Trade Desk Stock Looks to Extend Win Streak

Year-to-date, the security boasts a more than 74% lead

Digital Content Manager
Jun 2, 2023 at 10:44 AM
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Morgan Stanley upgraded Trade Desk Inc (NASDAQ:TTD) stock to "overweight" from "equal-weight," and raised its price objective to $90 from $60, which is a more than 20% premium to its last close. The analyst in coverage also called TTD a top pick as the sales market stabilizes.

The shares were last seen up 5.3% at $77.12, pacing for their fifth-straight daily gain while trading at fresh one-year highs. The stock is also on track for its best single-day percentage win since April 27, with support at the 40-day moving average keeping multiple pullbacks in check along the way. So far this year, he security has already added 74.1%.

Options bulls are moving in today, with 10,000 calls across the tape so far -- four times the intraday average -- compared to just 2,424 puts. The most popular contract is the weekly 6/9 80-strike call, followed by the 78-strike call in the 6/2 series, with positions being opened at the latter. This means options traders see more upside for TTD by the close.

For those looking to bet on Trade Desk stock's next moves, premiums seem attractively priced at the moment. This is per TTD's Schaeffer's Volatility Index (SVI) of 46%, which ranks in the extremely low 3rd percentile of annual readings.

 

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