Trade Desk (NASDAQ:TTD) Trading Up 1.2% - Here's Why

The Trade Desk, Inc. (NASDAQ:TTD - Get Free Report) was up 1.2% during trading on Wednesday . The stock traded as high as $57.06 and last traded at $56.32. Approximately 2,245,999 shares traded hands during trading, a decline of 59% from the average daily 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 weighed in on the company. Stifel Nicolaus dropped their price target on Trade Desk from $122.00 to $87.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Piper Sandler lifted their target price on shares of Trade Desk from $55.00 to $65.00 and gave the stock a "neutral" rating in a report on Friday. Scotiabank lowered their price target on shares of Trade Desk from $133.00 to $83.00 and set a "sector perform" rating on the stock in a report on Thursday, February 13th. Citigroup boosted their price objective on Trade Desk from $63.00 to $82.00 and gave the stock a "buy" rating in a report on Friday. Finally, BMO Capital Markets lowered their target price on Trade Desk from $160.00 to $115.00 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Seven equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.88.

Trade Desk Trading Up 18.6 %

The firm has a market capitalization of $35.24 billion, a P/E ratio of 91.08, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The company has a 50-day moving average of $54.62 and a 200-day moving average of $94.99.

Trade Desk (NASDAQ:TTD - Get Free Report) last released its earnings results on Thursday, May 8th. The technology company reported $0.33 earnings per share (EPS) 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 business had revenue of $616.02 million for the quarter, compared to analyst estimates of $575.62 million. During the same quarter in the previous year, the business earned $0.26 earnings per share. Trade Desk's revenue for the quarter was up 25.4% on a year-over-year basis. Research analysts predict that The Trade Desk, Inc. will post 1.06 EPS for the current year.

Trade Desk announced that its board has approved 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 purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Trade Desk

Several institutional investors have recently made changes to their positions in the stock. Brown Advisory Inc. lifted its holdings in shares of Trade Desk by 198.4% in the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company's stock worth $443,358,000 after purchasing an additional 5,387,339 shares in the last quarter. Norges Bank bought a new position in shares of Trade Desk in the fourth quarter valued at $524,187,000. Raymond James Financial Inc. acquired a new position in shares of Trade Desk during the fourth quarter valued at about $231,570,000. Vanguard Group Inc. grew its holdings in shares of Trade Desk by 3.7% during the first 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 last quarter. Finally, Franklin Resources Inc. increased its position in shares of Trade Desk by 265.9% during the fourth quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company's stock worth $219,121,000 after acquiring an additional 1,354,891 shares in the last quarter. Institutional investors and hedge funds own 67.77% of the company's stock.

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.