TaskUs (NASDAQ:TASK) Shares Gap Up – Here’s Why

TaskUs, Inc. (NASDAQ:TASK) shares gapped up prior to trading on Friday . The stock had previously closed at $12.49, but opened at $13.73. TaskUs shares last traded at $13.1960, with a volume of 134,543 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TASK. Zacks Research upgraded shares of TaskUs from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 20th. Morgan Stanley cut shares of TaskUs from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $21.00 to $16.50 in a report on Tuesday, September 9th. Baird R W raised TaskUs from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TaskUs in a report on Wednesday, October 8th. Finally, Robert W. Baird lifted their price objective on shares of TaskUs from $16.50 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.25.

TaskUs Price Performance

The company has a 50 day simple moving average of $15.81 and a 200-day simple moving average of $16.23. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 18.29 and a beta of 2.11. The company has a quick ratio of 2.84, a current ratio of 2.84 and a debt-to-equity ratio of 0.42.

Institutional Investors Weigh In On TaskUs

Institutional investors have recently bought and sold shares of the stock. Think Investments LP boosted its holdings in shares of TaskUs by 14.8% in the second quarter. Think Investments LP now owns 3,734,665 shares of the company’s stock valued at $62,593,000 after acquiring an additional 481,307 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of TaskUs by 39.6% during the third quarter. Vanguard Group Inc. now owns 1,536,748 shares of the company’s stock worth $27,431,000 after purchasing an additional 435,892 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of TaskUs during the 2nd quarter valued at $16,325,000. Royce & Associates LP grew its stake in TaskUs by 6.4% in the first quarter. Royce & Associates LP now owns 790,289 shares of the company’s stock valued at $10,772,000 after purchasing an additional 47,610 shares in the last quarter. Finally, Dalton Investments Inc. raised its position in TaskUs by 10.3% during the first quarter. Dalton Investments Inc. now owns 750,146 shares of the company’s stock valued at $10,224,000 after acquiring an additional 69,900 shares in the last quarter. Institutional investors and hedge funds own 44.64% of the company’s stock.

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.