TaskUs (NASDAQ:TASK) Shares Gap Up After Earnings Beat

TaskUs, Inc. (NASDAQ:TASK) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $8.63, but opened at $9.79. TaskUs shares last traded at $9.20, with a volume of 135,576 shares.

The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. TaskUs had a return on equity of 27.02% and a net margin of 8.75%. The business had revenue of $314.75 million for the quarter, compared to analyst estimates of $303.64 million.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TASK. Robert W. Baird set a $12.00 target price on shares of TaskUs in a report on Thursday, August 6th. Wall Street Zen upgraded shares of TaskUs from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Wedbush cut their price target on shares of TaskUs from $12.00 to $9.00 and set an “outperform” rating on the stock in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of TaskUs from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 19th. Finally, Morgan Stanley raised their price objective on TaskUs from $6.00 to $7.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $9.60.

Hedge Funds Weigh In On TaskUs

Several hedge funds and other institutional investors have recently made changes to their positions in TASK. Parallel Advisors LLC increased its stake in shares of TaskUs by 48.3% during the 3rd quarter. Parallel Advisors LLC now owns 4,719 shares of the company’s stock worth $37,000 after purchasing an additional 1,538 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of TaskUs by 4.2% in the 1st quarter. First Trust Advisors LP now owns 69,189 shares of the company’s stock valued at $464,000 after purchasing an additional 2,805 shares during the period. Watershed Asset Management L.L.C. lifted its stake in TaskUs by 19.5% in the 1st quarter. Watershed Asset Management L.L.C. now owns 46,422 shares of the company’s stock valued at $311,000 after purchasing an additional 7,589 shares during the last quarter. Alamar Capital Management LLC acquired a new stake in TaskUs in the 1st quarter valued at about $114,000. Finally, Squarepoint Ops LLC bought a new position in TaskUs during the second quarter worth about $148,000. 44.64% of the stock is owned by institutional investors.

TaskUs Price Performance

The business has a fifty day moving average of $8.18 and a 200 day moving average of $7.75. The firm has a market cap of $847.12 million, a P/E ratio of 7.95 and a beta of 1.93. The company has a quick ratio of 2.95, a current ratio of 2.95 and a debt-to-equity ratio of 1.56.

TaskUs Company Profile

TaskUs, Inc (NASDAQ: TASK) is a provider of digital outsourcing and customer experience services for technology companies and other high-growth businesses. The company helps clients manage customer interactions, back-office operations and other business processes through a combination of trained personnel, technology and data-driven workflows.

Its services include customer care, technical support, content moderation, trust and safety, fraud prevention, artificial intelligence operations and back-office support.