TaskUs, Inc. (NASDAQ:TASK) Sees Large Increase in Short Interest

TaskUs, Inc. (NASDAQ:TASK) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totaling 551,800 shares, an increase of 210.5% from the August 31st total of 177,700 shares. Based on an average daily volume of 322,900 shares, the days-to-cover ratio is presently 1.7 days. Based on an average daily volume of 322,900 shares, the days-to-cover ratio is presently 1.7 days.

Institutional Investors Weigh In On TaskUs

Several hedge funds and other institutional investors have recently made changes to their positions in TASK. Harbor Capital Advisors Inc. purchased a new position in shares of TaskUs in the first quarter worth approximately $63,000. New York State Common Retirement Fund purchased a new position in shares of TaskUs during the 2nd quarter worth $67,000. Quarry LP bought a new stake in shares of TaskUs during the 1st quarter valued at $83,000. Voya Investment Management LLC purchased a new stake in shares of TaskUs in the 1st quarter worth $178,000. Finally, Invesco Ltd. bought a new position in TaskUs in the 1st quarter worth $182,000. Hedge funds and other institutional investors own 44.64% of the company’s stock.

TaskUs Stock Performance

TASK stock opened at $17.25 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.84 and a quick ratio of 2.84. TaskUs has a 1 year low of $10.57 and a 1 year high of $19.60. The company has a market cap of $1.55 billion, a P/E ratio of 25.00 and a beta of 2.15. The stock’s fifty day moving average price is $17.43 and its 200-day moving average price is $16.10.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TASK. Morgan Stanley cut shares of TaskUs from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $21.00 to $16.50 in a report on Tuesday, September 9th. Zacks Research raised shares of TaskUs from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 20th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of TaskUs in a report on Saturday, September 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.88.

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.