Trade Desk (NASDAQ:TTD) Trading Up 22.4% After Earnings Beat

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report) shares were up 22.4% on Friday following a better than expected earnings announcement. The company traded as high as $75.77 and last traded at $73.32. Approximately 25,507,605 shares changed hands during mid-day 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 EPS for the quarter, topping 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 the consensus estimate of $575.62 million. During the same period in the prior year, the business posted $0.26 EPS. The company's quarterly revenue was up 25.4% on a year-over-year basis.

Trade Desk declared that its board has approved a share 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 repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. HSBC set a $75.00 price objective on shares of Trade Desk and gave the stock a "buy" rating in a research note on Wednesday, April 23rd. Citigroup increased their price objective on shares of Trade Desk from $63.00 to $82.00 and gave the stock a "buy" rating in a research note on Friday. BMO Capital Markets dropped their target price on shares of Trade Desk from $160.00 to $115.00 and set an "outperform" rating on the stock in a report on Thursday, February 13th. Evercore ISI cut shares of Trade Desk from an "outperform" rating to an "inline" rating and dropped their target price for the company from $135.00 to $90.00 in a report on Thursday, February 13th. Finally, Robert W. Baird dropped their target price on shares of Trade Desk from $160.00 to $145.00 and set an "outperform" rating on the stock 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 MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.88.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TTD. Brown Advisory Inc. boosted its position in shares of Trade Desk by 198.4% during the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock worth $443,358,000 after acquiring an additional 5,387,339 shares in the last quarter. Norges Bank acquired a new stake in shares of Trade Desk during the 4th quarter worth approximately $524,187,000. Nuveen LLC acquired a new stake in shares of Trade Desk during the 1st quarter worth approximately $191,935,000. Raymond James Financial Inc. acquired a new stake in shares of Trade Desk during the 4th quarter worth approximately $231,570,000. Finally, Vanguard Group Inc. boosted its position in shares of Trade Desk by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock worth $2,420,689,000 after acquiring an additional 1,567,491 shares in the last quarter. Institutional investors and hedge funds own 67.77% of the company's stock.

Trade Desk Trading Down 0.0%

The firm has a market cap of $39.37 billion, a price-to-earnings ratio of 101.76, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The company's 50-day moving average is $54.88 and its 200-day moving average is $94.71.

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.