The Trade Desk Stock Is Trading Lower Friday: What’s Going On? – Trade Desk (NASDAQ:TTD)

The Trade Desk, Inc. TTD shares are trading lower on Friday after the company reported second quarter financial results on Thursday after the market closed.

What To Know: The company reported adjusted earnings per share of 41 cents, inline with the consensus estimate. In addition, the company reported sales of $694.03 million, beating the consensus estimate of $684.99 million.

The company said customer retention stayed above 95% in the second quarter.

The Trade Desk also named Alex Kayyal as its new CFO, effective Aug. 21, succeeding Laura Schenkein.

Q3 Outlook: The company expects revenue of at least $717 million.

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

• B of A Securities analyst Jessica Reif Ehrlich downgraded Trade Desk from a Buy rating to a Neutral rating and lowered the price target from $130 to $55.
• Piper Sandler analyst Matt Farrell maintained a Neutral rating on Trade Desk and lowered the price target from $65 to $64.
• BMO Capital analyst Brian Pitz maintained an Outperform rating on Trade Desk and lowered the price target from $115 to $98.

Related Link: Nvidia, AMD Export Restrictions Ease, But Chinese Chipmaker SMIC Says That Growing Domestic Demand ‘Perfectly’ Replaces Foreign Rivals

TTD Price Action: At the time of writing, Trade Desk stock is trading 38.7% lower at $54.11, according to data from Benzinga Pro.

Image via Shutterstock