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>BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial operations platform, though not without challenges.</li><li>Core revenue reached $358 million, growing 14% year-over-year, indicating a strong demand for its service offerings among small and medium businesses (SMBs).</li><li>The firm's focus on profitability was evident as it delivered a non-GAAP operating margin of 17%, reflecting a significant expansion driven by efficient cost management and strategic investments.</li></ul>

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial operations platform, though not without challenges.Core revenue reached $358 million, growing 14% year-over-year, indicating a strong demand for its service offerings among small and medium businesses (SMBs).The firm's focus on profitability was evident as it delivered a non-GAAP operating margin of 17%, reflecting a significant expansion driven by efficient cost management and strategic investments.

Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

<ul><li>Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value.</li><li>The company is reportedly working with advisors to explore a potential sale to either a larger payments player or a private equity buyer.</li><li>This move comes as the San Jose-based firm confronts a trifecta of headwinds: decelerating growth, intensifying competition, and increasing consolidation across the fintech sector.</li></ul>

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value.The company is reportedly working with advisors to explore a potential sale to either a larger payments player or a private equity buyer.This move comes as the San Jose-based firm confronts a trifecta of headwinds: decelerating growth, intensifying competition, and increasing consolidation across the fintech sector.

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.</li>
<li>BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.</li>
<li>I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.</li>
</ul>


BILL Holdings shares have bottomed out near $40 per share after Starboard Value and Elliott Management built large stakes in the American SMB back-office pioneer.
BILL Holding shares significantly underperformed in 2025 with shares down ~44% over the year versus a 21% gain on the Nasdaq.
I see further room for upside on potential launching new intelligent AI agents, partnerships with software providers, disciplined expense management and operating efficiency.


2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.</li>
<li>As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.</li>
<li>Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.</li>
</ul>


The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.
As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.
Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.


Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

<ul>
<li>The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions.</li>
<li>Potential take-out candidates include the likes of: ACI Worldwide (ACIW.US); i3 Verticals (IIIV.US); and Repay Holdings (RPAY.US).</li>
<li> While US will expereince a continuation of deals, Asia will remain the FinTech M&amp;A hotbed. </li>
</ul>


The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions.
Potential take-out candidates include the likes of: ACI Worldwide (ACIW.US); i3 Verticals (IIIV.US); and Repay Holdings (RPAY.US).
 While US will expereince a continuation of deals, Asia will remain the FinTech M&amp;A hotbed. 


United States

BILL Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, offers cloud-based applications that simplifies, digitizes, and automates back-office financial processes for small and mid-sized businesses. BILL Holdings serves customers worldwide.

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BILL Holdings (BILL US)

Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial...

Baptista Research

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value. The company is reportedly working with...

Baptista Research

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

US FinTech M&A Trend Set to Continue

The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions. Potential take-out...

Thomas J. Monaco

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Bill Holdings Gets Hit With a Triple Threat: Barington, Elliott, and Starboard All Want a Sale!

BILL Holdings, Inc. reported first quarter results for fiscal year 2026, showcasing a blend of growth and strategic advances within its financial...

Baptista Research

Bill Holdings Considers Exit Strategy as Starboard Turns Up the Heat!

Bill Holdings has initiated a strategic review under pressure from activist investor Starboard Value. The company is reportedly working with...

Baptista Research

2024 High Conviction Update: BILL Holdings, Starboard Value and Elliott Move In

​BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...

Andrei Zakharov

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

US FinTech M&A Trend Set to Continue

The trend of 2019’s payment services mega-deals is set to continue but in the form of a greater volume of small transactions. Potential take-out...

Thomas J. Monaco

BILL Holdings shares have bottomed out near $40/share. The activist investor Starboard Value and hedge fund Elliott Management move in: a double...