NEW YORK, March 18, 2026, 17:28 EDT
The Trade Desk tumbled for a second straight session Wednesday, falling 6.1% to $23.55 by 5:11 p.m. EDT, after Publicis Groupe pulled its endorsement of the ad-tech platform for clients. Tuesday saw shares lose 7.4%. Analysts followed up by slashing ratings and price targets.
Here’s why it matters: agency relationships are core to Trade Desk’s business. The most recent annual report spells it out—if you aggregate client accounts by parent company, two ad holding companies would each account for over 10% of 2025 gross billings. Combined, that’s 30%.
This dispute comes as Trade Desk navigates some internal change. Back in January, Alex Kayyal was out as CFO and Tahnil Davis stepped in as interim finance head. A month later, the company projected at least $678 million in first-quarter revenue, coming off a 2025 annual revenue mark of $2.9 billion.
Publicis told clients that an independent auditor found Trade Desk “did not pass the audit” and advised those under its master services agreement to steer clear of the platform. According to ADWEEK, the memo claimed Trade Desk rolled its demand-side platform fee into additional charges and tacked on certain tools without disclosing client approval. Adweek
Trade Desk shot down the account. Statements published by MARKETING-INTERACTIVE and on LinkedIn show the company arguing the audit request would have forced disclosure of data protected by customer and partner confidentiality. Chief Executive Jeff Green added that TTD has never “failed” an audit. Marketing-Interactive
Wall Street didn’t wait. Barron’s noted Rosenblatt’s Barton Crockett downgraded the stock to neutral, trimming his target to $25. Stifel’s Mark Kelley also cut to hold, now aiming for $26, citing “no clear near-term catalyst” to lift sentiment. Both analysts pointed to the risk: advertisers could steer spending toward Google’s DV360 or Amazon’s rival platform—tools that automate digital ad buys. Barron’s
Even after LinkedIn rolled out new product details with Trade Desk, the stock slid further. Marketers can now pick up LinkedIn’s connected-TV ads—streaming TV, that is—directly or programmatically through The Trade Desk using Microsoft Monetize, according to LinkedIn. Didn’t matter; shares continued to drop.
Sizing up the revenue impact isn’t straightforward. Jefferies analyst James Heaney points out the uncertainty: it’s not clear if Publicis will yank spending right away, hit pause, renegotiate terms, or just scrutinize accounts one by one. Trade Desk notes in its latest annual report that most of its deals don’t guarantee major ad budgets, and can be scrapped with just 60 days’ notice.
Green stepped in with a show of confidence, picking up 6 million shares over March 2 to March 4, according to a Form 4 he filed with the SEC. He paid weighted averages from $23.49 up to $25.08. By Wednesday, the stock had slipped to $23.55—right back near the bottom of that purchase range.
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