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The Trade Desk, Inc. (TTD): A Bull Case Theory

Tue Jun 24, 2025
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Ricardo Pillai

3 min read

In This Article:

We came across a bullish thesis on The Trade Desk, Inc. (TTD) on Rebound Picks’ Substack. In this article, we will summarize the bulls’ thesis on TTD. The Trade Desk, Inc. (TTD)'s share was trading at $67.96 as of 13th June. TTD’s trailing and forward P/E were 82.88 and 64.1 respectively according to Yahoo Finance.

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The Lobby Entertainment Network digital displays showing dynamic and visually engaging advertisements.

The Trade Desk (TTD), a leader in independent programmatic advertising, enables brands and agencies to bid in real time across a diverse range of media channels, including TV, mobile, display, audio, and retail media. Despite its strong market position, the company has faced a sharp drawdown, falling 51% from its December 2024 all-time high and down 42% year-to-date.

The drop was largely triggered by its first revenue miss in eight years,

reporting $741 million in Q4 2024 versus the expected $760 million, which led to a 40% stock crash in February 2025. This shortfall was blamed on the slow and buggy rollout of its next-gen AI-driven platform, Kokai, which also prompted class action lawsuits alleging the company misled investors about the product’s readiness.

However, since bottoming in April 2025, shares have rebounded over 50% as operational performance began improving. In its most recent earnings, The Trade Desk posted 25% year-over-year revenue growth and expanded margins to 8%, with guidance pointing to further momentum in Q2 2025. Two-thirds of clients are now transacting on Kokai, indicating improving adoption of the new platform. The recent acquisition of Sincera, a digital ad data company, further strengthens its capabilities.

Financially, the company remains in excellent shape with $1.7 billion in cash and no debt, providing ample flexibility for growth and resilience. With the platform rollout back on track, a robust balance sheet, and renewed top-line momentum, The Trade Desk appears well-positioned for continued recovery, offering investors a compelling rebound opportunity after a period of turbulence.

Previously, we highlighted a bullish thesis on The Trade Desk from FckYouMoney on Reddit in May 2025, emphasizing the market’s overreaction to short-term hiccups and the company’s long-term potential in connected TV and cookieless advertising. Since then, the stock price has appreciated by roughly 22%. Rebound Picks’ thesis builds on this by detailing Kokai’s rollout setbacks and the sharp drawdown that followed, but also highlights the subsequent rebound and accelerating adoption. Taken together, the two theses frame TTD as a high-growth, founder-led platform navigating execution risk, with long-term tailwinds in digital ad spend and data privacy creating asymmetric upside.