Trade Desk (NASDAQ:TTD) Sets New 1-Year Low Following Analyst Downgrade

The Trade Desk, Inc. (NASDAQ:TTD) shares reached a new 52-week low during mid-day trading on Wednesday after Royal Bank of Canada lowered their price target on the stock from $120.00 to $100.00. Royal Bank of Canada currently has an outperform rating on the stock. Trade Desk traded as low as $53.39 and last traded at $53.59, with a volume of 11566794 shares traded. The stock had previously closed at $56.50.

Several other equities analysts also recently commented on the company. Cantor Fitzgerald dropped their target price on Trade Desk from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, February 13th. BMO Capital Markets lowered their price objective on Trade Desk from $160.00 to $115.00 and set an “outperform” rating for the company in a research report on Thursday, February 13th. Susquehanna lowered their price objective on Trade Desk from $150.00 to $135.00 and set a “positive” rating for the company in a research report on Thursday, February 13th. Wedbush raised their price objective on Trade Desk from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, January 6th. Finally, Truist Financial lowered their price objective on Trade Desk from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $116.41.

Insider Buying and Selling at Trade Desk

In other news, insider Samantha Jacobson sold 4,298 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total value of $509,570.88. Following the transaction, the insider now directly owns 90,709 shares in the company, valued at $10,754,459.04. This trade represents a 4.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction on Monday, December 30th. The stock was sold at an average price of $119.35, for a total value of $2,210,839.40. Following the completion of the transaction, the insider now directly owns 169,464 shares in the company, valued at approximately $20,225,528.40. This represents a 9.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 41,029 shares of company stock worth $5,004,296. Insiders own 9.72% of the company’s stock.

Hedge Funds Weigh In On Trade Desk

A number of institutional investors have recently bought and sold shares of TTD. Investment Management Corp VA ADV bought a new position in Trade Desk in the 4th quarter worth $25,000. Rialto Wealth Management LLC bought a new stake in Trade Desk during the fourth quarter valued at about $26,000. Harbor Investment Advisory LLC raised its holdings in Trade Desk by 68.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock valued at $34,000 after acquiring an additional 117 shares during the period. Synergy Asset Management LLC bought a new stake in Trade Desk during the fourth quarter valued at about $34,000. Finally, Midwest Capital Advisors LLC bought a new stake in Trade Desk during the fourth quarter valued at about $34,000. 67.77% of the stock is owned by institutional investors.

Trade Desk Stock Up 1.0 %

The stock has a fifty day simple moving average of $92.39 and a 200 day simple moving average of $110.12. The firm has a market capitalization of $27.71 billion, a P/E ratio of 71.60, a PEG ratio of 3.11 and a beta of 1.63.

Trade Desk (NASDAQ:TTD) last posted its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.21). Trade Desk had a net margin of 16.08% and a return on equity of 16.38%. Research analysts anticipate that The Trade Desk, Inc. will post 1.06 earnings per share for the current fiscal year.

Trade Desk declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 12th that permits the company to buyback $564.00 million in shares. This buyback authorization permits the technology company to reacquire up to 0.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is 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.