Trade Desk (NASDAQ:TTD) Shares Down 2.7% – Time to Sell?

The Trade Desk (NASDAQ:TTD)’s stock price was down 2.7% during trading on Wednesday . The company traded as low as $38.29 and last traded at $38.65. Approximately 10,141,178 shares changed hands during trading, a decline of 13% from the average daily volume of 11,591,894 shares. The stock had previously closed at $39.74.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TTD shares. JMP Securities set a $60.00 price target on Trade Desk and gave the stock a “market outperform” rating in a research report on Tuesday, September 30th. Truist Financial decreased their target price on Trade Desk from $100.00 to $85.00 and set a “buy” rating on the stock in a research report on Friday, November 7th. Needham & Company LLC lowered their price target on shares of Trade Desk from $84.00 to $60.00 and set a “buy” rating for the company in a report on Friday, November 7th. Susquehanna dropped their price objective on shares of Trade Desk from $135.00 to $85.00 and set a “positive” rating for the company in a report on Friday, November 7th. Finally, Wells Fargo & Company reduced their price target on Trade Desk from $53.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Twenty-one research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Trade Desk has a consensus rating of “Moderate Buy” and a consensus target price of $72.97.

Trade Desk Stock Performance

The firm has a market capitalization of $18.69 billion, a P/E ratio of 44.43, a PEG ratio of 1.57 and a beta of 1.11. The firm has a 50 day simple moving average of $40.52 and a two-hundred day simple moving average of $54.08.

Trade Desk (NASDAQ:TTD) last announced its earnings results on Thursday, November 6th. The technology company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.44 by $0.01. Trade Desk had a net margin of 15.72% and a return on equity of 16.00%. The company had revenue of $739.43 million during the quarter, compared to the consensus estimate of $719.11 million. During the same quarter in the prior year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. Sell-side analysts anticipate that The Trade Desk will post 1.06 earnings per share for the current year.

Trade Desk declared that its board has authorized a stock repurchase program on Thursday, November 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to buy up to 2.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Trade Desk

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TTD. Vanguard Group Inc. grew its holdings in shares of Trade Desk by 27.7% during the third quarter. Vanguard Group Inc. now owns 56,875,852 shares of the technology company’s stock worth $2,787,486,000 after purchasing an additional 12,321,000 shares in the last quarter. State Street Corp grew its stake in Trade Desk by 271.1% in the 3rd quarter. State Street Corp now owns 36,354,274 shares of the technology company’s stock worth $1,781,723,000 after buying an additional 26,559,005 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Trade Desk by 17.9% in the 2nd quarter. Jennison Associates LLC now owns 14,267,457 shares of the technology company’s stock worth $1,027,114,000 after buying an additional 2,169,252 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Trade Desk by 52.1% in the 2nd quarter. Geode Capital Management LLC now owns 12,314,817 shares of the technology company’s stock worth $884,860,000 after buying an additional 4,218,975 shares during the last quarter. Finally, Brown Advisory Inc. raised its position in shares of Trade Desk by 2.7% during the 2nd quarter. Brown Advisory Inc. now owns 8,323,522 shares of the technology company’s stock valued at $599,212,000 after buying an additional 221,228 shares in the last quarter. 67.77% of the stock is currently owned by hedge funds and other institutional investors.

Trade Desk Company Profile

The Trade Desk, Inc (NASDAQ: TTD) is a technology company that provides a demand-side platform (DSP) for programmatic digital advertising. Its platform enables advertisers, agencies and other buyers to plan, purchase and measure ad inventory across digital channels, including display, video, mobile, audio, native and connected TV. By centralizing real?time bidding, audience targeting and inventory access, the company aims to help clients optimize media spend and reach audiences at scale across publishers and ad exchanges.

Founded in 2009 by Jeff Green and Dave Pickles, The Trade Desk grew from a focus on programmatic display into a global ad?tech provider.