TaskUs (NASDAQ:TASK) Trading Down 6.9% – What’s Next?

TaskUs, Inc. (NASDAQ:TASK)’s share price traded down 6.9% during mid-day trading on Tuesday . The company traded as low as $14.76 and last traded at $14.80. 258,881 shares were traded during trading, a decline of 8% from the average session volume of 281,354 shares. The stock had previously closed at $15.90.

Analyst Ratings Changes

TASK has been the subject of several analyst reports. Bank of America upgraded TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price objective 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 increased 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. One equities 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 data from MarketBeat, TaskUs currently has a consensus rating of “Hold” and a consensus target price of $17.00.

TaskUs Stock Performance

The firm has a fifty day simple moving average of $16.31 and a 200 day simple moving average of $14.53. 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 company has a market cap of $1.30 billion, a price-to-earnings ratio of 24.76, a P/E/G ratio of 4.03 and a beta of 2.21.

Insider Activity

In other TaskUs news, CAO Steven Amaya sold 75,579 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $18.11, for a total value of $1,368,735.69. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were 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. Over the last 90 days, insiders sold 140,338 shares of company stock valued at $2,548,902. Insiders own 29.26% of the company’s stock.

Hedge Funds Weigh In On TaskUs

A number of institutional investors and hedge funds have recently bought and sold shares of TASK. CWM LLC raised its position in TaskUs by 25,053.3% in the 3rd quarter. CWM LLC now owns 7,546 shares of the company’s stock worth $97,000 after purchasing an additional 7,516 shares during the last quarter. US Bancorp DE increased its stake 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 buying an additional 2,516 shares during the period. Olympiad Research LP bought a new stake in shares of TaskUs during the third quarter worth $143,000. Victory Capital Management Inc. acquired a new position in shares of TaskUs during the third quarter valued at $223,000. Finally, Cornercap Investment Counsel Inc. bought a new position in TaskUs in the third quarter valued at about $230,000. Institutional investors and hedge funds 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.