Bulls scored a 100% profit with our TTD recommendation
Earlier this week, Schaeffer's Weekend Trader subscribers doubled their money with our Trade Desk Inc (NASDAQ:TTD) October 70 call. Below, we'll dive into the telling points for this bullish bet.
When we made the recommendation on Sunday, June 11, the shares of Trade Desk stock had crossed over and slightly pulled back to the $74 area following the company’s most recent quarterly report, which is a level that is 4,000% its initial public offering (IPO) return, and previously acted as resistance around earnings. The security also conquered the $66 region, which was a ceiling from February to late May, and was trading at nearly double its 2022 close.
Further, we noted that the recent rally might squeeze short sellers, as it would have taken four days for shorts to cover their bets, at the stock's average pace of trading. Meanwhile, total put open interest (OI) outweighed call OI.
Trade Desk stock rose for seven-straight trading days starting on July 7, including an 8.9% pop on July 11. We closed the position on July 17, allowing subscribers to collect the 100% target profit.
