3 Growth Tech Stocks To Buy Now For 2021 And Hold

More importantly, Trade Desk allows clients to utilize its cloud-based platform to create, manage, and optimize data-driven digital ad campaigns across a range of channels and devices to reach people on websites, streaming TV services, audio apps, and nearly everywhere else.

Digital ad spending surpassed traditional media buying in 2019, as more people cut the cord, turned off their radio dials, and continue to disconnect from various forms of legacy entrainment. The overall digital ad market is projected to reach $225 billion by 2024 in the U.S. alone, up from around $150 billion this year. This gives TTD plenty of room to expand.

The company topped our Q3 estimates in early November, with sales up 32%. This marked a strong return to growth after the global ad space tumbled in Q2 amid coronavirus spending cuts. Zacks estimates call for TTD’s Q4 sales to jump 35% to help lift its adjusted EPS by 27%. Peeking further ahead, TTD’s overall revenue is projected to jump 22% this year and another 34% in FY21 to hit $1.1 billion. Meanwhile, its adjusted EPS figures are expected to climb by 20% and 3%, respectively.

Trade Desk’s strong bottom-line revisions help it grab a Zacks Rank #1 (Strong Buy). TTD also rocks “B” grades for Growth and Momentum in our Style Scores system and the stock has soared over 50% in the last month, as Wall Street showed love for its Q3 report and outlook.

TTD is now up 250% in 2020 and has soared since its 2016 IPO. Despite this impressive run, it might be worth considering Trade Desk as a bet on the ever-growing digital ad age that requires more ingenuity than ever, as people pay to avoid ads on places like Netflix (NFLX Quick Quote NFLX - Free Report).

Taiwan Semiconductor Manufacturing Company (TSM Quick Quote TSM - Free Report)

Taiwan Semiconductor might not be the most well-known of the chip stocks. But it helps drive the global semiconductor market and it’s poised to play a major role for years. TSMC or TSM, which is the ticker, is the world’s largest semiconductor manufacturer, with roughly 55% market share. The firm runs a dedicated semiconductor foundry business and it boasts that it has the “world's largest semiconductor design ecosystem” that has enabled “85% of worldwide semiconductor start-up product prototypes.”

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