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

TaskUs, Inc. (NASDAQ:TASK) gapped down before the market opened on Friday. The stock had previously closed at $8.41, but opened at $8.01. TaskUs shares last traded at $8.0820, with a volume of 6,269 shares.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Robert W. Baird set a $12.00 price target on TaskUs in a research note on Thursday, August 6th. Morgan Stanley boosted 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. Wall Street Zen raised TaskUs from a “hold” rating to a “buy” rating in a research report on Saturday, September 19th. Wedbush cut their target price on TaskUs from $12.00 to $9.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of TaskUs in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.60.

TaskUs Price Performance

The firm has a market cap of $744.98 million, a P/E ratio of 7.01 and a beta of 1.75. The company has a fifty day moving average of $7.34 and a 200-day moving average of $6.87. The company has a debt-to-equity ratio of 1.56, a current ratio of 2.95 and a quick ratio of 2.95.

TaskUs (NASDAQ:TASK) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.05. The business had revenue of $308.86 million for the quarter, compared to analysts’ expectations of $297.58 million. TaskUs had a return on equity of 27.02% and a net margin of 8.75%. On average, sell-side analysts anticipate that TaskUs, Inc. will post 1.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. bought a new position in shares of TaskUs in the first quarter valued at approximately $14,016,000. Dimensional Fund Advisors LP lifted its holdings in TaskUs by 12.8% during the first quarter. Dimensional Fund Advisors LP now owns 678,859 shares of the company’s stock worth $4,554,000 after acquiring an additional 77,072 shares during the period. Irenic Capital Management LP purchased a new position in TaskUs in the fourth quarter worth $11,253,000. Bank of America Corp DE boosted its position in TaskUs by 2,573.2% in the first quarter. Bank of America Corp DE now owns 106,475 shares of the company’s stock worth $714,000 after purchasing an additional 102,492 shares during the last quarter. Finally, Dalton Investments Inc. bought a new position in TaskUs in the 4th quarter valued at $11,174,000. 44.64% of the stock is currently owned by hedge funds and other institutional investors.

TaskUs Company Profile

TaskUs, Inc is a provider of outsourced digital services and customer experience solutions for companies operating in the technology, social media, gaming, retail, e-commerce, financial technology and healthcare sectors. The company helps clients manage customer interactions and other business processes through a combination of human expertise, technology and data-driven operations.

Its services include customer care, content moderation, trust and safety, fraud and risk management, back-office support, artificial intelligence operations and digital consulting.