Wedbush Reaffirms “Outperform” Rating for Trade Desk (NASDAQ:TTD)

Trade Desk (NASDAQ:TTD)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They presently have a $86.00 price objective on the technology company’s stock. Wedbush’s price target suggests a potential upside of 6.00% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Royal Bank Of Canada lowered their target price on Trade Desk from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. DA Davidson cut their target price on Trade Desk from $103.00 to $92.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Wells Fargo & Company cut Trade Desk from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $74.00 to $68.00 in a report on Thursday, June 26th. HSBC set a $75.00 target price on shares of Trade Desk and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. Finally, Piper Sandler boosted their price target on shares of Trade Desk from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Eight investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.03.

Trade Desk Stock Performance

Shares of TTD opened at $81.13 on Tuesday. The stock has a 50-day moving average of $73.35 and a two-hundred day moving average of $77.71. The stock has a market cap of $39.87 billion, a P/E ratio of 98.94, a P/E/G ratio of 3.69 and a beta of 1.36. Trade Desk has a one year low of $42.96 and a one year high of $141.53.

Trade Desk (NASDAQ:TTD) last issued its quarterly earnings data on Thursday, May 8th. The technology company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. Trade Desk had a net margin of 16.04% and a return on equity of 15.41%. 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 earned $0.26 EPS. The business’s revenue was up 25.4% on a year-over-year basis. Analysts predict that Trade Desk will post 1.06 EPS for the current fiscal year.

Insider Buying and Selling at Trade Desk

In other news, Director David B. Wells sold 28,638 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $79.88, for a total transaction of $2,287,603.44. Following the sale, the director owned 66,985 shares of the company’s stock, valued at $5,350,761.80. The trade was a 29.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jeffrey Terry Green sold 26,684 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $80.03, for a total value of $2,135,520.52. Following the sale, the chief executive officer owned 17,018 shares in the company, valued at approximately $1,361,950.54. The trade was a 61.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.74% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Trade Desk

Several hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. raised its holdings in Trade Desk by 198.4% in the 1st quarter. Brown Advisory Inc. now owns 8,102,294 shares of the technology company’s stock valued at $443,358,000 after acquiring an additional 5,387,339 shares during the last quarter. Norges Bank purchased a new stake in shares of Trade Desk in the fourth quarter valued at $524,187,000. Nuveen LLC acquired a new position in Trade Desk in the first quarter valued at $191,935,000. Vanguard Group Inc. lifted its position in Trade Desk by 3.7% during the first quarter. Vanguard Group Inc. now owns 44,237,745 shares of the technology company’s stock worth $2,420,689,000 after buying an additional 1,567,491 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Trade Desk by 265.9% in the 4th quarter. Franklin Resources Inc. now owns 1,864,386 shares of the technology company’s stock worth $219,121,000 after buying an additional 1,354,891 shares during the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.

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.