TaskUs (NASDAQ:TASK) Shares Gap Up - Here's Why

Shares of TaskUs, Inc. (NASDAQ:TASK - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $15.97, but opened at $18.00. TaskUs shares last traded at $17.92, with a volume of 163,235 shares.

Analyst Ratings Changes

Several research firms have commented on TASK. Morgan Stanley raised shares of TaskUs from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $18.00 to $21.00 in a research note on Friday. JPMorgan Chase & Co. dropped their target price on TaskUs from $17.00 to $15.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Robert W. Baird increased their price target on TaskUs from $16.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, Bank of America raised TaskUs from a "neutral" rating to a "buy" rating and set a $18.00 price objective on the stock in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $17.00.

TaskUs Price Performance

The company has a market cap of $1.65 billion, a price-to-earnings ratio of 31.29, a P/E/G ratio of 4.23 and a beta of 2.31. The company has a current ratio of 3.02, a quick ratio of 3.02 and a debt-to-equity ratio of 0.50. The business has a 50-day moving average price of $13.99 and a 200 day moving average price of $13.96.

Hedge Funds Weigh In On TaskUs

A number of hedge funds and other institutional investors have recently modified their holdings of TASK. nVerses Capital LLC purchased a new stake in TaskUs during the second quarter valued at about $28,000. US Bancorp DE raised its holdings in shares of TaskUs by 101.2% during the third quarter. US Bancorp DE now owns 5,001 shares of the company's stock valued at $65,000 after acquiring an additional 2,516 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of TaskUs by 55.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,581 shares of the company's stock valued at $74,000 after acquiring an additional 1,988 shares in the last quarter. CWM LLC boosted its stake in TaskUs by 25,053.3% in the 3rd quarter. CWM LLC now owns 7,546 shares of the company's stock worth $97,000 after purchasing an additional 7,516 shares during the period. Finally, Quantbot Technologies LP grew its position in TaskUs by 186.7% during the 3rd quarter. Quantbot Technologies LP now owns 9,428 shares of the company's stock worth $122,000 after purchasing an additional 6,140 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.