Why The Trade Desk Stock Plunged to (Another) 7-Year Low Today

Shares of adtech specialist The Trade Desk fell again on Monday, sliding as much as 5.8% to lows last seen in January 2019. Around 2:27 p.m. ET, the stock was down 5.4%. The drop followed a fresh Wall Street downgrade: HSBC analyst Mohammed Khallouf cut The Trade Desk to reduce (sell) from hold and lowered his price target to $10 from $20. The analyst pointed to weakening performance, describing the company’s second-quarter results as “dismal,” with a “sizable miss and guidance shock.” Revenue grew just 3% year over year to $715 million, while adjusted EPS fell 17% to $0.34.