The Trade Desk's (NASDAQ: TTD) stock skyrocketed nearly 860% over the past five years as the S&P 500 rose just over 40%. The ad tech company impressed investors with its breakneck growth: Between 2016 and 2021, its revenue rose at a compound annual growth rate (CAGR) of 43% as it net income grew at a CAGR of 46%. But is it too late to buy this growth stock after those massive gains? Let's review three reasons to be bullish -- and one reason to be bearish -- to decide.

The Trade Desk is the world's largest independent demand-side platform (DSP) for digital ads. DSPs help advertisers buy programmatic (automated) ad space across desktop, mobile, and connected TV (CTV) platforms.

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Source Fool.com