TaskUs (NASDAQ:TASK) Stock Price Down 5.8% – Here’s Why

TaskUs, Inc. (NASDAQ:TASK) shares fell 5.8% during mid-day trading on Tuesday . The company traded as low as $16.17 and last traded at $16.22. 103,591 shares were traded during mid-day trading, a decline of 27% from the average session volume of 141,648 shares. The stock had previously closed at $17.21.

Analysts Set New Price Targets

TASK has been the subject of a number of research analyst reports. Bank of America upgraded shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price target for the company in a research note on Monday, December 9th. Robert W. Baird upped their target price on shares of TaskUs from $16.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley raised shares of TaskUs from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $18.00 to $21.00 in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, TaskUs presently has an average rating of “Hold” and a consensus target price of $17.00.

TaskUs Price Performance

The company has a debt-to-equity ratio of 0.50, a quick ratio of 3.02 and a current ratio of 3.02. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of 24.36, a price-to-earnings-growth ratio of 4.67 and a beta of 2.23. The business’s 50 day simple moving average is $15.49 and its 200-day simple moving average is $14.30.

Insider Buying and Selling

In related news, COO Stephan Daoust sold 62,159 shares of TaskUs 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Steven Amaya sold 75,579 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $18.11, for a total transaction of $1,368,735.69. The disclosure for this sale can be found here. Insiders sold 140,338 shares of company stock valued at $2,548,902 in the last three months. 29.26% of the stock is currently owned by corporate insiders.

Institutional Trading of TaskUs

A number of institutional investors have recently made changes to their positions in TASK. Seldon Capital LP bought a new stake in TaskUs during the third quarter worth approximately $5,393,000. Jacobs Levy Equity Management Inc. raised its stake 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 buying an additional 84,988 shares in the last quarter. JPMorgan Chase & Co. acquired a new stake in shares of TaskUs in the third quarter valued at $1,006,000. LSV Asset Management bought a new position in TaskUs during the second quarter valued at about $990,000. Finally, Royce & Associates LP boosted its stake in TaskUs by 8.9% during the third quarter. Royce & Associates LP now owns 669,579 shares of the company’s stock valued at $8,651,000 after buying an additional 54,770 shares in the last quarter. 44.64% of the stock is owned by institutional investors and hedge funds.

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.