Trade Desk (NASDAQ:TTD) Sets New 12-Month Low Following Analyst Downgrade

The Trade Desk, Inc. (NASDAQ:TTD) shares hit a new 52-week low on Wednesday after KeyCorp lowered their price target on the stock from $130.00 to $74.00. KeyCorp currently has an overweight rating on the stock. Trade Desk traded as low as $53.39 and last traded at $53.59, with a volume of 11566794 shares changing hands. The stock had previously closed at $56.50.

A number of other brokerages have also commented on TTD. Truist Financial reduced their target price on shares of Trade Desk from $155.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, February 13th. New Street Research upgraded Trade Desk from a “sell” rating to a “neutral” rating and upped their target price for the stock from $85.00 to $115.00 in a report on Monday, November 25th. Oppenheimer cut their price target on Trade Desk from $135.00 to $115.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Benchmark raised shares of Trade Desk from a “sell” rating to a “hold” rating in a research note on Friday, March 7th. Finally, BMO Capital Markets cut their target price on shares of Trade Desk from $160.00 to $115.00 and set an “outperform” rating on the stock in a research report on Thursday, February 13th. Six analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $117.10.

Insider Activity

In related news, insider Jay R. Grant sold 18,524 shares of the company’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $119.35, for a total value of $2,210,839.40. Following the transaction, the insider now directly owns 169,464 shares of the company’s stock, valued at $20,225,528.40. This represents a 9.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $125.44, for a total value of $2,283,886.08. Following the completion of the transaction, the chief executive officer now owns 704,229 shares of the company’s stock, valued at $88,338,485.76. This trade represents a 2.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,029 shares of company stock worth $5,004,296 over the last 90 days. 9.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Trade Desk

Several hedge funds and other institutional investors have recently bought and sold shares of TTD. Investment Management Corp VA ADV purchased a new stake in shares of Trade Desk in the 4th quarter valued at $25,000. Rialto Wealth Management LLC acquired a new position in Trade Desk during the fourth quarter valued at $26,000. Harbor Investment Advisory LLC boosted its holdings in Trade Desk by 68.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Synergy Asset Management LLC acquired a new stake in Trade Desk during the 4th quarter worth about $34,000. Finally, Midwest Capital Advisors LLC purchased a new position in shares of Trade Desk during the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 67.77% of the company’s stock.

Trade Desk Trading Down 5.2 %

The firm has a market cap of $26.59 billion, a price-to-earnings ratio of 68.71, a PEG ratio of 3.11 and a beta of 1.63. The company has a fifty day moving average price of $95.03 and a 200-day moving average price of $110.89.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.21). Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. As a group, research analysts forecast that The Trade Desk, Inc. will post 1.06 earnings per share for the current fiscal year.

Trade Desk announced that its Board of Directors has initiated a share buyback program on Wednesday, February 12th that permits the company to buyback $564.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is 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.