Wed Sep 25 07:10:50 UTC 2024: ## Bank of New York Mellon Sells Off TaskUs Shares, Other Institutional Investors Make Moves
**New York, NY** – Bank of New York Mellon Corp (BNY Mellon) reduced its stake in TaskUs, Inc. (NASDAQ: TASK) by 4% during the second quarter, according to filings with the Securities and Exchange Commission. BNY Mellon sold 1,540 shares, leaving them with 36,756 shares worth approximately $489,000.
While BNY Mellon decreased its holdings, other institutional investors and hedge funds took a different approach. Lord Abbett & CO. LLC, Jacobs Levy Equity Management Inc., Janney Montgomery Scott LLC, and Quarry LP all increased their stakes in TaskUs during the first and fourth quarters. Olympiad Research LP also initiated a new position in TaskUs during the fourth quarter.
Overall, 44.64% of TaskUs’ stock is owned by institutional investors and hedge funds. This highlights the ongoing interest in the company’s future prospects.
TaskUs, a provider of digital outsourcing services, recently reported strong earnings for the second quarter, meeting analysts’ expectations. The company’s revenue came in at $237.93 million, exceeding the consensus estimate of $231.15 million.
Analysts remain divided on TaskUs’ future, with varying opinions on the stock’s value. Robert W. Baird issued an “outperform” rating with a $16.00 price target, while Goldman Sachs Group assigned a “sell” rating and a $12.00 target price.
The average analyst rating for TaskUs is currently “Hold,” with a consensus price target of $15.38.
TaskUs’ stock opened at $12.59 on Wednesday, trading above its 50-day moving average of $14.29 and 200-day moving average of $13.40.
Investors will be watching closely to see how TaskUs performs in the coming quarters and how institutional investor sentiment develops.
First Piper 