The Trade Desk Inc TTD shares are trading higher Wednesday after the company reported better-than-expected financial results and issued guidance above analyst estimates.
The Trade Desk said second-quarter revenue jumped 35% year-over-year to $377 million, which beat the estimate of $364.87 million, according to Benzinga Pro. The digital advertising company reported quarterly adjusted earnings of 20 cents per share, which was in line with average analyst estimates.
"More of the world's leading brands are signing major new or expanded long-term agreements with The Trade Desk, which speaks to the innovation and value that our platform provides compared to the limitations of walled gardens," said Jeff Green, co-founder and CEO of The Trade Desk.
The Trade Desk expects third-quarter revenue of at least $385 million versus the estimate of $382.58 million. The company expects third-quarter adjusted EBITDA of approximately $140 million.
Analyst Assessment: Several analysts raised price targets on the stock following the company's quarterly results.
- Keybanc analyst Justin Patterson maintained The Trade Desk with an Overweight and raised the price target from $52 to $70.
- DA Davidson analyst Tom White maintained The Trade Desk with a Buy and raised the price target from $65 to $70.
- Needham analyst Laura Martin maintained The Trade Desk with a Buy and raised the price target from $55 to $65.
- Oppenheimer analyst Jason Helfstein maintained The Trade Desk with an Outperform and raised the price target from $60 to $78.
- RBC Capital analyst Matthew Hedberg maintained The Trade Desk with an Outperform and raised the price target from $75 to $80.
TTD Price Action: The Trade Desk has a 52-week high of $93.26 and a 52-week low of $39.
The stock was up 36.3% at $74.21 at press time, according to Benzinga Pro.
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