Trade Desk (NASDAQ:TTD) Stock Price Down 2.9% – Here’s Why

The Trade Desk, Inc. (NASDAQ:TTD) shares were down 2.9% on Wednesday . The company traded as low as $65.60 and last traded at $65.64. Approximately 2,561,862 shares traded hands during trading, a decline of 67% from the average daily volume of 7,749,278 shares. The stock had previously closed at $67.60.

Analyst Upgrades and Downgrades

TTD has been the topic of several research analyst reports. Morgan Stanley reduced their price target on shares of Trade Desk from $145.00 to $132.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Wells Fargo & Company reduced their target price on Trade Desk from $142.00 to $101.00 and set an “overweight” rating on the stock in a report on Friday, February 14th. Stifel Nicolaus lowered their target price on Trade Desk from $144.00 to $122.00 and set a “buy” rating for the company in a research note on Thursday, February 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $110.00 price target (down from $140.00) on shares of Trade Desk in a research note on Thursday, February 13th. Finally, Susquehanna decreased their price objective on Trade Desk from $150.00 to $135.00 and set a “positive” rating for the company in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.45.

Trade Desk Trading Down 2.3 %

The stock has a market cap of $32.77 billion, a P/E ratio of 84.42, a PEG ratio of 3.11 and a beta of 1.45. The company’s 50 day moving average price is $107.39 and its two-hundred day moving average price is $114.00.

Trade Desk (NASDAQ:TTD) last issued its quarterly 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%. On average, sell-side analysts anticipate that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk announced that its board has initiated a stock buyback plan on Wednesday, February 12th that authorizes the company to buyback $564.00 million in shares. This buyback authorization authorizes the technology company to buy up to 0.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Trade Desk news, insider Jay R. Grant sold 18,524 shares of the company’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 completion of the transaction, the insider now directly owns 169,464 shares in the company, valued at $20,225,528.40. This represents a 9.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jeffrey Terry Green sold 18,207 shares of the firm’s stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $125.44, for a total transaction of $2,283,886.08. Following the sale, the chief executive officer now owns 704,229 shares in the company, valued at $88,338,485.76. The trade was a 2.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,029 shares of company stock worth $5,004,296 over the last quarter. 9.72% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Trade Desk

A number of hedge funds have recently made changes to their positions in the business. Investment Management Corp VA ADV bought a new position in Trade Desk in the 4th quarter worth approximately $25,000. Rialto Wealth Management LLC purchased a new position in shares of Trade Desk in the fourth quarter worth $26,000. Harbor Investment Advisory LLC boosted its position in shares of Trade Desk by 68.8% during the fourth quarter. Harbor Investment Advisory LLC now owns 287 shares of the technology company’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Synergy Asset Management LLC purchased a new position in Trade Desk during the fourth quarter valued at $34,000. Finally, Midwest Capital Advisors LLC purchased a new position in Trade Desk during the fourth quarter valued at $34,000. Institutional investors own 67.77% of the company’s stock.

Trade Desk Company Profile

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.