Short Interest in Trade Desk Inc (TTD) Declines By 17.0%

Trade Desk Inc (NASDAQ:TTD) was the recipient of a significant drop in short interest in May. As of May 31st, there was short interest totalling 6,069,025 shares, a drop of 17.0% from the May 15th total of 7,312,359 shares. Currently, 19.3% of the company’s stock are sold short. Based on an average daily trading volume, of 1,427,867 shares, the short-interest ratio is presently 4.3 days.

TTD has been the topic of a number of recent research reports. Vetr raised shares of Trade Desk from a “hold” rating to a “buy” rating and set a $56.79 price objective on the stock in a research note on Monday, March 5th. Citigroup raised their price objective on shares of Trade Desk from $69.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, March 9th. Wells Fargo & Co reiterated a “buy” rating and issued a $62.00 target price on shares of Trade Desk in a report on Friday, February 23rd. Stifel Nicolaus set a $69.00 target price on shares of Trade Desk and gave the company a “buy” rating in a report on Friday, February 23rd. Finally, Needham & Company LLC increased their target price on shares of Trade Desk to $75.00 and gave the company a “buy” rating in a report on Friday, May 11th. Two equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $75.44.

Shares of TTD stock opened at $90.53 on Friday. The stock has a market capitalization of $3.74 billion, a PE ratio of 76.08, a PEG ratio of 2.80 and a beta of 2.64. Trade Desk has a one year low of $40.70 and a one year high of $92.90.

Trade Desk (NASDAQ:TTD) last announced its earnings results on Thursday, May 10th. The technology company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.10 by $0.24. The company had revenue of $85.70 million during the quarter, compared to the consensus estimate of $73.25 million. Trade Desk had a net margin of 16.14% and a return on equity of 24.07%. The firm’s revenue for the quarter was up 60.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.18 earnings per share. sell-side analysts expect that Trade Desk will post 1.41 EPS for the current year.

In other Trade Desk news, insider Brian John Stempeck sold 22,500 shares of the firm’s stock in a transaction on Thursday, March 22nd. The shares were sold at an average price of $55.33, for a total value of $1,244,925.00. Following the transaction, the insider now directly owns 67,050 shares of the company’s stock, valued at $3,709,876.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert David Perdue sold 107,500 shares of the firm’s stock in a transaction on Friday, May 11th. The shares were sold at an average price of $67.68, for a total transaction of $7,275,600.00. Following the completion of the transaction, the chief operating officer now directly owns 235,943 shares in the company, valued at $15,968,622.24. The disclosure for this sale can be found here. Insiders sold 411,017 shares of company stock worth $28,621,990 over the last ninety days. Insiders own 23.54% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. increased its holdings in Trade Desk by 22.7% during the fourth quarter. Alliancebernstein L.P. now owns 2,620,560 shares of the technology company’s stock worth $119,838,000 after buying an additional 484,238 shares during the last quarter. Allianz Asset Management GmbH increased its holdings in Trade Desk by 33.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,859,515 shares of the technology company’s stock worth $85,036,000 after buying an additional 463,352 shares during the last quarter. BlackRock Inc. increased its holdings in Trade Desk by 1.9% during the first quarter. BlackRock Inc. now owns 1,428,209 shares of the technology company’s stock worth $70,869,000 after buying an additional 26,373 shares during the last quarter. Bamco Inc. NY increased its holdings in Trade Desk by 5.1% during the first quarter. Bamco Inc. NY now owns 1,011,626 shares of the technology company’s stock worth $50,197,000 after buying an additional 49,111 shares during the last quarter. Finally, Macquarie Group Ltd. increased its holdings in Trade Desk by 25.8% during the fourth quarter. Macquarie Group Ltd. now owns 668,188 shares of the technology company’s stock worth $30,556,000 after buying an additional 137,240 shares during the last quarter. Institutional investors and hedge funds own 73.44% of the company’s stock.

About Trade Desk

The Trade Desk, Inc, a technology company, provides a self-service omnichannel software platform that enables clients to purchase and manage data-driven digital advertising campaigns in the United States and internationally. The company's platform allows clients to manage integrated advertising campaigns in various advertising channels and formats, including connected TV, mobile, video, audio, display, social, and native on various devices, such as smart TVs, computers, and mobile phones and tablets.

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