Trade Desk (NASDAQ:TTD) Shares Down 1.5% - What's Next?

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report) shares dropped 1.5% on Thursday . The company traded as low as $75.35 and last traded at $75.76. Approximately 1,219,305 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 5,989,472 shares. The stock had previously closed at $76.94.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TTD. DA Davidson lowered their price objective on shares of Trade Desk from $103.00 to $92.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Needham & Company LLC reissued a "buy" rating and set a $84.00 price objective on shares of Trade Desk in a report on Thursday, May 15th. Truist Financial lifted their target price 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. BMO Capital Markets cut their price objective on shares of Trade Desk from $160.00 to $115.00 and set an "outperform" rating for the company in a research report on Thursday, February 13th. Finally, Stifel Nicolaus dropped their price target on shares of Trade Desk from $122.00 to $87.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $97.12.

Trade Desk Stock Performance

The stock has a market cap of $36.69 billion, a price-to-earnings ratio of 94.82, a PEG ratio of 3.11 and a beta of 1.29. The company's 50 day simple moving average is $59.81 and its 200 day simple moving average is $90.51.

Trade Desk (NASDAQ:TTD - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 earnings per share for the quarter, beating 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 company had revenue of $616.02 million during the quarter, compared to analyst estimates of $575.62 million. During the same quarter last year, the firm posted $0.26 EPS. The business'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 year.

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

Insider Transactions at Trade Desk

In other news, Director David B. Wells sold 28,638 shares of the business's 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 completion of the sale, the director now directly owns 66,985 shares in the company, valued at approximately $5,350,761.80. The trade was a 29.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey Terry Green sold 26,684 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer now owns 17,018 shares of the company's stock, 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. 9.72% of the stock is owned by insiders.

Institutional Investors Weigh In On Trade Desk

Several hedge funds and other institutional investors have recently made changes to their positions in TTD. Brown Advisory Inc. grew its position in shares of Trade Desk by 198.4% in the first quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock valued at $443,358,000 after purchasing an additional 5,387,339 shares during the last quarter. Norges Bank acquired a new stake in shares of Trade Desk in the fourth quarter valued at about $524,187,000. Nuveen LLC acquired a new stake in shares of Trade Desk in the first quarter valued at about $191,935,000. Raymond James Financial Inc. bought a new position in Trade Desk during the fourth quarter worth $231,570,000. Finally, Vanguard Group Inc. increased its position in Trade Desk by 3.7% during the first 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 during the period. 67.77% of the stock is owned by institutional investors and hedge funds.

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.