Shares of The Trade Desk Inc. (NASDAQ: TTD) climbed 9.7% Wednesday despite no news regarding the precision digital ad targeting company.
The S&P 500 and NASDAQ both had a reasonably strong day, hitting intraday records and closing comfortably higher. But there were no new Trade Desk press releases, analyst upgrades, insider purchases, or SEC filings of the sort that tend to drive significant upward moves like this one.
That said, the move did come on strong trading volume of roughly 2.33 million shares, which is nearly three times Trade Desk's daily average. This could potentially indicate a large investor opening or adding to a position ahead of Trade Desk's second-quarter report early next month. After all, shares skyrocketed nearly 30% in early May after The Trade Desk's first-quarter results crushed Wall Street's expectations. So it would be hard to blame investors for betting that an equally impressive Q2 report could deliver a similar positive reaction.
In the end, though, it's unclear exactly why The Trade Desk jumped today. And that's OK. Nothing has happened to change the perspective of long-term investors, and I continue to believe this company is a winner that will keep on winning.