TaskUs (NASDAQ:TASK) Sees Strong Trading Volume on Analyst Upgrade

TaskUs, Inc. (NASDAQ:TASK) saw unusually-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. Approximately 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 brokerages have also recently weighed in on TASK. Robert W. Baird upped their price target on TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. 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 note on Monday, December 9th. Finally, Morgan Stanley upgraded shares of TaskUs from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $18.00 to $21.00 in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $17.25.

Insider Activity

In other news, CAO Steven Amaya sold 2,600 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.08, for a total value of $47,008.00. 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 business’s stock in a transaction that occurred 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 three months. Insiders own 29.26% of the company’s stock.

Institutional Trading of TaskUs

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in TaskUs by 71.5% in the fourth quarter. Blue Trust Inc. now owns 1,677 shares of the company’s stock worth $28,000 after purchasing an additional 699 shares during the last quarter. US Bancorp DE raised its holdings in shares of TaskUs by 101.2% in the 3rd quarter. US Bancorp DE now owns 5,001 shares of the company’s stock valued at $65,000 after purchasing an additional 2,516 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of TaskUs in the 4th quarter worth approximately $80,000. KLP Kapitalforvaltning AS bought a new position in shares of TaskUs during the fourth quarter valued at approximately $81,000. Finally, Point72 Asset Management L.P. bought a new position in TaskUs in the fourth quarter worth approximately $83,000. 44.64% of the stock is currently owned by institutional investors.

TaskUs Stock Performance

The business has a fifty day simple moving average of $16.13 and a two-hundred day simple moving average of $14.52. The company has a market cap of $1.31 billion, a PE ratio of 24.98, 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 current ratio of 3.02 and a quick ratio of 3.02.

TaskUs (NASDAQ:TASK) last posted its 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). The company had revenue of $274.24 million during the quarter, compared to analysts’ expectations of $268.65 million. TaskUs had a net margin of 5.58% and a return on equity of 17.73%. Research analysts anticipate that TaskUs, Inc. will post 0.9 earnings per share 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.