Raiffeisen Bank International AG has reduced its stake in The Trade Desk (NASDAQ:TTD) by 0.6% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now holds 439,949 shares of the technology company after selling 2,837 shares in the period. The bank’s remaining stake is valued at approximately $30.7 million.
Various other institutional investors have also adjusted their positions in The Trade Desk. For instance, LaFleur & Godfrey LLC entered the market with a new position valued at $5.03 million during the same quarter. Congress Park Capital LLC increased its holdings by 13.2%, now owning 53,781 shares worth approximately $3.87 million. Similarly, Swedbank AB raised its position by 32.2%, resulting in ownership of 552,260 shares valued at $39.76 million after purchasing an additional 134,620 shares. First Bank & Trust also significantly expanded its holdings by 137.6%, now controlling 23,166 shares worth $1.67 million. Overall, hedge funds and institutional investors own roughly 67.77% of The Trade Desk’s stock.
Analyst Ratings and Stock Performance
Recent analyst reports reflect a mixed sentiment towards The Trade Desk. Wall Street Zen upgraded its rating from “sell” to “hold,” while Guggenheim set a price target of $55.00 with a “buy” recommendation. On the contrary, Susquehanna lowered its price target from $135.00 to $85.00, maintaining a “positive” rating. According to MarketBeat, the average rating for The Trade Desk is currently “Hold,” with a consensus target price of $78.33.
As of the latest trading session, The Trade Desk’s stock opened at $41.93. The company has a market capitalization of $20.28 billion, with a price-to-earnings (P/E) ratio of 48.20 and a P/E/G ratio of 2.08. Its fifty-two-week range shows a low of $41.50 and a high of $141.53.
On November 6, 2023, The Trade Desk reported its quarterly earnings, revealing earnings per share (EPS) of $0.45, exceeding analysts’ expectations of $0.44. The company generated revenue of $739.43 million, surpassing the consensus estimate of $719.11 million. This represents a 17.7% increase in revenue compared to the same quarter last year.
Future Outlook and Stock Buyback Plan
Looking ahead, The Trade Desk has set its guidance for the fourth quarter of 2023. Analysts predict an average EPS of $1.06 for the current year. Additionally, the company’s Board of Directors announced a stock buyback plan worth $500 million, allowing for the repurchase of up to 2.1% of its shares through open market transactions. Such buyback initiatives often indicate that a company’s leadership believes its stock is undervalued.
In related news, Director Andrea Lee Cunningham sold 1,403 shares of The Trade Desk on September 10, 2023, at an average price of $48.20, resulting in a total transaction value of $67,624.60. Following this sale, Cunningham’s holdings decreased by 21.79%, leaving her with 5,035 shares valued at approximately $242,687. Company insiders currently own 10.00% of The Trade Desk’s stock.
The Trade Desk, Inc. operates as a technology company, providing a self-service cloud-based platform that enables buyers to plan, manage, optimize, and measure their digital advertising campaigns across various formats and channels.
