Trade Desk (NASDAQ:TTD) Sees Strong Trading Volume After Analyst Upgrade

Shares of 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 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 analysts have also recently issued reports about the stock. Citigroup raised their price objective on shares of Trade Desk from $63.00 to $82.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley lifted their price target on shares of Trade Desk from $60.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Loop Capital cut their price objective on shares of Trade Desk from $145.00 to $101.00 and set a “buy” rating on the stock in a research report on Thursday, February 20th. Piper Sandler boosted their price objective on shares of Trade Desk from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Truist Financial boosted their price objective on shares of Trade Desk from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Trade Desk currently has an average rating of “Moderate Buy” and an average price target of $98.88.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TTD. Focus Financial Network Inc. increased its stake in shares of Trade Desk by 2.2% in the fourth quarter. Focus Financial Network Inc. now owns 3,877 shares of the technology company’s stock worth $456,000 after buying an additional 84 shares during the period. RMR Wealth Builders grew its position in shares of Trade Desk by 0.8% in the 4th quarter. RMR Wealth Builders now owns 10,613 shares of the technology company’s stock worth $1,247,000 after buying an additional 89 shares during the period. Quotient Wealth Partners LLC grew its holdings in shares of 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 buying an additional 94 shares during the last quarter. TFB Advisors LLC boosted its holdings in Trade Desk by 2.6% in the fourth quarter. TFB Advisors LLC now owns 3,759 shares of the technology company’s stock worth $442,000 after purchasing an additional 94 shares during the last quarter. Finally, Centurion Wealth Management LLC boosted its holdings in Trade Desk by 2.6% in the fourth quarter. Centurion Wealth Management LLC now owns 3,773 shares of the technology company’s stock worth $443,000 after purchasing an additional 96 shares during the last quarter. 67.77% of the stock is owned by institutional investors.

Trade Desk Stock Up 10.8%

The company’s fifty day moving average is $54.62 and its 200-day moving average is $94.99. The company has a market cap of $39.06 billion, a PE ratio of 101.40, a PEG 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 for the quarter, topping 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 analysts’ expectations of $575.62 million. During the same quarter last year, the company posted $0.26 EPS. The company’s revenue was up 25.4% compared to the same quarter last year. Equities research analysts expect that The Trade Desk, Inc. will post 1.06 EPS for the current fiscal year.

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