TaskUs (NASDAQ:TASK) Sees Large Volume Increase Following Analyst Upgrade

TaskUs, Inc. (NASDAQ:TASK) shares saw strong trading volume on Thursday after Royal Bank of Canada raised their price target on the stock from $18.00 to $20.00. Royal Bank of Canada currently has a sector perform rating on the stock. 352,991 shares changed hands during trading, an increase of 7% from the previous session’s volume of 330,521 shares.The stock last traded at $15.77 and had previously closed at $15.64.

Several other equities analysts have also commented on TASK. Bank of America upgraded shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research report on Monday, December 9th. Morgan Stanley upgraded TaskUs from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $18.00 to $21.00 in a research report on Friday, December 13th. Finally, Robert W. Baird raised their price target on TaskUs from $16.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $17.25.

Insiders Place Their Bets

In other news, COO Stephan Daoust sold 62,159 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $18.23, for a total value of $1,133,158.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Steven Amaya sold 2,600 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $18.08, for a total value of $47,008.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 140,338 shares of company stock worth $2,548,902. 29.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TASK. Blue Trust Inc. grew its stake in shares of TaskUs by 71.5% in the 4th quarter. Blue Trust Inc. now owns 1,677 shares of the company’s stock valued at $28,000 after buying an additional 699 shares in the last quarter. Lazard Asset Management LLC grew its position in TaskUs by 9.6% in the fourth quarter. Lazard Asset Management LLC now owns 9,972 shares of the company’s stock worth $167,000 after acquiring an additional 873 shares in the last quarter. Jane Street Group LLC boosted its holdings in TaskUs by 9.9% in the third quarter. Jane Street Group LLC now owns 21,761 shares of the company’s stock worth $281,000 after purchasing an additional 1,959 shares in the last quarter. US Bancorp DE lifted its holdings in TaskUs by 101.2% in 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 last quarter. Finally, PDT Partners LLC boosted its position in TaskUs by 6.8% during the fourth quarter. PDT Partners LLC now owns 45,189 shares of the company’s stock worth $766,000 after purchasing an additional 2,893 shares during the period. 44.64% of the stock is owned by institutional investors and hedge funds.

TaskUs Price Performance

The stock’s 50 day moving average price is $16.09 and its two-hundred day moving average price is $14.52. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.02 and a quick ratio of 3.02. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 24.49, a PEG ratio of 3.92 and a beta of 2.21.

TaskUs (NASDAQ:TASK) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.12). TaskUs had a net margin of 5.58% and a return on equity of 17.73%. The business had revenue of $274.24 million during the quarter, compared to analyst estimates of $268.65 million. On average, equities research analysts anticipate that TaskUs, Inc. will post 0.9 EPS for the current year.

TaskUs Company Profile

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.