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

TaskUs, Inc. (NASDAQ:TASK)’s share price fell 5.8% on Tuesday . The company traded as low as $16.17 and last traded at $16.22. 103,591 shares changed hands 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.

Wall Street Analyst Weigh In

TASK has been the subject of a number of recent analyst reports. Morgan Stanley raised TaskUs from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $18.00 to $21.00 in a report on Friday, December 13th. Bank of America upgraded shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Monday, December 9th. Finally, 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 report on Friday, November 8th. One 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $17.00.

TaskUs Stock Down 16.5 %

The company has a market cap of $1.28 billion, a PE ratio of 24.36, a P/E/G ratio of 4.67 and a beta of 2.23. The firm has a 50-day simple moving average of $15.49 and a two-hundred day simple moving average of $14.30. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.02 and a quick ratio of 3.02.

Insider Activity at TaskUs

In related news, CAO Steven Amaya sold 2,600 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.08, for a total transaction of $47,008.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Stephan Daoust sold 62,159 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $18.23, for a total value of $1,133,158.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,338 shares of company stock valued at $2,548,902. 29.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE lifted its position in TaskUs by 101.2% during the 3rd quarter. US Bancorp DE now owns 5,001 shares of the company’s stock worth $65,000 after acquiring an additional 2,516 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of TaskUs by 55.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,581 shares of the company’s stock worth $74,000 after purchasing an additional 1,988 shares in the last quarter. CWM LLC boosted its stake in shares of TaskUs by 25,053.3% in the third quarter. CWM LLC now owns 7,546 shares of the company’s stock valued at $97,000 after purchasing an additional 7,516 shares during the period. Quantbot Technologies LP grew its holdings in TaskUs by 186.7% during the 3rd quarter. Quantbot Technologies LP now owns 9,428 shares of the company’s stock valued at $122,000 after purchasing an additional 6,140 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in TaskUs during the 3rd quarter worth $139,000. 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.