What happened

Shares of advertising-technology company The Trade Desk (TTD -2.58%) were up 11.9% in April, according to data provided by S&P Global Market Intelligence. The company didn't report any news during the month. But the stock has a lot of supporters on Wall Street and, with the market up during the month, it was a modest outperformer.

So what

For examples of Wall Street's support of The Trade Desk stock, Evercore ISI (NYSE:EVR) started covering the stock in April. According to The Fly, Evercore's analyst kicked off its coverage with a price target of $770 per share -- roughly 17% higher than the price as of this writing. But Evercore isn't alone in its bullish outlook. According to the analysts tracked by TipRanks, the average price target is $915 per share, translating to almost 40% upside.

A tablet device projects images of bar charts and rising arrows.

Image source: Getty Images.

Retail investors love The Trade Desk stock, too. Many track ARK Invest CEO Cathie Wood, considering her opinion of a stock before buying. The Trade Desk was one of the stocks that Wood's funds were buying during April, which may have persuaded retail investors to buy some more shares as well.

Now what

With the market up a little more than 5% during April, The Trade Desk's outperformance for the month was modest and not unusual for the short term. Long-term investors, however, will be much more interested in what management has to say on May 10. That morning, it will release financial results for the first quarter of 2021. Management previously guided for first-quarter revenue of $214 million to $217 million, good for 25% year-over-year growth at the midpoint.

Considering how much digital transformation has taken place in the advertising space over the past year, I'd say the market fully expects The Trade Desk to at least deliver on that outlook.