Trade Desk (NASDAQ:TTD) Hits New 1-Year Low After Analyst Downgrade

The Trade Desk, Inc. (NASDAQ:TTD)’s stock price 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. The stock had previously closed at $56.50.

TTD has been the subject of a number of other reports. Benchmark upgraded Trade Desk from a “sell” rating to a “hold” rating in a research report on Friday, March 7th. Evercore ISI lowered Trade Desk from an “outperform” rating to an “inline” rating and decreased their price objective for the stock from $135.00 to $90.00 in a research report on Thursday, February 13th. Citigroup reduced their price target on Trade Desk from $140.00 to $108.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Truist Financial reduced their price target on Trade Desk from $155.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, February 13th. Finally, Susquehanna reduced their price target on Trade Desk from $150.00 to $135.00 and set a “positive” rating for the company in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued 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 $116.41.

Insiders Place Their Bets

In other news, insider Samantha Jacobson sold 4,298 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $118.56, for a total transaction of $509,570.88. Following the sale, the insider now directly owns 90,709 shares in the company, valued at approximately $10,754,459.04. The trade was a 4.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jay R. Grant sold 18,524 shares of the business’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 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. Insiders have sold a total of 41,029 shares of company stock valued at $5,004,296 in the last three months. Company insiders own 9.72% of the company’s stock.

Institutional Trading of Trade Desk

Institutional investors and hedge funds have recently modified their holdings of the company. Investment Management Corp VA ADV bought a new stake in shares of Trade Desk during the fourth quarter valued at approximately $25,000. Rialto Wealth Management LLC bought a new stake in Trade Desk in the fourth quarter valued at $26,000. Harbor Investment Advisory LLC grew its position in Trade Desk by 68.8% in 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 in the fourth quarter valued at $34,000. Finally, Midwest Capital Advisors LLC bought a new stake in Trade Desk in the fourth quarter valued at $34,000. 67.77% of the stock is currently owned by institutional investors.

Trade Desk Stock Up 3.2 %

The business has a 50-day simple moving average of $93.70 and a two-hundred day simple moving average of $110.50. The stock has a market capitalization of $27.44 billion, a P/E ratio of 70.92, a PEG ratio of 3.11 and a beta of 1.63.

Trade Desk (NASDAQ:TTD) last announced its quarterly earnings results on Wednesday, February 12th. The technology company reported $0.36 earnings per share 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%. On average, sell-side analysts forecast that The Trade Desk, Inc. will post 1.06 earnings per share for the current year.

Trade Desk declared that its board has approved a share repurchase program on Wednesday, February 12th that allows the company to repurchase $564.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 0.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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.