TTD News & Events

Moderately bullish activity in Trade Desk (TTD), with shares up 6c, or 0.29%, near $19.02. Options volume relatively light with 18k contracts traded and calls leading puts for a put/call ratio of 0.4, compared to a typical level near 0.41. Implied volatility (IV30) dropped 0.86 near 62.85,and below the 52wk median, suggesting an expected daily move of $0.75. Put-call skew flattened, suggesting a modestly bullish tone.

After Fox's (FOXA) takeover of Roku (ROKU), Benchmark says the merger opens longer term possibilities for Fox raising direct living room walls, but adds that Fox needs Roku's open programmatic access to remain running full throttle to justify the $22B price tag and incremental $8B debt burden. In addition, Trade Desk's (TTD) existing partnerships with both Fox and Roku are "critically important to both parties' demand flows," while for Fox in particular, Trade Desk is also a meaningful tech partner that the firm suspects "will progress in the combined entity." Benchmark has a Buy rating and $30 price target on Trade Desk shares.