Trade Desk (NASDAQ:TTD) Trading Down 0.1% - Here's Why

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report) fell 0.1% during trading on Thursday . The company traded as low as $73.84 and last traded at $74.36. 1,210,422 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 5,939,706 shares. The stock had previously closed at $74.47.

Analyst Ratings Changes

A number of brokerages have recently commented on TTD. Benchmark upgraded shares of Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. KeyCorp raised their price objective on shares of Trade Desk from $67.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Needham & Company LLC restated a "buy" rating and set a $84.00 price objective on shares of Trade Desk in a research report on Thursday, May 15th. Truist Financial raised their price objective on shares of Trade Desk from $95.00 to $100.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Finally, Morgan Stanley raised their price objective on shares of Trade Desk from $60.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Seven investment analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.12.

Trade Desk Stock Down 0.6%

The business's fifty day simple moving average is $58.08 and its two-hundred day simple moving average is $91.84. The company has a market cap of $36.66 billion, a price-to-earnings ratio of 94.73, a PEG ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share 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 for the quarter, compared to analysts' expectations of $575.62 million. During the same quarter last year, the company earned $0.26 earnings per share. The firm's revenue for the quarter was up 25.4% on a year-over-year basis. Sell-side analysts predict that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

Trade Desk announced that its board has authorized a share repurchase program on Wednesday, February 12th that authorizes the company to buyback $564.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 0.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Trade Desk

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Trade Desk by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company's stock valued at $2,420,689,000 after buying an additional 1,567,491 shares during the period. Brown Advisory Inc. increased its stake in Trade Desk by 198.4% in the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock valued at $443,358,000 after buying an additional 5,387,339 shares during the period. Invesco Ltd. grew its stake in shares of Trade Desk by 2.6% during the 4th quarter. Invesco Ltd. now owns 7,916,932 shares of the technology company's stock worth $930,477,000 after purchasing an additional 198,822 shares during the period. Norges Bank acquired a new position in shares of Trade Desk during the 4th quarter worth $524,187,000. Finally, FMR LLC grew its stake in shares of Trade Desk by 44.8% during the 4th quarter. FMR LLC now owns 3,788,285 shares of the technology company's stock worth $445,237,000 after purchasing an additional 1,172,082 shares during the period. 67.77% of the stock is owned by institutional investors and hedge funds.

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.