Trade Desk's (TTD) Neutral Rating Reaffirmed at Bank of America

Key Points

• Bank of America reiterated a "neutral" rating for Trade Desk, reducing its price target from $130.00 to $55.00, indicating a potential downside of 1.51% based on current stock prices.
• Trade Desk's latest earnings report showed a missed EPS estimate of $0.41 compared to the expected $0.42, although revenues increased by 18.7% year-over-year.
• Despite the neutral rating from Bank of America, overall sentiment remains positive, with the stock receiving twenty-four "buy" ratings and marked as a "Moderate Buy" by analysts.

Trade Desk (NASDAQ:TTD - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at Bank of America in a research note issued to investors on Friday, MarketBeat reports. They presently have a $55.00 price objective on the technology company's stock, down from their previous price objective of $130.00. Bank of America's price target would indicate a potential upside of 1.42% from the stock's previous close.

Several other research firms have also recently weighed in on TTD. DA Davidson lowered their price target on Trade Desk from $103.00 to $92.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $84.00 price target on shares of Trade Desk in a report on Friday, June 6th. Wells Fargo & Company cut 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 report on Thursday, June 26th. Piper Sandler lowered their price target on Trade Desk from $65.00 to $64.00 and set a "neutral" rating on the stock in a report on Friday. Finally, Stifel Nicolaus raised their price target on Trade Desk from $87.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-three have issued a buy rating to the company. According to data from MarketBeat.com, Trade Desk currently has an average rating of "Moderate Buy" and a consensus target price of $92.18.

Trade Desk Trading Down 38.6%

Trade Desk stock traded down $34.10 during trading on Friday, hitting $54.23. 105,069,220 shares of the company were exchanged, compared to its average volume of 16,531,314. The business's 50 day moving average is $76.31 and its 200 day moving average is $73.35. Trade Desk has a 52 week low of $42.96 and a 52 week high of $141.53. The company has a market capitalization of $26.65 billion, a P/E ratio of 65.34, a PEG ratio of 4.01 and a beta of 1.37.

Trade Desk (NASDAQ:TTD - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The technology company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.01). Trade Desk had a return on equity of 15.10% and a net margin of 15.57%. The business had revenue of $694.04 million during the quarter, compared to analysts' expectations of $686.00 million. During the same period in the prior year, the firm posted $0.39 EPS. The firm's revenue for the quarter was up 18.7% on a year-over-year basis. Equities analysts expect that Trade Desk will post 1.06 EPS for the current year.

Insider Buying and Selling at Trade Desk

In other Trade Desk news, Director David B. Wells sold 28,638 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the completion of the sale, the director owned 66,985 shares of the company's stock, valued at approximately $5,350,761.80. The trade was a 29.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey Terry Green sold 26,684 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $80.03, for a total value of $2,135,520.52. Following the sale, the chief executive officer directly owned 17,018 shares of the company's stock, valued at $1,361,950.54. This represents a 61.06% decrease in their position. The disclosure for this sale can be found here. Insiders own 10.00% of the company's stock.

Institutional Trading of Trade Desk

Hedge funds have recently bought and sold shares of the stock. Cornerstone Wealth Group LLC lifted its position in shares of Trade Desk by 2.8% in the second quarter. Cornerstone Wealth Group LLC now owns 4,457 shares of the technology company's stock valued at $321,000 after acquiring an additional 122 shares in the last quarter. STF Management LP lifted its position in shares of Trade Desk by 2.1% in the second quarter. STF Management LP now owns 6,627 shares of the technology company's stock worth $477,000 after buying an additional 136 shares in the last quarter. Mutual Advisors LLC lifted its position in shares of Trade Desk by 3.5% in the second quarter. Mutual Advisors LLC now owns 4,239 shares of the technology company's stock worth $305,000 after buying an additional 142 shares in the last quarter. Ashton Thomas Securities LLC lifted its position in shares of Trade Desk by 2.6% in the first quarter. Ashton Thomas Securities LLC now owns 5,760 shares of the technology company's stock worth $315,000 after buying an additional 144 shares in the last quarter. Finally, Anchor Investment Management LLC lifted its position in shares of Trade Desk by 17.2% in the fourth quarter. Anchor Investment Management LLC now owns 1,020 shares of the technology company's stock worth $120,000 after buying an additional 150 shares in the last quarter. Institutional investors own 67.77% of the company's stock.

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.