TaskUs (NASDAQ:TASK) Shares Up 5.9% – Here’s Why

TaskUs, Inc. (NASDAQ:TASK) shares were up 5.9% on Tuesday . The stock traded as high as $15.42 and last traded at $15.49. Approximately 269,888 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 313,884 shares. The stock had previously closed at $14.62.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TASK shares. Robert W. Baird raised their target price on shares of TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Bank of America raised TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research note on Monday, December 9th. Finally, Morgan Stanley raised TaskUs from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $18.00 to $21.00 in a research note on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.00.

TaskUs Stock Performance

The firm’s fifty day moving average price is $16.17 and its 200 day moving average price is $14.51. The firm has a market cap of $1.38 billion, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 3.92 and a beta of 2.21. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.02 and a current ratio of 3.02.

Insider Buying and Selling

In related news, CAO Steven Amaya sold 75,579 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $18.11, for a total transaction of $1,368,735.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $18.23, for a total value of $1,133,158.57. The disclosure for this sale can be found here. Insiders sold 140,338 shares of company stock valued at $2,548,902 over the last 90 days. Corporate insiders own 29.26% of the company’s stock.

Institutional Investors Weigh In On TaskUs

A number of large investors have recently modified their holdings of the business. Blue Trust Inc. increased its holdings in TaskUs by 71.5% in the 4th quarter. Blue Trust Inc. now owns 1,677 shares of the company’s stock worth $28,000 after buying an additional 699 shares during the period. BNP Paribas Financial Markets purchased a new position in shares of TaskUs during the fourth quarter worth $80,000. KLP Kapitalforvaltning AS acquired a new position in TaskUs during the fourth quarter valued at $81,000. Point72 Asset Management L.P. purchased a new stake in TaskUs in the fourth quarter valued at $83,000. Finally, US Bancorp DE grew its position in TaskUs by 101.2% during the 3rd quarter. US Bancorp DE now owns 5,001 shares of the company’s stock worth $65,000 after purchasing an additional 2,516 shares during the period. Hedge funds and other institutional investors own 44.64% of the company’s stock.

About TaskUs

TaskUs, Inc provides digital outsourcing services for companies in Philippines, the United States, India, and internationally. It offers digital customer experience that consists of omni-channel customer care services primarily delivered through non-voice digital channels; and other solutions, including experience and customer care services for new product or market launches, and customer acquisition solutions.