TaskUs (NASDAQ:TASK) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of TaskUs, Inc. (NASDAQ:TASK) 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 traded 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.

A number of other brokerages also recently commented on TASK. Robert W. Baird raised their price objective on TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley upgraded shares of TaskUs from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $18.00 to $21.00 in a research note on Friday, December 13th. Finally, Bank of America upgraded shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $17.25.

Insider Activity

In other TaskUs news, CAO Steven Amaya sold 2,600 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were 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 SEC, which can be accessed through the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the firm’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 transaction of $1,133,158.57. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,338 shares of company stock worth $2,548,902. Corporate insiders own 29.26% of the company’s stock.

Institutional Trading of TaskUs

Several large investors have recently made changes to their positions in the business. Think Investments LP lifted its position in TaskUs by 14.5% during the 4th quarter. Think Investments LP now owns 2,881,513 shares of the company’s stock worth $48,813,000 after buying an additional 364,608 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of TaskUs by 7.9% during the fourth quarter. Ameriprise Financial Inc. now owns 957,653 shares of the company’s stock worth $16,223,000 after purchasing an additional 69,704 shares in the last quarter. Royce & Associates LP grew its stake in shares of TaskUs by 10.9% during the fourth quarter. Royce & Associates LP now owns 742,679 shares of the company’s stock valued at $12,581,000 after purchasing an additional 73,100 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of TaskUs by 7.0% in the fourth quarter. Renaissance Technologies LLC now owns 497,623 shares of the company’s stock valued at $8,430,000 after purchasing an additional 32,500 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in TaskUs by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 471,011 shares of the company’s stock worth $7,979,000 after purchasing an additional 23,713 shares during the last quarter. Institutional investors own 44.64% of the company’s stock.

TaskUs Stock Down 7.6 %

The firm’s 50-day moving average is $16.09 and its two-hundred day moving average is $14.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.02 and a current ratio of 3.02. The stock has a market cap of $1.29 billion, a P/E 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). The firm had revenue of $274.24 million for the quarter, compared to analyst estimates of $268.65 million. TaskUs had a net margin of 5.58% and a return on equity of 17.73%. On average, equities 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.