TaskUs (NASDAQ:TASK) Trading Down 5.8% – What’s Next?

TaskUs, Inc. (NASDAQ:TASK)’s share price was down 5.8% during trading on Tuesday . The company traded as low as $16.17 and last traded at $16.22. Approximately 103,591 shares were traded during trading, a decline of 27% from the average daily volume of 141,648 shares. The stock had previously closed at $17.21.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Robert W. Baird upped their target price on shares of TaskUs from $16.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Morgan Stanley upgraded shares of TaskUs from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $18.00 to $21.00 in a report 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 for the company in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $17.00.

TaskUs Stock Up 3.7 %

The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.50. The business has a 50 day moving average of $15.61 and a 200-day moving average of $14.32. The stock has a market cap of $1.39 billion, a PE ratio of 26.39, a P/E/G ratio of 4.67 and a beta of 2.23.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. grew its holdings in shares of TaskUs by 47.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 263,734 shares of the company’s stock worth $3,407,000 after acquiring an additional 84,988 shares during the period. Royce & Associates LP raised its position in TaskUs by 8.9% during the third quarter. Royce & Associates LP now owns 669,579 shares of the company’s stock worth $8,651,000 after acquiring an additional 54,770 shares during the last quarter. Seldon Capital LP purchased a new stake in shares of TaskUs in the third quarter valued at about $5,393,000. LSV Asset Management purchased a new stake in shares of TaskUs in the second quarter valued at about $990,000. Finally, Dimensional Fund Advisors LP grew its position in shares of TaskUs by 15.2% in the second quarter. Dimensional Fund Advisors LP now owns 392,504 shares of the company’s stock valued at $5,224,000 after purchasing an additional 51,935 shares during the last quarter. 44.64% of the stock is owned by hedge funds and other institutional investors.

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.