Trade Desk (NASDAQ:TTD) Sees Unusually-High Trading Volume on 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 traded hands 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.

Several other equities analysts have also commented on the stock. Wedbush restated an “outperform” rating and issued a $86.00 price objective (up from $80.00) on shares of Trade Desk in a report on Friday, May 9th. KeyCorp upped their price objective on shares of Trade Desk from $67.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 9th. Citigroup upped their price objective on shares of Trade Desk from $63.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, May 9th. JMP Securities decreased their price objective on shares of Trade Desk from $115.00 to $100.00 and set a “market outperform” rating on the stock in a report on Friday, May 9th. Finally, Scotiabank decreased their price objective 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. Seven equities research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $98.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Investment Management Corp VA ADV acquired a new stake in shares of Trade Desk in the 4th quarter worth $25,000. Rialto Wealth Management LLC acquired a new stake in shares of Trade Desk in the 4th quarter worth $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Trade Desk in the 1st quarter worth $26,000. Cloud Capital Management LLC acquired a new stake in shares of Trade Desk in the 1st quarter worth $27,000. Finally, von Borstel & Associates Inc. acquired a new stake in shares of Trade Desk in the 1st quarter worth $31,000. 67.77% of the stock is owned by hedge funds and other institutional investors.

Trade Desk Trading Down 1.6%

The company has a market cap of $38.76 billion, a price-to-earnings ratio of 100.18, a PEG ratio of 3.11 and a beta of 1.29. The company’s 50 day moving average price is $55.14 and its 200 day moving average price is $94.60.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 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 firm had revenue of $616.02 million during the quarter, compared to analysts’ expectations of $575.62 million. During the same quarter last year, the business earned $0.26 earnings per share. The business’s revenue for the quarter was up 25.4% compared to the same quarter last year. Sell-side analysts predict that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk announced that its Board of Directors has approved a stock buyback plan on Wednesday, February 12th that authorizes the company to repurchase $564.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign 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.