Trade Desk (NASDAQ:TTD) Hits New 12-Month Low Following Analyst Downgrade

The Trade Desk, Inc. (NASDAQ:TTD)’s stock price reached a new 52-week low during mid-day trading on Thursday after Loop Capital lowered their price target on the stock from $145.00 to $101.00. Loop Capital currently has a buy rating on the stock. Trade Desk traded as low as $74.43 and last traded at $75.55, with a volume of 2910934 shares traded. The stock had previously closed at $76.75.

A number of other brokerages have also recently commented on TTD. BTIG Research increased their target price on Trade Desk from $114.00 to $142.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Piper Sandler reaffirmed an “overweight” rating and set a $110.00 price objective (down previously from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Royal Bank of Canada cut their target price on shares of Trade Desk from $140.00 to $120.00 and set an “outperform” rating for the company in a research note on Thursday, February 13th. StockNews.com cut shares of Trade Desk from a “buy” rating to a “hold” rating in a research note on Saturday, November 30th. Finally, Citizens Jmp upgraded shares of Trade Desk to a “strong-buy” rating in a report on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.45.

Insider Activity at Trade Desk

In related news, CEO Jeffrey Terry Green sold 18,207 shares of the business’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $125.44, for a total value of $2,283,886.08. Following the transaction, the chief executive officer now owns 704,229 shares in the company, valued at approximately $88,338,485.76. The trade was a 2.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jay R. Grant sold 18,524 shares of the firm’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $119.35, for a total value of $2,210,839.40. Following the sale, the insider now owns 169,464 shares of the company’s stock, valued at approximately $20,225,528.40. This trade represents a 9.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 41,029 shares of company stock worth $5,004,296. 9.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Trade Desk

Institutional investors have recently made changes to their positions in the business. Investment Management Corp VA ADV acquired a new stake in shares of Trade Desk in the 4th quarter valued at about $25,000. Rialto Wealth Management LLC bought a new position in Trade Desk during the 4th quarter worth approximately $26,000. Harbor Investment Advisory LLC grew its position in shares of Trade Desk by 68.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Midwest Capital Advisors LLC bought a new stake in shares of Trade Desk in the 4th quarter valued at approximately $34,000. Finally, Zions Bancorporation N.A. lifted its stake in Trade Desk by 148.3% during the fourth quarter. Zions Bancorporation N.A. now owns 293 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the last quarter. 67.77% of the stock is owned by institutional investors and hedge funds.

Trade Desk Price Performance

The stock has a market cap of $35.57 billion, a price-to-earnings ratio of 92.38, a P/E/G ratio of 3.11 and a beta of 1.45. The business’s fifty day simple moving average is $115.27 and its 200 day simple moving average is $114.88.

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

Trade Desk announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 12th that allows the company to buyback $564.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors 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.