TaskUs (NASDAQ:TASK) Shares Gap Up After Earnings Beat

TaskUs, Inc. (NASDAQ:TASK)’s stock price gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $8.63, but opened at $9.79. TaskUs shares last traded at $9.20, with a volume of 135,576 shares traded.

The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. TaskUs had a return on equity of 27.02% and a net margin of 8.75%. The business had revenue of $314.75 million for the quarter, compared to analysts’ expectations of $303.64 million.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TASK shares. Robert W. Baird set a $12.00 target price on shares of TaskUs in a report on Thursday, August 6th. Morgan Stanley increased their price target on shares of TaskUs from $6.00 to $7.00 and gave the company an “equal weight” rating in a report on Tuesday, August 11th. Wedbush lowered their price target on shares of TaskUs from $12.00 to $9.00 and set an “outperform” rating on the stock in a report on Thursday, August 6th. Wall Street Zen upgraded TaskUs from a “hold” rating to a “buy” rating in a report on Saturday, October 24th. Finally, Weiss Ratings upgraded TaskUs from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 19th. One investment 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 company has a consensus rating of “Hold” and a consensus target price of $9.60.

Institutional Investors Weigh In On TaskUs

A number of institutional investors have recently modified their holdings of the business. Brooklands Fund Management Ltd acquired a new position in shares of TaskUs in the third quarter valued at about $27,500,000. Saba Capital Management L.P. acquired a new stake in TaskUs in the 1st quarter worth about $14,016,000. Dimensional Fund Advisors LP raised its stake in TaskUs by 12.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 678,859 shares of the company’s stock worth $4,554,000 after purchasing an additional 77,072 shares in the last quarter. Bank of America Corp DE boosted its holdings in TaskUs by 2,573.2% in the 1st quarter. Bank of America Corp DE now owns 106,475 shares of the company’s stock valued at $714,000 after purchasing an additional 102,492 shares during the period. Finally, First Trust Advisors LP boosted its holdings in TaskUs by 4.2% in the 1st quarter. First Trust Advisors LP now owns 69,189 shares of the company’s stock valued at $464,000 after purchasing an additional 2,805 shares during the period. Institutional investors own 44.64% of the company’s stock.

TaskUs Stock Up 7.1%

The stock’s fifty day simple moving average is $8.18 and its 200-day simple moving average is $7.75. The stock has a market cap of $847.12 million, a P/E ratio of 7.95 and a beta of 1.93. The company has a debt-to-equity ratio of 1.56, a quick ratio of 2.95 and a current ratio of 2.95.

TaskUs Company Profile

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.