Here’s Why TaskUs, Inc. (TASK) Is Skyrocketing

We recently compiled a list of the Why These 24 Stocks Are Skyrocketing. In this article, we are going to take a look at where TaskUs, Inc. (NASDAQ:TASK) stands against the other stocks.

One of the strongest stock market anomalies is the momentum effect, which is the tendency of recent past winners to outperform the recent past losers. That’s why we decided to take a look at some of the recent past winners in this article. These 24 companies, predominantly involved in the quantum computing, biotechnology, and technology sectors, have performed significantly well in the final quarter of 2024, registering spectacular returns over the 3 months.

That said, let’s take a look at the top 24 stocks that have skyrocketed and pose a solid growth opportunity in the coming year. We will also explore how well the stocks have performed throughout the year and what they have in store for 2025.

To come up with 24 names, we considered only the stocks that have at least $2 billion in market capitalization and have registered commendable returns in the fourth quarter of 2024.

A data engineer working intently on a computer, processing complex algorithms.

TaskUs, Inc. (NASDAQ:TASK)

Q4 Returns as of December 31, 2024: 31%

TASK’s stock price reached $16.94 on December 31, a 31.1% jump through the fourth quarter of 2024. Analysts are also bullish on the stock and their median price target represents an upside of 6% from current levels.

As of January 10, TASK had jumped 28% over the past year. The company also beat its revenue guidance by $9 million in Q3 2024 and delivered a 13% year-over-year growth rate.

Keeping its impressive financial performance and growth trajectory in mind, analyst firm Morgan Stanley raised its price target to $21 from $18 earlier in December 2024.

TaskUs Inc. (NASDAQ:TASK), an emerging leader in outsourced digital services, established a partnership with Red Points to fuel its expansion strategy. The two partners will come together to protect users against brand impersonations and fake accounts using AI.

Overall TASK ranks 23rd on our list of the stocks that are skyrocketing right now. While we acknowledge the potential of TASK as an investment, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than TASK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

Disclosure: None. This article is originally published at Insider Monkey.