Shares of The Trade Desk Inc (NASDAQ:TTD) traded lower on Monday after HSBC and DA Davidson downgraded their ratings on the stock. The Nasdaq is down 0.10% while the S&P 500 has gained 0.05%, and TTD is sliding even as the Communication Services sector is essentially flat at a 0.02% dip.
DA Davidson downgraded Trade Desk to Neutral and lowered its price forecast to $16. HSBC downgraded the stock to Reduce and set a $10 price forecast.
Second-Quarter Earnings and Revenue Miss
On Thursday, the company reported second-quarter earnings of 34 cents per share, missing the consensus estimate of 40 cents. Second-quarter revenue came in at $715.06 million versus the $751.39 million expected.
Customer retention stayed above 95%. CEO Jeff Green reiterated Trade Desk’s focus on decisioning, measurement, and AI.
