Trade Desk Stock Hits 2-Year High on Upbeat Forecast

The stock also received plenty of price-target hikes

Laura McCandless

Deputy Editor

Feb 16, 2024 at 10:50 AM

Trade Desk Inc (NASDAQ:TTD) stock is soaring to two-year highs, up 15.1% at $87.14 at last glance, after the company's upbeat first-quarter revenue forecast and flood of analyst bull notes. No fewer than 14 analysts lifted their price targets, including Piper Sandler to $105 from $80, citing momentum related to TV ads and retail media segments. For the fourth quarter, the software name posted an earnings miss but better-than-expected revenue.

Options traders are optimistic too, with 104,000 calls exchanged in comparison to 24,000 puts -- already 12 times the average daily options volume. The weekly 2/23 95-strike and 100-strike calls are the most popular, with new positions opening at both.

Headed for its largest daily percentage gain since its post-earnings pop this month last year, TTD hit $94.000 at today's peak. Since the start of 2024, the equity has added 20%.

Calls have been more popular than usual over the past 10 weeks, too. Trade Desk stock's 50-day call/put volume ratio of 1.63 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 81% of readings from the past year.

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