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>Etsy, Inc. reported its financial results for the second quarter of 2026, highlighting continued improvement in its marketplace fundamentals and accelerated growth trajectory.</li><li>Gross Merchandise Sales (GMS) for the Etsy marketplace reached $2.6 billion, reflecting a 7.5% year-over-year increase, marking the third consecutive quarter of GMS growth.</li><li>Revenue from continuing operations was $668 million, up 6.2%, or 9.3% for the marketplace standalone, with a take rate improving by 130 basis points to 25.9%.</li></ul>

Etsy, Inc. reported its financial results for the second quarter of 2026, highlighting continued improvement in its marketplace fundamentals and accelerated growth trajectory.Gross Merchandise Sales (GMS) for the Etsy marketplace reached $2.6 billion, reflecting a 7.5% year-over-year increase, marking the third consecutive quarter of GMS growth.Revenue from continuing operations was $668 million, up 6.2%, or 9.3% for the marketplace standalone, with a take rate improving by 130 basis points to 25.9%.

Etsy’s Hidden Growth Engine — App GMS Jumps 12.5% As Engagement Improves!

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.

Index Rebalance

<ul>
<li>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul><li>Etsy is eliminating about 220 roles, equal to roughly 12% of its workforce, as management moves toward a smaller and simpler organization.</li><li>Once the restructuring is complete, head count should fall to about 1,600.</li><li>The company expects to record approximately $35 million in charges, mainly tied to severance, benefits, and related costs.</li></ul>

Etsy is eliminating about 220 roles, equal to roughly 12% of its workforce, as management moves toward a smaller and simpler organization.Once the restructuring is complete, head count should fall to about 1,600.The company expects to record approximately $35 million in charges, mainly tied to severance, benefits, and related costs.

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Etsy operates a differentiated, asset-light marketplace model with strong brand recognition in the niche of handmade, vintage, and unique goods, fostering a loyal community of buyers and sellers.</li>
  <li>The company faces significant headwinds from intense competition from larger e-commerce players like Amazon and the discretionary nature of its products, making it susceptible to macroeconomic pressures on consumer spending.</li>
  <li>Future growth hinges on strategic initiatives focused on enhancing user experience through AI and technology, expanding internationally, and successfully navigating the challenges of maintaining marketplace integrity and seller satisfaction.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Etsy operates a differentiated, asset-light marketplace model with strong brand recognition in the niche of handmade, vintage, and unique goods, fostering a loyal community of buyers and sellers.
  The company faces significant headwinds from intense competition from larger e-commerce players like Amazon and the discretionary nature of its products, making it susceptible to macroeconomic pressures on consumer spending.
  Future growth hinges on strategic initiatives focused on enhancing user experience through AI and technology, expanding internationally, and successfully navigating the challenges of maintaining marketplace integrity and seller satisfaction.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>Etsy, Inc.'s fourth quarter and full-year 2025 earnings call highlighted several key developments and strategic initiatives that are shaping the company's trajectory.</li><li>New CEO Kruti Patel Goyal, in her first call, outlined her focus on enhancing Etsy's core marketplace by strengthening its unique value proposition, improving the buyer and seller experience, and undertaking strategic transactions.</li><li>Here’s an evaluation of Etsy's financial and operational standing based on the recent earnings discussion: One of the major developments announced was the sale of Depop to eBay for $1.2 billion.</li></ul>

Etsy, Inc.'s fourth quarter and full-year 2025 earnings call highlighted several key developments and strategic initiatives that are shaping the company's trajectory.New CEO Kruti Patel Goyal, in her first call, outlined her focus on enhancing Etsy's core marketplace by strengthening its unique value proposition, improving the buyer and seller experience, and undertaking strategic transactions.Here’s an evaluation of Etsy's financial and operational standing based on the recent earnings discussion: One of the major developments announced was the sale of Depop to eBay for $1.2 billion.

Etsy: Why Personalization, App Engagement, and Loyalty Are Emerging as Core Growth Engines!

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

Etsy’s Hidden Growth Engine — App GMS Jumps 12.5% As Engagement Improves!

Etsy, Inc. reported its financial results for the second quarter of 2026, highlighting continued improvement in its marketplace fundamentals and...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Etsy Is Growing Again—So Why Cut 12%?

Etsy is eliminating about 220 roles, equal to roughly 12% of its workforce, as management moves toward a smaller and simpler organization. Once...

Baptista Research

Primer: Etsy Inc (ETSY US) - Aug 2026

Etsy operates a differentiated, asset-light marketplace model with strong brand recognition in the niche of handmade, vintage, and unique goods,...

αSK Primers

Etsy: Why Personalization, App Engagement, and Loyalty Are Emerging as Core Growth Engines!

Etsy, Inc.'s fourth quarter and full-year 2025 earnings call highlighted several key developments and strategic initiatives that are shaping the...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Etsy’s Hidden Growth Engine — App GMS Jumps 12.5% As Engagement Improves!

Etsy, Inc. reported its financial results for the second quarter of 2026, highlighting continued improvement in its marketplace fundamentals and...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Etsy Is Growing Again—So Why Cut 12%?

Etsy is eliminating about 220 roles, equal to roughly 12% of its workforce, as management moves toward a smaller and simpler organization. Once...

Baptista Research

Primer: Etsy Inc (ETSY US) - Aug 2026

Etsy operates a differentiated, asset-light marketplace model with strong brand recognition in the niche of handmade, vintage, and unique goods,...

αSK Primers

Etsy: Why Personalization, App Engagement, and Loyalty Are Emerging as Core Growth Engines!

Etsy, Inc.'s fourth quarter and full-year 2025 earnings call highlighted several key developments and strategic initiatives that are shaping the...

Baptista Research

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...