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A Trade Desk share slide has attracted buyers, including Cathie Wood’s flagship ARK Innovation Fund, which invested in the ad-tech company for the first time.
Saturday’s trading update showed the ARKK ARKK fund bought 543,000 Trade Desk (TTD) shares for $34 million. The September-quarter results release was so dismal that its shares fell 16% on Friday. FactSet reports that Trade Desk has only missed its revenue projection once in the prior five years.
Analysts were divided on whether the stock tumble after its disappointing earnings was an opportunity or a red flag for holiday investment in advertising-exposed businesses.
ARK Next Generation internet exchange-traded fund ARKW bought 69,000 Trade Desk shares for $4 million. Since June, when it bought its first shares since selling in late 2021, that fund has been a consistent buyer.