Stephan Daoust, the Chief Operating Officer of TaskUs, Inc. (NASDAQ:TASK), a $1.53 billion market cap company currently rated with GREAT financial health according to InvestingPro, recently sold 62,159 shares of the company's Class A common stock. The shares were sold at a weighted average price of $18.23, yielding a total value of approximately $1.13 million. This transaction was carried out under a Rule 10b5-1 trading plan that Daoust adopted earlier this year on May 17. Following this sale, Daoust no longer holds any shares of TaskUs. The shares were sold in multiple transactions, with prices ranging from $18.00 to $18.54. The stock has shown remarkable strength with a 34% gain over the past six months, though InvestingPro analysis indicates the stock may still be undervalued. InvestingPro subscribers have access to 10+ additional exclusive insights and detailed valuation metrics for TASK.
In other recent news, TaskUs has been making significant strides. Morgan Stanley (NYSE:MS) upgraded TaskUs shares, citing robust potential for expansion in AI services. The firm's stance reflects the belief that TaskUs will leverage its strengths in the evolving AI services market, driving increased investor interest. TaskUs's strategic position and strong performance, particularly its industry-leading profit margins, were key factors in the upgrade.
The company announced record-breaking Q3 revenue of $255.3 million, a 13.2% increase year-over-year, and raised its full-year revenue forecast to between $988 million and $990 million. Despite falling short of the adjusted EBITDA margin target due to increased operational investments, strong demand from top clients is expected to drive growth in Q4, particularly in trust and safety and AI services.
TaskUs also extended its share repurchase program until December 31, 2025, authorizing the repurchase of up to $200 million worth of shares. Furthermore, TaskUs is diversifying into countercyclical sectors such as healthcare and traditional banking, anticipating growth in these areas by 2025. These developments highlight TaskUs's ongoing efforts to capitalize on market opportunities and deliver value to its investors.
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