TaskUs (NASDAQ:TASK) Shares Gap Up Following Analyst Upgrade

TaskUs, Inc. (NASDAQ:TASK)’s share price gapped up prior to trading on Friday after Robert W. Baird raised their price target on the stock from $16.00 to $20.00. The stock had previously closed at $15.55, but opened at $16.74. Robert W. Baird currently has an outperform rating on the stock. TaskUs shares last traded at $17.46, with a volume of 113,182 shares traded.

Other analysts have also issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of TaskUs from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada boosted their target price on TaskUs from $17.00 to $18.00 and gave the stock a “sector perform” rating in a report on Friday, August 9th. Citigroup raised their price target on TaskUs from $18.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 12th. Finally, Bank of America upgraded shares of TaskUs from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $12.00 to $18.00 in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $16.43.

Institutional Trading of TaskUs

A number of hedge funds have recently made changes to their positions in the company. Quest Partners LLC grew its stake in shares of TaskUs by 208.9% in the third quarter. Quest Partners LLC now owns 19,569 shares of the company’s stock worth $253,000 after purchasing an additional 13,233 shares during the last quarter. Royce & Associates LP boosted its holdings in TaskUs by 8.9% in the third quarter. Royce & Associates LP now owns 669,579 shares of the company’s stock valued at $8,651,000 after acquiring an additional 54,770 shares during the last quarter. Cornercap Investment Counsel Inc. bought a new position in TaskUs during the 3rd quarter worth approximately $230,000. Victory Capital Management Inc. acquired a new position in shares of TaskUs in the 3rd quarter worth approximately $223,000. Finally, Olympiad Research LP bought a new stake in shares of TaskUs in the 3rd quarter valued at $143,000. 44.64% of the stock is owned by institutional investors and hedge funds.

TaskUs Stock Performance

The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 31.75, a P/E/G ratio of 3.87 and a beta of 2.28. The stock has a fifty day simple moving average of $12.58 and a two-hundred day simple moving average of $13.58. The company has a debt-to-equity ratio of 0.54, a quick ratio of 3.23 and a current ratio of 3.23.

TaskUs (NASDAQ:TASK) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $237.93 million during the quarter, compared to the consensus estimate of $231.15 million. TaskUs had a net margin of 5.44% and a return on equity of 16.93%. Analysts forecast that TaskUs, Inc. will post 0.87 earnings per share for the current fiscal 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.