TaskUs (NASDAQ:TASK) Shares Down 6.9% - Here's What Happened

TaskUs, Inc. (NASDAQ:TASK - Get Free Report)'s share price was down 6.9% during trading on Tuesday . The stock traded as low as $14.76 and last traded at $14.80. Approximately 258,881 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 281,354 shares. The stock had previously closed at $15.90.

Wall Street Analyst Weigh In

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

TaskUs Stock Down 1.6 %

The company has a market capitalization of $1.28 billion, a P/E ratio of 24.36, a P/E/G ratio of 4.02 and a beta of 2.21. The stock has a 50-day moving average price of $16.31 and a 200-day moving average price of $14.53. The company has a debt-to-equity ratio of 0.50, a current ratio of 3.02 and a quick ratio of 3.02.

Insiders Place Their Bets

In other TaskUs news, COO Stephan Daoust sold 62,159 shares of the firm's stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $18.23, for a total value of $1,133,158.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Steven Amaya sold 2,600 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.08, for a total value of $47,008.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 140,338 shares of company stock worth $2,548,902. 29.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On TaskUs

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its stake in TaskUs by 71.5% in the fourth quarter. Blue Trust Inc. now owns 1,677 shares of the company's stock valued at $28,000 after acquiring an additional 699 shares during the period. Lazard Asset Management LLC grew its stake in TaskUs by 9.6% in the fourth quarter. Lazard Asset Management LLC now owns 9,972 shares of the company's stock valued at $167,000 after acquiring an additional 873 shares during the period. Jane Street Group LLC boosted its position in shares of TaskUs by 9.9% during the third quarter. Jane Street Group LLC now owns 21,761 shares of the company's stock valued at $281,000 after buying an additional 1,959 shares during the last quarter. US Bancorp DE boosted its position 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 buying an additional 2,516 shares during the last quarter. Finally, PDT Partners LLC boosted its position in shares of TaskUs by 6.8% during the fourth quarter. PDT Partners LLC now owns 45,189 shares of the company's stock valued at $766,000 after buying an additional 2,893 shares during the last quarter. Institutional investors and hedge funds own 44.64% of the company's stock.

TaskUs Company Profile

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.