Trade Desk (NASDAQ:TTD) Shares Up 22.4% on Better-Than-Expected Earnings

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report)'s share price rose 22.4% during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $75.77 and last traded at $73.32. Approximately 25,507,605 shares were traded during trading, an increase of 349% from the average daily volume of 5,682,175 shares. The stock had previously closed at $59.90.

The technology company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. The business had revenue of $616.02 million during the quarter, compared to analysts' expectations of $575.62 million. During the same quarter in the previous year, the company earned $0.26 EPS. The business's revenue was up 25.4% on a year-over-year basis.

Trade Desk announced that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that permits the company to repurchase $564.00 million in shares. This repurchase authorization permits the technology company to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TTD. Benchmark raised Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. UBS Group cut their price target on Trade Desk from $116.00 to $80.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Piper Sandler started coverage on shares of Trade Desk in a research note on Thursday, April 17th. They issued a "neutral" rating and a $55.00 price objective for the company. Evercore ISI cut shares of Trade Desk from an "outperform" rating to an "inline" rating and reduced their price objective for the company from $135.00 to $90.00 in a research note on Thursday, February 13th. Finally, Jefferies Financial Group set a $125.00 price target on Trade Desk and gave the stock a "buy" rating in a research note on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $98.52.

Hedge Funds Weigh In On Trade Desk

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TTD. Allianz SE lifted its position in Trade Desk by 268.0% during the first quarter. Allianz SE now owns 8,132 shares of the technology company's stock valued at $445,000 after purchasing an additional 5,922 shares during the last quarter. Raiffeisen Bank International AG boosted its position in Trade Desk by 687.4% in the first quarter. Raiffeisen Bank International AG now owns 442,786 shares of the technology company's stock worth $24,730,000 after purchasing an additional 386,553 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Trade Desk by 168.5% during the 1st quarter. Blair William & Co. IL now owns 34,703 shares of the technology company's stock worth $1,899,000 after acquiring an additional 21,779 shares during the last quarter. Malaga Cove Capital LLC raised its stake in Trade Desk by 3.3% during the 1st quarter. Malaga Cove Capital LLC now owns 17,392 shares of the technology company's stock valued at $952,000 after purchasing an additional 548 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Trade Desk by 420.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 20,465 shares of the technology company's stock worth $1,120,000 after purchasing an additional 16,535 shares during the last quarter. Institutional investors own 67.77% of the company's stock.

Trade Desk Stock Up 21.8 %

The stock has a market cap of $36.20 billion, a P/E ratio of 93.56, a P/E/G ratio of 3.11 and a beta of 1.29. The company's 50 day moving average price is $54.55 and its two-hundred day moving average price is $95.64.

Trade Desk Company 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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