Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Axon Enterprise, Inc. reported a second quarter 2026 performance highlighting continued strong growth across its diverse product and service offerings, driven by both core and emerging sectors.</li>
<li>Total revenue reached $904 million, marking a 35% increase year-over-year and sustaining over 30% growth for ten consecutive quarters.</li>
<li>This growth was broad-based, supported by robust demand in Software &amp; Services and Connected Devices segments.</li>
</ul>


Axon Enterprise, Inc. reported a second quarter 2026 performance highlighting continued strong growth across its diverse product and service offerings, driven by both core and emerging sectors.
Total revenue reached $904 million, marking a 35% increase year-over-year and sustaining over 30% growth for ten consecutive quarters.
This growth was broad-based, supported by robust demand in Software &amp; Services and Connected Devices segments.


Axon Enterprise’s AI Surge — The AI Era Plan Expands Nearly 700%!

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.</li>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> is <em>not </em>an expected deletion due to special ADR market cap treatment. <a href="https://www.smartkarma.com/entities/equinix-inc" target="_blank" data-smartkarma-citation="entities:17409:1" rel="noopener">Equinix Inc (EQIX US)</a> is <em>not </em>an expected addition because it is a REIT.</li>
</ul>



Palantir Technologies (PLTR US) is anticipated to be the largest addition following its eligibility, which was secured through a listing transfer from NYSE to Nasdaq just before the cut-off date.

Super Micro Computer (SMCI US) is projected to exit the index despite its recent entry in July 2024, as it has ranked above the exit threshold of 125.

ARM Holdings (ARM US) is not an expected deletion due to special ADR market cap treatment. Equinix Inc (EQIX US) is not an expected addition because it is a REIT.


Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> has secured a place in the index and is no longer a deletion candidate thanks to the recent methodology changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a> and <a href="https://www.smartkarma.com/entities/microstrategy-inc-cl-a" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Microstrategy Inc Cl A (MSTR US)</a> are the main candidates for direct addition following their recent stock price surge.</li>
<li>
<a href="https://www.smartkarma.com/entities/dollar-tree-inc" target="_blank" data-smartkarma-citation="entities:10913:1" rel="noopener">Dollar Tree Inc (DLTR US)</a> is the favorable candidate for direct deletion in December with an additional but negligible probability of fast-exit in November.</li>
</ul>



ARM Holdings (ARM US) has secured a place in the index and is no longer a deletion candidate thanks to the recent methodology changes.

AppLovin (APP US) and Microstrategy Inc Cl A (MSTR US) are the main candidates for direct addition following their recent stock price surge.

Dollar Tree Inc (DLTR US) is the favorable candidate for direct deletion in December with an additional but negligible probability of fast-exit in November.


Nasdaq100 December 2024 Forecasts (Part 2): APP & MSTR Poised for Entry; DLTR & SMCI Set for Exit

<ul>
<li>Axon Enterprise, Inc. reported a solid start to fiscal year 2026, underscoring a combination of strong revenue growth and promising early-stage product developments.</li>
<li>The company continues to leverage its integrated ecosystem of hardware, software, and AI-driven services to enhance public safety operations.</li>
<li>Its strategy focuses on expanding into new markets while deepening existing customer relationships, particularly through advanced technologies in emergency response, connected devices, and drone applications.</li>
</ul>


Axon Enterprise, Inc. reported a solid start to fiscal year 2026, underscoring a combination of strong revenue growth and promising early-stage product developments.
The company continues to leverage its integrated ecosystem of hardware, software, and AI-driven services to enhance public safety operations.
Its strategy focuses on expanding into new markets while deepening existing customer relationships, particularly through advanced technologies in emergency response, connected devices, and drone applications.


Axon Enterprise Is Not Just TASERs Anymore — Here’s Why Dedrone Matters!

<ul>
<li>Axon Enterprise, Inc. reported strong financial and operational results for the fourth quarter and full year of 2025, reflecting broad-based growth driven by expansion in both hardware and software offerings.</li>
<li>The company achieved record bookings exceeding $7 billion for the year, up more than 40% from the prior year, with a 50% increase in fourth-quarter bookings alone.</li>
<li>This acceleration was driven by robust demand in key segments, particularly new product categories such as AI-driven solutions and Fusus, which nearly tripled bookings compared to 2024 and contributed over $1 billion for the year.</li>
</ul>


Axon Enterprise, Inc. reported strong financial and operational results for the fourth quarter and full year of 2025, reflecting broad-based growth driven by expansion in both hardware and software offerings.
The company achieved record bookings exceeding $7 billion for the year, up more than 40% from the prior year, with a 50% increase in fourth-quarter bookings alone.
This acceleration was driven by robust demand in key segments, particularly new product categories such as AI-driven solutions and Fusus, which nearly tripled bookings compared to 2024 and contributed over $1 billion for the year.


Axon Enterprise: Hardware Meets AI—A Strategic Play That Could Redefine Its Competitive Moat!

United States

Axon Enterprise, Inc. is a public safety technology company. The Company offers law enforcement, military, and self defense solutions. Axon Enterprise serves customers worldwide.

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Axon Enterprise (AXON US)

Axon Enterprise’s AI Surge — The AI Era Plan Expands Nearly 700%!

Total revenue reached $904 million, marking a 35% increase year-over-year and sustaining over 30% growth for ten consecutive quarters.

Baptista Research

Nasdaq100 December 2024 Forecast (Final): Palantir's Last-Minute Entry; Arm's Subtle Retention

F1: 100%. All of the forecasts matched the index changes announced at the close of Friday 13 December. SMCI fell more than 11% in premarket trading...

Dimitris Ioannidis

Nasdaq100 December 2024 Forecasts (Part 2): APP & MSTR Poised for Entry; DLTR & SMCI Set for Exit

Fast-Exit has been announced and will be implemented for DLTR at the close of 15 November 2024 where the stock will be deleted from Nasdaq100 and...

Dimitris Ioannidis

Axon Enterprise Is Not Just TASERs Anymore — Here’s Why Dedrone Matters!

Axon Enterprise, Inc. reported a solid start to fiscal year 2026, underscoring a combination of strong revenue growth and promising early-stage...

Baptista Research

Axon Enterprise: Hardware Meets AI—A Strategic Play That Could Redefine Its Competitive Moat!

The company achieved record bookings exceeding $7 billion for the year, up more than 40% from the prior year, with a 50% increase in fourth-quarter...

Baptista Research

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