TaskUs (NASDAQ:TASK) Stock Price Down 5.8% – What’s Next?

TaskUs, Inc. (NASDAQ:TASK) dropped 5.8% during mid-day trading on Tuesday . The stock traded as low as $16.17 and last traded at $16.22. Approximately 103,591 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 141,648 shares. The stock had previously closed at $17.21.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TASK. Bank of America raised shares of TaskUs from a “neutral” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Monday, December 9th. Morgan Stanley upgraded TaskUs from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $18.00 to $21.00 in a research note on Friday, December 13th. Finally, Robert W. Baird increased their price objective on TaskUs from $16.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $17.00.

TaskUs Price Performance

The company has a debt-to-equity ratio of 0.50, a current ratio of 3.02 and a quick ratio of 3.02. The stock has a fifty day simple moving average of $15.61 and a 200-day simple moving average of $14.32. The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of 26.39, a P/E/G ratio of 4.67 and a beta of 2.23.

Insider Buying and Selling

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

Institutional Trading of TaskUs

Several large investors have recently made changes to their positions in the company. Royce & Associates LP increased its stake in shares of TaskUs by 8.9% in the 3rd quarter. Royce & Associates LP now owns 669,579 shares of the company’s stock worth $8,651,000 after acquiring an additional 54,770 shares during the last quarter. Dalton Investments Inc. increased its position in TaskUs by 2.5% during the second quarter. Dalton Investments Inc. now owns 636,458 shares of the company’s stock worth $8,471,000 after purchasing an additional 15,300 shares during the last quarter. Renaissance Technologies LLC increased its position in TaskUs by 12.8% during the second quarter. Renaissance Technologies LLC now owns 440,523 shares of the company’s stock worth $5,863,000 after purchasing an additional 50,000 shares during the last quarter. Seldon Capital LP purchased a new position in TaskUs during the third quarter worth about $5,393,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in TaskUs by 12.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 396,274 shares of the company’s stock valued at $5,120,000 after purchasing an additional 42,750 shares during the last quarter. 44.64% of the stock is currently 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.