TaskUs (NASDAQ:TASK) Trading Down 9.6% – Here’s Why

TaskUs, Inc. (NASDAQ:TASK)’s stock price traded down 9.6% during trading on Monday . The company traded as low as $11.59 and last traded at $11.68. 148,007 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 260,515 shares. The stock had previously closed at $12.92.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TASK. Morgan Stanley raised 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. 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 report on Monday, December 9th. Finally, Royal Bank of Canada lifted their price objective on TaskUs from $18.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 27th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $17.86.

TaskUs Stock Performance

The firm’s fifty day moving average price is $14.44 and its 200-day moving average price is $14.57. The company has a market cap of $1.04 billion, a P/E ratio of 19.61, a P/E/G ratio of 3.92 and a beta of 2.17. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.50.

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 firm had revenue of $274.24 million for the quarter, compared to the consensus estimate of $268.65 million. As a group, research analysts forecast that TaskUs, Inc. will post 0.9 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jarrod Johnson sold 15,460 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $13.25, for a total value of $204,845.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 29.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On TaskUs

A number of institutional investors have recently added to or reduced their stakes in the stock. Paloma Partners Management Co bought a new position in shares of TaskUs during the 3rd quarter worth approximately $139,000. Centiva Capital LP raised its stake in TaskUs by 27.6% during the third quarter. Centiva Capital LP now owns 19,512 shares of the company’s stock worth $252,000 after acquiring an additional 4,218 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of TaskUs by 9.9% during the third quarter. Jane Street Group LLC now owns 21,761 shares of the company’s stock valued at $281,000 after acquiring an additional 1,959 shares during the period. XTX Topco Ltd acquired a new stake in shares of TaskUs in the 3rd quarter valued at $269,000. Finally, Barclays PLC grew its holdings in shares of TaskUs by 24.9% in the 3rd quarter. Barclays PLC now owns 24,774 shares of the company’s stock worth $321,000 after purchasing an additional 4,945 shares during the last quarter. 44.64% of the stock is owned by institutional investors and hedge funds.

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.