DA Davidson Begins Coverage on Trade Desk (NASDAQ:TTD)

Analysts at DA Davidson started coverage on shares of Trade Desk (NASDAQ:TTD) in a research note issued on Tuesday, FinViz reports. The firm set a “neutral” rating on the technology company’s stock.

TTD has been the topic of a number of other reports. Wells Fargo & Company set a $12.00 price target on shares of Trade Desk and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Citigroup upped their price objective on shares of Trade Desk from $11.00 to $12.00 and gave the company a “sell” rating in a research note on Tuesday. Raymond James Financial downgraded shares of Trade Desk from a “market perform” rating to an “underperform” rating in a report on Friday, August 7th. Royal Bank Of Canada raised their target price on shares of Trade Desk from $15.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, Morgan Stanley raised their target price on shares of Trade Desk from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a Buy rating, twenty-six have issued a Hold rating and nine have issued a Sell rating to the company. According to MarketBeat.com, Trade Desk has an average rating of “Reduce” and an average target price of $18.52.

Trade Desk Stock Performance

Shares of TTD stock opened at $15.98 on Tuesday. The stock’s fifty day moving average is $13.17 and its two-hundred day moving average is $19.31. The firm has a market capitalization of $7.51 billion, a P/E ratio of 23.16, a PEG ratio of 1.67 and a beta of 0.98. Trade Desk has a fifty-two week low of $11.62 and a fifty-two week high of $45.50.

Trade Desk (NASDAQ:TTD) last announced its earnings results on Monday, November 9th. The technology company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.29. Trade Desk had a net margin of 11.03% and a return on equity of 14.36%. The company had revenue of $735.97 million for the quarter, compared to analysts’ expectations of $650.93 million. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, equities analysts forecast that Trade Desk will post 0.52 earnings per share for the current year.

Institutional Investors Weigh In On Trade Desk

A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in Trade Desk by 59.0% during the first quarter. Renaissance Technologies LLC now owns 5,440,541 shares of the technology company’s stock worth $123,446,000 after purchasing an additional 2,018,525 shares during the period. Bank of America Corp DE grew its stake in shares of Trade Desk by 33.5% in the 1st quarter. Bank of America Corp DE now owns 4,548,894 shares of the technology company’s stock valued at $103,214,000 after buying an additional 1,141,704 shares during the period. Amundi grew its stake in shares of Trade Desk by 0.6% in the 1st quarter. Amundi now owns 3,056,305 shares of the technology company’s stock valued at $69,348,000 after buying an additional 17,097 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Trade Desk during the 2nd quarter worth approximately $39,750,000. Finally, Quantinno Capital Management LP increased its holdings in shares of Trade Desk by 330.0% during the 1st quarter. Quantinno Capital Management LP now owns 1,496,748 shares of the technology company’s stock worth $33,961,000 after buying an additional 1,148,680 shares during the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.

Key Trade Desk News

These are some of the TTD news items that stood out recently:

• Positive Sentiment: Q3 revenue of about $736 million exceeded expectations and management’s forecast, while adjusted earnings also beat estimates. The company projected about $755 million in Q4 revenue, helping support optimism that business may be stabilizing. Trade Desk’s $736M Q3 Revenues: Is a Growth Recovery Taking Shape?
• Neutral Sentiment: Several firms raised price targets after the results, but Wells Fargo, Piper Sandler and Cantor Fitzgerald maintained equal-weight or neutral ratings, signaling limited conviction in a near-term recovery. Wells Fargo price-target update
• Negative Sentiment: Revenue was down 0.5% year over year, a sharp slowdown from prior growth, and quarterly profit reportedly fell substantially as margins came under pressure. Investors remain concerned about advertising-market conditions, competition and whether the company can restore growth. The Trade Desk Beats on Revenue, But the Fine Print Matters

About Trade Desk

The Trade Desk, Inc. provides a technology platform that helps advertisers and advertising agencies plan, buy, and measure digital advertising. Its self-service platform uses automated, data-driven tools to help clients purchase advertising inventory across channels such as connected TV, mobile, audio, and display. The company also offers tools for campaign management, audience targeting, measurement, and access to data and advertising inventory. Its platform is designed to help clients manage campaigns across multiple media channels and publishers.