Trade Desk (NASDAQ:TTD) Sees Large Volume Increase Following Analyst Upgrade

The Trade Desk, Inc. (NASDAQ:TTD) saw strong trading volume on Monday after Oppenheimer raised their price target on the stock from $75.00 to $80.00. Oppenheimer currently has an outperform rating on the stock. 11,089,712 shares were traded during mid-day trading, an increase of 91% from the previous session’s volume of 5,791,134 shares.The stock last traded at $79.22 and had previously closed at $71.04.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company lowered their price target on shares of Trade Desk from $101.00 to $72.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Needham & Company LLC reiterated a “buy” rating and issued a $84.00 price objective on shares of Trade Desk in a report on Friday. Wedbush reissued an “outperform” rating and set a $86.00 price objective (up previously from $80.00) on shares of Trade Desk in a research note on Friday. Piper Sandler raised their price target on shares of Trade Desk from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Guggenheim decreased their target price on Trade Desk from $110.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Trade Desk presently has an average rating of “Moderate Buy” and a consensus target price of $98.88.

Institutional Investors Weigh In On Trade Desk

A number of institutional investors have recently modified their holdings of the stock. Brown Advisory Inc. raised its stake in Trade Desk by 198.4% during the first 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 during the period. Norges Bank acquired a new stake in shares of Trade Desk during the 4th quarter valued at $524,187,000. Raymond James Financial Inc. acquired a new stake in shares of Trade Desk during the 4th quarter valued at $231,570,000. Vanguard Group Inc. boosted 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 worth $2,420,689,000 after purchasing an additional 1,567,491 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Trade Desk by 265.9% in 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 during the last quarter. Institutional investors and hedge funds own 67.77% of the company’s stock.

Trade Desk Stock Performance

The firm’s 50 day moving average is $54.62 and its 200-day moving average is $94.99. The firm has a market cap of $39.06 billion, a price-to-earnings ratio of 101.40, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29.

Trade Desk (NASDAQ:TTD) last issued its quarterly 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. The company had revenue of $616.02 million for the quarter, compared to the consensus estimate of $575.62 million. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. The firm’s revenue was up 25.4% compared to the same quarter last year. During the same period last year, the business posted $0.26 earnings per share. As a group, research analysts predict that The Trade Desk, Inc. will post 1.06 EPS for the current year.

Trade Desk declared that its Board of Directors has approved a share repurchase program on Wednesday, February 12th that allows the company to buyback $564.00 million in shares. This buyback authorization allows the technology company to buy up to 0.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.