TaskUs (NASDAQ:TASK) Trading Down 5% - Here's Why

TaskUs, Inc. (NASDAQ:TASK - Get Free Report) was down 5% during trading on Friday . The company traded as low as $13.41 and last traded at $13.31. Approximately 196,501 shares were traded during trading, a decline of 27% from the average daily volume of 268,558 shares. The stock had previously closed at $14.00.

Wall Street Analysts Forecast Growth

Separately, Royal Bank of Canada boosted their price objective on TaskUs from $18.00 to $20.00 and gave the company a "sector perform" rating in a research note on Thursday, February 27th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $17.86.

TaskUs Stock Up 2.5 %

The company has a quick ratio of 3.02, a current ratio of 3.02 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.29 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 3.92 and a beta of 2.16. The company has a fifty day simple moving average of $13.28 and a 200-day simple moving average of $14.68.

TaskUs (NASDAQ:TASK - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.12). The company had revenue of $274.24 million during the quarter, compared to the consensus estimate of $268.65 million. TaskUs had a net margin of 5.58% and a return on equity of 17.73%. On average, equities analysts anticipate that TaskUs, Inc. will post 0.9 earnings per share for the current year.

Insider Activity

In other TaskUs news, insider Jarrod Johnson sold 21,437 shares of the company's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $13.60, for a total value of $291,543.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 30.63% of the company's stock.

Institutional Trading of TaskUs

A number of institutional investors and hedge funds have recently modified their holdings of TASK. Think Investments LP raised its stake in TaskUs by 14.5% during the fourth quarter. Think Investments LP now owns 2,881,513 shares of the company's stock worth $48,813,000 after purchasing an additional 364,608 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of TaskUs by 7.9% in the 4th quarter. Ameriprise Financial Inc. now owns 957,653 shares of the company's stock valued at $16,223,000 after buying an additional 69,704 shares during the period. Royce & Associates LP raised its holdings in shares of TaskUs by 6.4% in the 1st quarter. Royce & Associates LP now owns 790,289 shares of the company's stock valued at $10,772,000 after purchasing an additional 47,610 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of TaskUs by 85.9% in the 1st quarter. SG Americas Securities LLC now owns 651,838 shares of the company's stock valued at $8,885,000 after acquiring an additional 301,119 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of TaskUs by 7.0% during the 4th quarter. Renaissance Technologies LLC now owns 497,623 shares of the company's stock worth $8,430,000 after buying an additional 32,500 shares during the last quarter. Hedge funds and other institutional investors 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.