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Ad platform Trade Desk’s stock jumps 60% in a month, analysts say sales hold up despite virus

The Trade Desk (NASDAQ: TTD) stock price rebounded more than 60% after bottoming below $160 in March as the advertising platform has benefited from a surge in programmatic ad buying.

The California-based firm’s limited exposure to the travel industry, which is hit harder by the coronavirus pandemic, along with a strong customer retention rate of up to 95% over the past 24 quarters in a row have boosted sales over the last month.

Bullish commentary from brokers and price target hikes also supported the stock price upside in the last month. Needham provided a Buy rating while Oppenheimer raised The Trade Desk stock price target to $300 and maintained an Outperform rating.

The Trade Desk says it helps advertisers reach premium audiences globally through partners that includes big companies like Disney, Amazon, Channel 4, Spotify, TF1, ProSieben, Alibaba, Baidu, and Tencent.

The expectations for strong first-quarter numbers grew sharply since the industry titan Alphabet (NASDAQ: GOOG), which owns Google, topped analysts’ revenue expectations by almost $950m for the March quarter, with a year over year revenue growth of 13% to $41bn.

During the earnings call last month, Alphabet chief financial officer Ruth Porat said that the digital ad market was holding up relatively well during the coronavirus crisis.

The Trade Desk Stock

The Trade Desk will release first-quarter results on Thursday, after market close. The company expects first-quarter revenue in the range of $169m while analysts’ consensus estimate of $160m, more than 30% growth from the same period a year ago.

The company has beaten earnings per share and revenue estimates virtually every time over the last two years. The stock trading chart clearly shows that the Trade Desk shares bounced the majority of times after beating the consensus estimates. Its shares are currently trading above $300.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.