Shares of The Trade Desk (NASDAQ: TTD) had a fantastic day in the stock market on Tuesday. In the afternoon trading session, their shares surged by 8.93%. This surge came after Needham reiterated its positive coverage of TTD and recommended buying the stock.
Average Price Target
According to the latest information available as of July 6, 2023, experts estimate that the average price for Trade Desk shares over the next year will be around $74.78. However, predictions vary, with some experts suggesting a low price of $28.28 and others forecasting a high of $94.50. The average prediction shows a slight decrease of 1.49% from the company’s most recent closing price of $75.91.
Projected Revenue and Earnings
Trade Desk is projected to generate around $1,916 million in revenue annually, which would be an impressive increase of 16.45% compared to previous figures. In addition, the projected non-GAAP EPS (earnings per share) stands at 1.11.
Institutional Positions
Currently, there are 1,342 funds or institutions that hold positions in Trade Desk. This number has increased by 22 owners or 1.67% in the last quarter. On average, all these funds have dedicated 0.47% of their portfolios to Trade Desk, but this represents a decrease of 1.01%. Over the past three months, institutions have collectively increased their ownership of Trade Desk shares by 1.00% to a total of 400,269,000 shares. The put/call ratio of the Trade Desk stands at 0.83, which indicates a bullish outlook.
Ownership Changes
Baillie Gifford, one of the major holders of Trade Desk shares, owns 45,831,000 shares, which represents 9.38% ownership of the company. In its previous filing, the firm reported owning 47,175,000 shares, indicating a decrease of 2.93%. However, over the last quarter, Baillie Gifford increased their portfolio allocation in TTD by 14.28%.
Another prominent investor is JP Morgan Chase, which holds 19,594,000 shares, representing 4.01% ownership of the company. In its previous filing, the firm increase reported owning 12,122,000 shares, reflecting an increase of 38.13%. JP Morgan Chase has significantly raised its portfolio allocation in TTD by 102.94% over the last quarter.
Lastly, T. Rowe Price Investment Management holds 14,467,000 shares, which represent 2.96% ownership of the company. In its previous filing, the firm reported owning 13,368,000 shares, indicating a positive increase of 7.60%. T. Rowe Price Investment Management has increased its portfolio allocation in TTD by 37.39% over the last quarter.
Peter Williams, a financial writer with over five years of experience, specializes in covering stock market movements, bond markets, commodities, and macroeconomic trends.
