Assenagon Asset Management S.A. reduced its holdings in The Trade Desk by 19.5% during the second quarter, a recent 13F filing shows. The firm sold 627,685 shares. It now holds 2,591,361 shares of the ad-tech company.
The disclosure follows a turbulent week for The Trade Desk's stock. The stock dropped after its second-quarter earnings report on August 6. Susquehanna analysts downgraded the stock on August 7. The earnings report missed revenue expectations. It also provided a weaker-than-expected third-quarter forecast. The company cited challenges in the advertising market.