TaskUs Stock Plummets Following a Report Suggesting 50% Downside

Shares of TaskUs (NASDAQ: TASK) fell sharply on Thursday after the release of what's known as a short report. A short report details reasons a stock is likely to fall and suggests investors position themselves accordingly. And this report appears to have rattled investors, considering TaskUs stock is down 15% as of 9:50 a.m. ET.

Spruce Point Capital Management believes TaskUs stock has 25% to 50% downside. Shares were trading around $36 at the time, implying a target-price range of $27 per share to $18 per share. Putting their money where their mouth is, Spruce Point Capital is short shares of TaskUs, meaning it will profit if the stock goes down.

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Source Fool.com