Trade Desk (NASDAQ:TTD) Trading Up 1.2% - What's Next?

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report) traded up 1.2% on Wednesday . The company traded as high as $57.06 and last traded at $56.32. 2,245,999 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 5,489,989 shares. The stock had previously closed at $55.63.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. UBS Group decreased their target price on Trade Desk from $116.00 to $80.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Benchmark raised shares of Trade Desk from a "sell" rating to a "hold" rating in a research report on Friday, March 7th. Rosenblatt Securities assumed coverage on Trade Desk in a research note on Tuesday, April 29th. They issued a "buy" rating and a $77.00 price objective on the stock. Evercore ISI cut Trade Desk from an "outperform" rating to an "inline" rating and lowered their target price for the stock from $135.00 to $90.00 in a report on Thursday, February 13th. Finally, JMP Securities lowered their price objective on shares of Trade Desk from $150.00 to $115.00 and set a "market outperform" rating for the company in a research note on Thursday, February 13th. Seven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $100.84.

Trade Desk Price Performance

The firm's 50-day moving average price is $54.97 and its 200 day moving average price is $96.31. The firm has a market cap of $27.95 billion, a P/E ratio of 72.31, a PEG ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.57 by ($0.21). Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. Analysts forecast that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

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

Hedge Funds Weigh In On Trade Desk

Several large investors have recently bought and sold shares of the stock. Synovus Financial Corp bought a new position in Trade Desk in the 3rd quarter valued at $245,000. Franklin Resources Inc. lifted its holdings in Trade Desk by 326.1% during the third quarter. Franklin Resources Inc. now owns 509,495 shares of the technology company's stock worth $60,105,000 after acquiring an additional 389,917 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Trade Desk by 9.3% in the 4th quarter. GAMMA Investing LLC now owns 2,313 shares of the technology company's stock valued at $272,000 after purchasing an additional 196 shares during the period. Nordea Investment Management AB lifted its position in Trade Desk by 36.2% in the 4th quarter. Nordea Investment Management AB now owns 1,347,318 shares of the technology company's stock valued at $159,132,000 after acquiring an additional 358,350 shares in the last quarter. Finally, Westwind Capital acquired a new position in shares of Trade Desk during the fourth quarter worth about $15,642,000. 67.77% of the stock is currently 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.

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