TaskUs (NASDAQ:TASK) Share Price Crosses Above 50 Day Moving Average – What’s Next?

TaskUs, Inc. (NASDAQ:TASK)’s share price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $8.15 and traded as high as $8.39. TaskUs shares last traded at $8.30, with a volume of 516,459 shares changing hands.

Wall Street Analysts Forecast Growth

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

TaskUs Stock Up 2.3%

The stock has a market cap of $761.00 million, a price-to-earnings ratio of 7.16 and a beta of 1.83. The stock has a 50 day simple moving average of $8.15 and a 200 day simple moving average of $7.79. 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 (NASDAQ:TASK) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The firm had revenue of $308.86 million for the quarter, compared to analyst estimates of $297.58 million. TaskUs had a net margin of 8.75% and a return on equity of 27.02%. As a group, analysts expect that TaskUs, Inc. will post 1.10 earnings per share for the current fiscal year.

Institutional Trading of TaskUs

Institutional investors and hedge funds have recently modified their holdings of the business. Brooklands Fund Management Ltd bought a new stake in TaskUs during the third quarter worth $27,500,000. Saba Capital Management L.P. purchased a new position in TaskUs in the first quarter worth $14,016,000. Bank of America Corp DE grew its stake in TaskUs by 2,573.2% in the 1st quarter. Bank of America Corp DE now owns 106,475 shares of the company’s stock valued at $714,000 after purchasing an additional 102,492 shares during the period. Dimensional Fund Advisors LP grew its stake in TaskUs by 12.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 678,859 shares of the company’s stock valued at $4,554,000 after purchasing an additional 77,072 shares during the period. Finally, Inspire Investing LLC grew its stake in TaskUs by 93.1% in the 1st quarter. Inspire Investing LLC now owns 77,208 shares of the company’s stock valued at $518,000 after purchasing an additional 37,218 shares during the period. 44.64% of the stock is owned by hedge funds and other institutional investors.

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.