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 were traded during mid-day 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 equities research analysts also recently commented on TASK. Robert W. Baird upped their price objective on TaskUs from $16.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Morgan Stanley upgraded TaskUs from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $21.00 in a report on Friday, December 13th. Finally, 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 report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.25.

Insider Buying and Selling at TaskUs

In other TaskUs news, COO Stephan Daoust sold 62,159 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $18.23, for a total value of $1,133,158.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,338 shares of company stock valued at $2,548,902. Company insiders own 29.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of TaskUs by 71.5% during the fourth quarter. Blue Trust Inc. now owns 1,677 shares of the company’s stock worth $28,000 after buying an additional 699 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of TaskUs during the fourth quarter worth about $80,000. KLP Kapitalforvaltning AS acquired a new position in shares of TaskUs during the fourth quarter worth about $81,000. Point72 Asset Management L.P. acquired a new position in shares of TaskUs during the fourth quarter worth about $83,000. Finally, US Bancorp DE boosted its position in shares of TaskUs by 101.2% during the third quarter. US Bancorp DE now owns 5,001 shares of the company’s stock worth $65,000 after buying an additional 2,516 shares during the period. 44.64% of the stock is owned by institutional investors and hedge funds.

TaskUs Stock Down 2.4 %

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 capitalization of $1.26 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 3.92 and a beta of 2.21. The firm has a 50-day moving average price of $16.05 and a two-hundred day moving average price of $14.52.

TaskUs (NASDAQ:TASK) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.12). TaskUs had a net margin of 5.58% and a return on equity of 17.73%. The company had revenue of $274.24 million for the quarter, compared to analyst estimates of $268.65 million. As a group, sell-side analysts anticipate that TaskUs, Inc. will post 0.9 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.