ARK Investment Management LLC Increases Stock Holdings in The Trade Desk (NASDAQ:TTD)

Key Points

• ARK Investment Management LLC increased its stock holdings in The Trade Desk by 22.7%, owning over 1.5 million shares valued at approximately $85.4 million as of the latest SEC filing.
• Notable trading activity includes CEO Jeffrey Terry Green selling 26,684 shares, a 61.06% decrease in ownership, while other institutional investors significantly increased their positions in the company.
• The Trade Desk's recent earnings report exceeded expectations, with revenues of $616.02 million and earnings per share of $0.33, reflecting a 25.4% revenue growth year-over-year.

ARK Investment Management LLC increased its holdings in The Trade Desk (NASDAQ:TTD - Free Report) by 22.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,560,191 shares of the technology company's stock after purchasing an additional 289,078 shares during the period. ARK Investment Management LLC owned 0.31% of Trade Desk worth $85,374,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. HB Wealth Management LLC grew its position in shares of Trade Desk by 36.6% in the first quarter. HB Wealth Management LLC now owns 12,352 shares of the technology company's stock valued at $676,000 after purchasing an additional 3,312 shares during the period. Nikko Asset Management Americas Inc. grew its position in shares of Trade Desk by 18.1% in the first quarter. Nikko Asset Management Americas Inc. now owns 953,678 shares of the technology company's stock valued at $52,147,000 after purchasing an additional 146,199 shares during the period. Mediolanum International Funds Ltd grew its position in shares of Trade Desk by 105.3% in the first quarter. Mediolanum International Funds Ltd now owns 81,493 shares of the technology company's stock valued at $4,551,000 after purchasing an additional 41,806 shares during the period. Caliber Wealth Management LLC KS purchased a new stake in shares of Trade Desk in the first quarter valued at $279,000. Finally, Freemont Management S.A. purchased a new stake in shares of Trade Desk in the first quarter valued at $2,501,000. Hedge funds and other institutional investors own 67.77% of the company's stock.

Wall Street Analyst Weigh In

TTD has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered their price objective on Trade Desk from $100.00 to $85.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Macquarie boosted their price target on Trade Desk from $90.00 to $92.00 and gave the company an "outperform" rating in a research report on Monday, May 19th. UBS Group reissued a "buy" rating and set a $105.00 price target (up previously from $80.00) on shares of Trade Desk in a research report on Wednesday, July 16th. Wells Fargo & Company downgraded Trade Desk from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $74.00 to $68.00 in a research report on Thursday, June 26th. Finally, Rosenblatt Securities boosted their price target on Trade Desk from $77.00 to $78.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Eight analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company's stock. According to data from MarketBeat.com, Trade Desk presently has an average rating of "Moderate Buy" and a consensus target price of $98.73.

Insider Activity at Trade Desk

In other Trade Desk news, CEO Jeffrey Terry Green sold 26,684 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $80.03, for a total transaction of $2,135,520.52. Following the sale, the chief executive officer owned 17,018 shares in the company, valued at $1,361,950.54. This represents a 61.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David B. Wells sold 28,638 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $79.88, for a total value of $2,287,603.44. Following the transaction, the director directly owned 66,985 shares of the company's stock, valued at $5,350,761.80. This trade represents a 29.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 9.74% of the company's stock.

Trade Desk Stock Performance

NASDAQ:TTD opened at $86.14 on Friday. The Trade Desk has a one year low of $42.96 and a one year high of $141.53. The business's 50-day simple moving average is $74.50 and its 200 day simple moving average is $75.89. The stock has a market cap of $42.33 billion, a price-to-earnings ratio of 105.05, a price-to-earnings-growth ratio of 3.86 and a beta of 1.36.

Trade Desk (NASDAQ:TTD - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. Trade Desk had a return on equity of 15.41% and a net margin of 16.04%. The firm had revenue of $616.02 million for the quarter, compared to analysts' expectations of $575.62 million. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Trade Desk's revenue for the quarter was up 25.4% compared to the same quarter last year. On average, equities research analysts predict that The Trade Desk will post 1.06 EPS for the current year.

Trade Desk Profile

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.

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