter valued at about $342,000. Sei Investments Co. acquired a new position in shares of TaskUs during the second quarter worth about $1,934,000. Eagle Asset Management Inc. acquired a new position in shares of TaskUs during the second quarter worth about $17,635,000. Carmignac Gestion acquired a new position in shares of TaskUs during the second quarter worth about $6,860,000. Finally, Monashee Investment Management LLC acquired a new position in shares of TaskUs during the second quarter worth about $2,397,000. 19.97% of the stock is owned by 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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