TaskUs (NASDAQ:TASK) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

Shares of TaskUs, Inc. (NASDAQ:TASK) passed above its fifty day moving average during trading on Friday. The stock has a fifty 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

A number of research firms have commented on TASK. Wedbush lowered their target price on shares of TaskUs from $12.00 to $9.00 and set an “outperform” rating for the company in a report on Thursday, August 6th. Robert W. Baird set a $12.00 price objective on TaskUs in a report on Thursday, August 6th. Wall Street Zen raised shares of TaskUs from a “hold” rating to a “buy” rating in a research note on Saturday, October 24th. Weiss Ratings raised shares of TaskUs from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, October 19th. Finally, Morgan Stanley upped their price target on shares of TaskUs from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $9.60.

TaskUs Trading Up 2.3%

The company has a market cap of $761.00 million, a price-to-earnings ratio of 7.16 and a beta of 1.83. The company has a current ratio of 2.95, a quick ratio of 2.95 and a debt-to-equity ratio of 1.56. The business’s 50 day moving average price is $8.15 and its 200-day moving average price is $7.79.

TaskUs (NASDAQ:TASK) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. The business had revenue of $308.86 million during the quarter, compared to the consensus estimate of $297.58 million. TaskUs had a return on equity of 27.02% and a net margin of 8.75%. On average, equities analysts anticipate that TaskUs, Inc. will post 1.10 EPS for the current fiscal year.

Institutional Trading of TaskUs

A number of institutional investors have recently modified their holdings of the stock. Brooklands Fund Management Ltd acquired a new position in shares of TaskUs during the 3rd quarter worth $27,500,000. Saba Capital Management L.P. bought a new stake in shares of TaskUs during the 1st quarter worth $14,016,000. Dimensional Fund Advisors LP boosted its stake in TaskUs by 12.8% in the first quarter. Dimensional Fund Advisors LP now owns 678,859 shares of the company’s stock valued at $4,554,000 after buying an additional 77,072 shares in the last quarter. Bank of America Corp DE boosted its stake 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 valued at $714,000 after buying an additional 102,492 shares in the last quarter. Finally, Inspire Investing LLC boosted its stake in TaskUs by 93.1% in the first quarter. Inspire Investing LLC now owns 77,208 shares of the company’s stock valued at $518,000 after buying an additional 37,218 shares in the last quarter. 44.64% of the stock is currently owned by institutional investors.

About TaskUs

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.