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Partnership with Netflix Lifted The Trade Desk (TTD) in Q2

Parnassus Investments, an investment management company, released the “Parnassus Mid Cap Fund” second quarter 2024 investor letter. A copy of the letter can be downloaded here. In the second quarter, the Fund (Investor Shares) declined -5.80% (net of fees) underperforming the Russell Midcap Index’s -3.35% return. Stock selection drove the underperformance of the portfolio. The portfolio's strong holdings can mitigate market downturns and capitalize on growth opportunities as cyclical pressures decrease and long-term trends prevail. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Parnassus Mid Cap Fund highlighted stocks like The Trade Desk, Inc. (NASDAQ:TTD) in its Q2 2024 investor letter. Headquartered in Ventura, California, The Trade Desk, Inc. (NASDAQ:TTD) is a technology company that offers a self-service cloud-based platform. The one-month return of The Trade Desk, Inc. (NASDAQ:TTD) was 1.02%, and its shares gained 19.57% of their value over the last 52 weeks. On September 6, 2024, The Trade Desk, Inc. (NASDAQ:TTD) stock closed at $100.31 per share with a market capitalization of $49.31 billion.

Parnassus Mid Cap Fund stated the following regarding The Trade Desk, Inc. (NASDAQ:TTD) in its Q2 2024 investor letter:

"The Trade Desk, Inc. (NASDAQ:TTD), a cloud-based media-buying platform for advertisement purchasers, reported a strong quarter based on increasing demand for connected TVs. The stock received another boost after the company announced a partnership with Netflix, which should accelerate Trade Desk's growth."

A large array of computer screens and tech equipment representing the technology company's self-service cloud-based platform.

The Trade Desk, Inc. (NASDAQ:TTD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held The Trade Desk, Inc. (NASDAQ:TTD) at the end of the second quarter which was 43 in the previous quarter. The Trade Desk, Inc. (NASDAQ:TTD) delivered $585 million in revenues, representing 26% year over year increase. While we acknowledge the potential of The Trade Desk, Inc. (NASDAQ:TTD) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed The Trade Desk, Inc. (NASDAQ:TTD) and shared the list of best advertising stocks to buy according to short sellers. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.