Trade Desk (NASDAQ:TTD) Price Target Raised to $15.00

Key Points

• Rosenblatt raised Trade Desk’s price target from $12 to $15 but kept a neutral rating; the new target implies just 0.47% upside from the prior close.
• Trade Desk beat Q3 earnings and revenue estimates, and forecast Q4 revenue above consensus. However, Q3 revenue was down 0.5% year over year, and management said growth remains below its expectations.
• Analyst sentiment remains cautious: MarketBeat reports an average “Reduce” rating, with 4 Buy, 26 Hold, and 9 Sell recommendations; the average price target is $18.28.

Trade Desk (NASDAQ:TTD - Get Free Report) had its target price hoisted by equities research analysts at Rosenblatt Securities from $12.00 to $15.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. Rosenblatt Securities's price target points to a potential upside of 0.47% from the stock's previous close.

Several other brokerages have also recently weighed in on TTD. Cannonball Research cut Trade Desk from a "strong-buy" rating to a "neutral" rating and set a $15.00 price objective for the company. in a report on Friday, August 7th. Raymond James Financial cut shares of Trade Desk from a "market perform" rating to an "underperform" rating in a research note on Friday, August 7th. Truist Financial set a $17.00 price objective on Trade Desk in a report on Tuesday. DA Davidson upgraded Trade Desk to a "hold" rating in a research note on Monday, October 5th. Finally, Wells Fargo & Company set a $12.00 target price on Trade Desk and gave the stock an "equal weight" rating in a report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, twenty-six have assigned a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat, Trade Desk presently has an average rating of "Reduce" and an average target price of $18.28.

Trade Desk Stock Performance

Shares of TTD stock opened at $14.93 on Tuesday. Trade Desk has a 52 week low of $11.62 and a 52 week high of $45.50. The company's 50 day moving average price is $13.09 and its two-hundred day moving average price is $19.52. The company has a market capitalization of $7.02 billion, a P/E ratio of 17.77, a price-to-earnings-growth ratio of 1.43 and a beta of 0.98.

Trade Desk (NASDAQ:TTD - Get Free Report) last announced its earnings results on Monday, November 9th. The technology company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.04 by $0.29. The firm had revenue of $735.97 million during the quarter, compared to analyst estimates of $650.93 million. Trade Desk had a net margin of 13.61% and a return on equity of 16.09%. The company's revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. Analysts forecast that Trade Desk will post 0.52 earnings per share for the current year.

Hedge Funds Weigh In On Trade Desk

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in shares of Trade Desk in the 2nd quarter valued at $39,750,000. Renaissance Technologies LLC raised its position in Trade Desk by 59.0% during the 1st quarter. Renaissance Technologies LLC now owns 5,440,541 shares of the technology company's stock worth $123,446,000 after purchasing an additional 2,018,525 shares during the last quarter. Bank of Nova Scotia raised its position in Trade Desk by 1,913.4% during the 1st quarter. Bank of Nova Scotia now owns 1,394,787 shares of the technology company's stock worth $31,648,000 after purchasing an additional 1,325,513 shares during the last quarter. Quantinno Capital Management LP raised its position in Trade Desk by 330.0% during the 1st quarter. Quantinno Capital Management LP now owns 1,496,748 shares of the technology company's stock worth $33,961,000 after purchasing an additional 1,148,680 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in Trade Desk by 33.5% during the 1st quarter. Bank of America Corp DE now owns 4,548,894 shares of the technology company's stock worth $103,214,000 after buying an additional 1,141,704 shares during the period. Institutional investors own 67.77% of the company's stock.

Trade Desk News Summary

Here are the key news stories impacting Trade Desk this week:

• Positive Sentiment: Q3 results topped expectations: The Trade Desk reported revenue of about $736 million and adjusted earnings of $0.33 per share, beating analyst estimates. Benzinga article
• Positive Sentiment: Strong Q4 guidance: The company forecast revenue of $755 million, well above the roughly $692 million consensus, signaling a stronger near-term outlook. Benzinga article
• Positive Sentiment: Larger buyback: The Trade Desk added $731 million to its repurchase authorization, bringing the program to $1 billion. Buybacks can support per-share results and signal management’s confidence. Seeking Alpha article
• Positive Sentiment: AI and connected-TV opportunity: CEO Jeff Green highlighted AI tools and the potential for AI to increase demand for advertising data and decision-making, alongside growth opportunities in connected TV. Stocktwits article
• Negative Sentiment: Growth remains a concern: Q3 revenue declined 0.5% year over year, and Green said results remain below the growth level the company expects of itself. That may temper enthusiasm about the beat and outlook. Stocktwits article

About Trade Desk

The Trade Desk, Inc provides a technology platform that helps advertisers and advertising agencies plan, buy, and measure digital advertising. Its self-service platform uses automated, data-driven tools to help clients purchase advertising inventory across channels such as connected TV, mobile, audio, and display.

The company also offers tools for campaign management, audience targeting, measurement, and access to data and advertising inventory. Its platform is designed to help clients manage campaigns across multiple media channels and publishers.

Founded in 2009 by Jeff Green and Dave Pickles, The Trade Desk serves clients in markets around the world.

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