Shares of digital ad-buying platform The Trade Desk (NASDAQ:TTD) are under pressure on Monday. As of 2:45 p.m. EST, the stock is down by almost 10%.
Generally speaking, major price swings in The Trade Desk's stock have been easily explainable. For example, about a week and a half ago, The Trade Desk jumped by almost 10% after reporting better-than-expected earnings and increased its full-year guidance. However, that doesn't seem to be the case here.
Despite what a 10% drop would generally suggest, there aren't any major news headlines that involve The Trade Desk today.
Instead of being driven by any specific event, The Trade Desk's plunge on Monday can be attributed to general market weakness, especially in the technology sector. As of this writing, the tech-heavy Nasdaq is off by roughly 3%, and as an overall trend, young and rapidly growing companies like The Trade Desk are taking a much worse beating.
Of course, nobody likes to watch the value of their investments go down, but when a downward move that isn't driven by any apparent news happens, it's important to take a step back and realize that this doesn't affect your investment from a long-term perspective.
It's also worth noting that even after today's move, The Trade Desk is still up by more than 125% over the past year. So, if you've been wanting to invest in this high-flying growth stock, or add to your current position, now could be a good opportunity to do so.