Trade Desk (NASDAQ:TTD) Sees Unusually-High Trading Volume on Analyst Upgrade

Shares of The Trade Desk, Inc. (NASDAQ:TTD) saw unusually-high trading volume on Monday after Oppenheimer raised their price target on the stock from $75.00 to $80.00. Oppenheimer currently has an outperform rating on the stock. Approximately 11,089,712 shares changed hands during mid-day trading, an increase of 91% from the previous session’s volume of 5,791,134 shares.The stock last traded at $79.22 and had previously closed at $71.04.

Other equities research analysts also recently issued research reports about the company. Loop Capital lowered their price objective on Trade Desk from $145.00 to $101.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Piper Sandler raised their price objective on Trade Desk from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday. Truist Financial increased their target price on shares of Trade Desk from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday. Guggenheim lowered their price objective on shares of Trade Desk from $110.00 to $90.00 and set a “buy” rating for the company in a report on Friday. Finally, Scotiabank lowered their target price on shares of Trade Desk from $133.00 to $83.00 and set a “sector perform” rating for the company in a report on Thursday, February 13th. Seven analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $98.88.

Institutional Investors Weigh In On Trade Desk

A number of hedge funds have recently modified their holdings of the business. Investment Management Corp VA ADV purchased a new stake in Trade Desk in the 4th quarter worth $25,000. Rialto Wealth Management LLC bought a new position in Trade Desk in the 4th quarter worth about $26,000. Banque Cantonale Vaudoise bought a new position in Trade Desk in the 1st quarter worth about $26,000. Cloud Capital Management LLC bought a new position in shares of Trade Desk during the first quarter valued at approximately $27,000. Finally, von Borstel & Associates Inc. bought a new position in shares of Trade Desk during the first quarter valued at approximately $31,000. Institutional investors own 67.77% of the company’s stock.

Trade Desk Stock Up 11.8%

The stock’s 50 day moving average price is $54.88 and its 200-day moving average price is $94.71. The stock has a market capitalization of $39.39 billion, a P/E ratio of 101.79, a P/E/G ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD) last posted its earnings results on Thursday, May 8th. The technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. The company had revenue of $616.02 million during the quarter, compared to analysts’ expectations of $575.62 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. Trade Desk’s revenue for the quarter was up 25.4% compared to the same quarter last year. Analysts anticipate that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk declared that its Board of Directors has initiated a stock buyback program on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to reacquire up to 0.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

About Trade Desk

The Trade Desk, Inc operates as a technology company in the United States and internationally. The company offers a self-service cloud-based platform that allows buyers to plan, manage, optimize, and measure data-driven digital advertising campaigns across various ad formats and channels, including video, display, audio, digital-out-of-home, native, and social on various devices, such as computers, mobile devices, televisions, and streaming devices.