Cathie Wood is Doubling Down on These 5 Stocks

3. The Trade Desk, Inc. (NASDAQ: TTD)

Number of Hedge Fund Holders: 25   

Percentage Increase in Stake in Q2: 1,073%  

The Trade Desk, Inc. (NASDAQ: TTD) is a California-based technology company. It is ranked third on our list of 10 stocks Cathie Wood is doubling down on. Latest data shows that ARK Investment Management owned more than 2.1 million shares in the company at the end of June 2021, representing 0.31% of the portfolio. The shares are valued at over $168 million. Wood has increased stake in the company 1,073% compared to the first quarter of 2021. 

On August 17, investment advisory Citi reiterated a Neutral rating on The Trade Desk, Inc. (NASDAQ: TTD) stock and raised the price target to $85 from $60, noting that the estimates for the firm had been pushed higher following the second quarter results. 

At the end of the second quarter of 2021, 25 hedge funds in the database of Insider Monkey held stakes worth $719 million in The Trade Desk, Inc. (NASDAQ: TTD), down from 35 in the preceding quarter worth $812 million.

In its Q2 2021 investor letter, Richie Capital Group, an asset management firm, highlighted a few stocks and The Trade Desk, Inc. (NASDAQ: TTD)  was one of them. Here is what the fund said:

“The Trade Desk (TTD – up 26.3%) – Shares in the programmatic advertising specialist rebounded during the quarter after selling off in Q1. The selloff was part of the previously mentioned market move away from higher priced technology names. The rebound in Q2 was due to Google delaying its phase out of third-party cookies in its Chrome browser to mid to late 2023. This is positive news, but TTD is prepared for the inevitable transition away from cookies. The company has built an industry alternative called UID 2.0 which asks users’ permission to receive targeted ads on websites.

UID 2.0 has gained more traction in the digital ad industry vs competing alternatives with many major publishers and advertisers on board. Additionally, TTD’s business is diversified across numerous channels including video, audio, in-app, native and social. Connected TV is currently their fastest growing business, and cookies are meaningless on that platform as ads are based on first-party data.”