Trade Desk (NASDAQ:TTD) Sees Large Volume Increase After Analyst Upgrade

Shares of The Trade Desk, Inc. (NASDAQ:TTD) saw unusually-high trading volume on Friday after Truist Financial raised their price target on the stock from $105.00 to $108.00. Truist Financial currently has a buy rating on the stock. Approximately 1,948,495 shares were traded during trading, a decline of 53% from the previous session’s volume of 4,132,180 shares.The stock last traded at $94.24 and had previously closed at $88.27.

Several other equities analysts have also recently weighed in on TTD. Jefferies Financial Group upgraded Trade Desk from a “hold” rating to a “buy” rating and lifted their price objective for the company from $95.00 to $105.00 in a report on Thursday, May 2nd. Morgan Stanley lifted their price objective on Trade Desk from $100.00 to $110.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. KeyCorp lifted their price objective on Trade Desk from $105.00 to $115.00 and gave the company an “overweight” rating in a report on Friday. Wolfe Research initiated coverage on Trade Desk in a report on Tuesday, July 16th. They set an “outperform” rating and a $115.00 price objective on the stock. Finally, Royal Bank of Canada lifted their price objective on Trade Desk from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.93.

Insider Buying and Selling

In related news, CFO Laura Schenkein sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $100.43, for a total transaction of $2,510,750.00. Following the transaction, the chief financial officer now directly owns 703,038 shares of the company’s stock, valued at approximately $70,606,106.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Trade Desk news, insider Jay R. Grant sold 141,434 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $97.42, for a total value of $13,778,500.28. Following the transaction, the insider now directly owns 188,236 shares of the company’s stock, valued at approximately $18,337,951.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Laura Schenkein sold 25,000 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $100.43, for a total value of $2,510,750.00. Following the completion of the transaction, the chief financial officer now directly owns 703,038 shares in the company, valued at $70,606,106.34. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,909 shares of company stock valued at $20,827,601. 10.18% of the stock is owned by insiders.

Institutional Trading of Trade Desk

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in Trade Desk by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 41,740,769 shares of the technology company’s stock valued at $3,003,666,000 after buying an additional 818,568 shares in the last quarter. Jennison Associates LLC boosted its stake in Trade Desk by 91.7% in the fourth quarter. Jennison Associates LLC now owns 14,586,150 shares of the technology company’s stock valued at $1,049,619,000 after buying an additional 6,978,352 shares in the last quarter. Norges Bank acquired a new stake in Trade Desk in the fourth quarter valued at about $255,316,000. 1832 Asset Management L.P. acquired a new stake in Trade Desk in the first quarter valued at about $225,710,000. Finally, Jericho Capital Asset Management L.P. boosted its stake in Trade Desk by 4.3% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,419,355 shares of the technology company’s stock valued at $211,500,000 after buying an additional 100,000 shares in the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

Trade Desk Stock Up 7.8 %

The firm has a 50 day moving average of $95.21 and a two-hundred day moving average of $87.08. The firm has a market capitalization of $46.54 billion, a price-to-earnings ratio of 238.83, a price-to-earnings-growth ratio of 4.34 and a beta of 1.48.

Trade Desk (NASDAQ:TTD) last released its quarterly earnings data on Wednesday, May 8th. The technology company reported $0.06 earnings per share for the quarter, meeting the consensus estimate of $0.06. Trade Desk had a return on equity of 9.41% and a net margin of 9.80%. The business had revenue of $491.25 million for the quarter, compared to analyst estimates of $480.03 million. Sell-side analysts forecast that The Trade Desk, Inc. will post 0.85 EPS for the current fiscal year.

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.