Trade Desk (NASDAQ:TTD) Trading 10.8% Higher After Analyst Upgrade

The Trade Desk, Inc. (NASDAQ:TTD) traded up 10.8% 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. Trade Desk traded as high as $79.36 and last traded at $78.71. 13,088,883 shares changed hands during trading, an increase of 126% from the average session volume of 5,797,009 shares. The stock had previously closed at $71.04.

A number of other equities research analysts have also weighed in on TTD. Royal Bank of Canada lowered their price objective on Trade Desk from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. Stifel Nicolaus lowered their price objective on Trade Desk from $122.00 to $87.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. KeyCorp raised their price objective on Trade Desk from $67.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Wells Fargo & Company lowered their price objective on Trade Desk from $101.00 to $72.00 and set an “overweight” rating for the company in a research note on Monday, March 31st. Finally, Rosenblatt Securities assumed coverage on Trade Desk in a research note on Tuesday, April 29th. They set a “buy” rating and a $77.00 price objective for the company. Seven analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.88.

Hedge Funds Weigh In On Trade Desk

Several hedge funds have recently modified their holdings of the company. Focus Financial Network Inc. increased its stake in Trade Desk by 2.2% during the fourth quarter. Focus Financial Network Inc. now owns 3,877 shares of the technology company’s stock valued at $456,000 after acquiring an additional 84 shares during the period. RMR Wealth Builders increased its stake in Trade Desk by 0.8% during the fourth quarter. RMR Wealth Builders now owns 10,613 shares of the technology company’s stock valued at $1,247,000 after acquiring an additional 89 shares during the period. Quotient Wealth Partners LLC increased its stake in Trade Desk by 4.2% during the fourth quarter. Quotient Wealth Partners LLC now owns 2,347 shares of the technology company’s stock valued at $276,000 after acquiring an additional 94 shares during the period. TFB Advisors LLC increased its stake in Trade Desk by 2.6% during the fourth quarter. TFB Advisors LLC now owns 3,759 shares of the technology company’s stock valued at $442,000 after acquiring an additional 94 shares during the period. Finally, Centurion Wealth Management LLC increased its stake in Trade Desk by 2.6% during the fourth quarter. Centurion Wealth Management LLC now owns 3,773 shares of the technology company’s stock valued at $443,000 after acquiring an additional 96 shares during the period. 67.77% of the stock is currently owned by institutional investors and hedge funds.

Trade Desk Price Performance

The stock has a market capitalization of $38.76 billion, a P/E ratio of 100.18, a price-to-earnings-growth ratio of 3.11 and a beta of 1.29. The firm has a 50 day moving average of $55.14 and a 200-day moving average of $94.60.

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. Trade Desk had a return on equity of 16.38% and a net margin of 16.08%. The firm had revenue of $616.02 million for the quarter, compared to analyst estimates of $575.62 million. During the same period in the previous year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 25.4% compared to the same quarter last year. As a group, equities analysts expect that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk declared that its Board of Directors has initiated a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.