Trade Desk Stock Tears Higher After Revenue Beat

The stock received no fewer than six price-target hikes

Deputy Editor
Aug 10, 2022 at 10:40 AM
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Trade Desk Inc (NASDAQ:TTD) is soaring today, after the company's second-quarter revenue win and a strong current-quarter forecast, up 33% at $72.50 at last glance. The security received no fewer than six price-target hikes as well.

Now trading at its highest level since April, TTD has popped back above the 200- and 320-day moving averages for the first time since March. Year-to-date, the equity is still down 21%, however. 

Options traders were more bearish than usual leading up to today. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), TTD's 10-day put/call volume ratio of 1.11 ranks higher than 95% of readings from the past year. 

Today, options bulls are slightly more bold, as 47,000 calls and 35,000 puts have been exchanged so far -- nine times the average intraday amount. The weekly 8/12 75-strike call is the most popular, followed by the 70-strike put in the same weekly series, with new positions being opened at both. 

Meanwhile, the majority of analysts are bullish in their ratings. Of the 16 analysts in coverage, 13 carry a "buy" or better rating. After today's bull notes, the 12-month consensus price target sits at $77.16 -- a roughly 7% premium to current levels. 

 

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