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>Digital Turbine reported its fiscal 2027 first quarter financial results, showing notable growth across key metrics and segments.</li><li>The company achieved total revenue of $166 million, marking a 27% year-over-year increase.</li><li>Adjusted EBITDA rose nearly 70% year-over-year, reaching $42.5 million and demonstrating expanding margins at 25.6%.</li></ul>

Digital Turbine reported its fiscal 2027 first quarter financial results, showing notable growth across key metrics and segments.The company achieved total revenue of $166 million, marking a 27% year-over-year increase.Adjusted EBITDA rose nearly 70% year-over-year, reaching $42.5 million and demonstrating expanding margins at 25.6%.

Digital Turbine Unlocks 80% International ODS Growth As Its Device Footprint Expands!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.</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> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> in the S&amp;P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul>


On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Zions Bancorporation (ZION US) and Whirlpool Corp (WHR US) in the S&amp;P500. 2 changes to 400, 6 to 600.
The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.


S&P 500/400/600 Index Rebal - It's Not The Trade You Think

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<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> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> and <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> at the close on 15 March.</li>
<li>There are a bunch of inclusions, deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>The largest flows will be in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and the largest impact in the adds to the S&amp;P SmallCap 600 Index.</li>
</ul>



Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&amp;P 500 INDEX at the close on 15 March.
There are a bunch of inclusions, deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
The largest flows will be in the S&amp;P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&amp;P SmallCap 600 Index.


S&P500 Index Rebalance: SPCY Additions & Large Impact

<ul><li>Digital Turbine, Inc. reported its financial results for the fourth quarter and fiscal year 2026, demonstrating growth in both revenue and adjusted EBITDA but continuing to report GAAP net losses.</li><li>For fiscal 2026, Digital Turbine generated total revenue of $565 million, representing a 15% increase year-over-year.</li><li>Adjusted EBITDA grew significantly by nearly 70% to $122.5 million, reflecting improved operating leverage as the company scales its business.</li></ul>

Digital Turbine, Inc. reported its financial results for the fourth quarter and fiscal year 2026, demonstrating growth in both revenue and adjusted EBITDA but continuing to report GAAP net losses.For fiscal 2026, Digital Turbine generated total revenue of $565 million, representing a 15% increase year-over-year.Adjusted EBITDA grew significantly by nearly 70% to $122.5 million, reflecting improved operating leverage as the company scales its business.

Digital Turbine’s $565 Million Year Sets The Stage For A GAAP Profitability Test!

<ul><li>Digital Turbine reported strong results for its fiscal 2026 second quarter, demonstrating significant growth across its business segments, accompanied by strategic advancements and financial improvements.</li><li>The company's revenue for the quarter stood at $140.4 million, marking an 18% increase year-over-year, with adjusted EBITDA growing by 78% over the same period, indicating robust operational leverage as the company scales.</li><li>The On Device Solutions (ODS) segment generated $96 million in revenue, growing by 17% compared to the previous year.</li></ul>

Digital Turbine reported strong results for its fiscal 2026 second quarter, demonstrating significant growth across its business segments, accompanied by strategic advancements and financial improvements.The company's revenue for the quarter stood at $140.4 million, marking an 18% increase year-over-year, with adjusted EBITDA growing by 78% over the same period, indicating robust operational leverage as the company scales.The On Device Solutions (ODS) segment generated $96 million in revenue, growing by 17% compared to the previous year.

Digital Turbine: The Surging SingleTap Adoption That’s Making App Installs Frictionless!

United States

Digital Turbine, Inc. delivers a mobile services platform that works with mobile operators and third-party publishers to provide portal management, user interface, content development and billing technology that enables the responsible distribution of mobile entertainment.

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Digital Turbine (APPS US)

Digital Turbine Unlocks 80% International ODS Growth As Its Device Footprint Expands!

Digital Turbine reported its fiscal 2027 first quarter financial results, showing notable growth across key metrics and segments. The company...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

S&P500 Index Rebalance: SPCY Additions & Large Impact

There are bunch of adds, deletes and migrations for the SnP 500/400/600 indices in March. The largest inflows are on the SP500 adds but the largest...

Brian Freitas

Digital Turbine’s $565 Million Year Sets The Stage For A GAAP Profitability Test!

Digital Turbine, Inc. reported its financial results for the fourth quarter and fiscal year 2026, demonstrating growth in both revenue and...

Baptista Research

Digital Turbine: The Surging SingleTap Adoption That’s Making App Installs Frictionless!

Digital Turbine reported strong results for its fiscal 2026 second quarter, demonstrating significant growth across its business segments,...

Baptista Research

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Digital Turbine Unlocks 80% International ODS Growth As Its Device Footprint Expands!

Digital Turbine reported its fiscal 2027 first quarter financial results, showing notable growth across key metrics and segments. The company...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

​The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

S&P500 Index Rebalance: SPCY Additions & Large Impact

There are bunch of adds, deletes and migrations for the SnP 500/400/600 indices in March. The largest inflows are on the SP500 adds but the largest...

Brian Freitas

Digital Turbine’s $565 Million Year Sets The Stage For A GAAP Profitability Test!

Digital Turbine, Inc. reported its financial results for the fourth quarter and fiscal year 2026, demonstrating growth in both revenue and...

Baptista Research

Digital Turbine: The Surging SingleTap Adoption That’s Making App Installs Frictionless!

Digital Turbine reported strong results for its fiscal 2026 second quarter, demonstrating significant growth across its business segments,...

Baptista Research

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...