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>Reddit, Inc. reported a strong start to 2026 with its first quarter revenue reaching $663 million, a 69% increase year-over-year, marking the seventh consecutive quarter of over 60% revenue growth.</li><li>Advertising revenue, which represents the majority of total revenue, grew 74% to $625 million, supported by broad-based strength across retail, consumer packaged goods, technology, and media sectors.</li><li>The company’s average revenue per user rose 44% to $5.23, driven by both increased impressions and improved pricing dynamics, reflecting investments in machine learning for signal optimization and new ad formats.</li></ul>

Reddit, Inc. reported a strong start to 2026 with its first quarter revenue reaching $663 million, a 69% increase year-over-year, marking the seventh consecutive quarter of over 60% revenue growth.Advertising revenue, which represents the majority of total revenue, grew 74% to $625 million, supported by broad-based strength across retail, consumer packaged goods, technology, and media sectors.The company’s average revenue per user rose 44% to $5.23, driven by both increased impressions and improved pricing dynamics, reflecting investments in machine learning for signal optimization and new ad formats.

Reddit: What’s Powering the Next Wave of User Growth, Ad Dollars, and Global Expansion?

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.</li><li>Reddit still has significant upside to continue capitalizing on that growing popularity by growing their ARPU—Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.</li><li>The company raised $748M through its IPO.</li></ul>

Reddit generated $804M in revenue in 2023, up 20% from $668M in 2022.Reddit still has significant upside to continue capitalizing on that growing popularity by growing their ARPU—Reddit’s revenue per monthly user is roughly $1.19, up from 2021 when it was about $0.81.The company raised $748M through its IPO.

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.</li><li>I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.</li><li>Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.</li></ul>

If you pay attention, the Internet has been a bit different lately. Many of the attributes and ways we once interacted with the internet is changing.I probably noticed it the most when one of my favorite websites, subredditstats.com showed me this image the other day.Reddit’s free API is closing. But so is X (formerly Twitter), and other properties all around the internet are slowly adding limits and closing their doors.

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is ineligible for inclusion for the upcoming August review because of fcap failing the fcap threshold if it qualifies for the standard segment. </li>
<li>
<a href="https://www.smartkarma.com/entities/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is ineligible for inclusion for the upcoming September review because of failing the minimum public voting rights threshold.</li>
<li>The IPO lock-up expiry increases the probability for inclusion in November and December review for US and Global indices. Forecasted demand in December is ~$360m and 2.1 ADV. </li>
</ul>



Reddit (RDDT US) is ineligible for inclusion for the upcoming August review because of fcap failing the fcap threshold if it qualifies for the standard segment. 

Reddit (RDDT US) is ineligible for inclusion for the upcoming September review because of failing the minimum public voting rights threshold.
The IPO lock-up expiry increases the probability for inclusion in November and December review for US and Global indices. Forecasted demand in December is ~$360m and 2.1 ADV. 


Reddit (RDDT): Post-IPO Inclusion in US & Global Indices

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> and <a href="https://www.smartkarma.com/entities/technipfmc-plc-2f8326ad-9188-44ca-bada-c9b9144835fd" target="_blank" data-smartkarma-citation="entities:13457:1" rel="noopener">TechnipFMC (FTI US)</a> are in MidCap and the top candidates for addition based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.</li>
</ul>



Marvell Technology (MRVL US) is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.

Flex (FLEX US) and TechnipFMC (FTI US) are in MidCap and the top candidates for addition based on high eligibility scores.

Flex (FLEX US) is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.


S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

United States

Reddit, Inc. operates as an online discussion platform. The Company publicizes online items recommended by members and aggregates news stories submitted by users. Reddit serves customers worldwide.

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Reddit (RDDT US)

Reddit: What’s Powering the Next Wave of User Growth, Ad Dollars, and Global Expansion?

Reddit, Inc. reported a strong start to 2026 with its first quarter revenue reaching $663 million, a 69% increase year-over-year, marking the...

Baptista Research

Primer: Reddit - 18 May 2026

Forum and ad network for user-generated discussions across niche online communities

Sacra

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

Reddit (RDDT): Post-IPO Inclusion in US & Global Indices

RDDT US is expected to be added to footsie global and rasel at the March 2025 and June 2025 review, respectively with ~119.7m shares and 84.8% free...

Dimitris Ioannidis

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Reddit: What’s Powering the Next Wave of User Growth, Ad Dollars, and Global Expansion?

Reddit, Inc. reported a strong start to 2026 with its first quarter revenue reaching $663 million, a 69% increase year-over-year, marking the...

Baptista Research

Primer: Reddit - 18 May 2026

Forum and ad network for user-generated discussions across niche online communities

Sacra

The Internet as You Know It Is Dying

Humans are not alone on the internet anymore. That will change the Internet as you know it. If you pay attention, the Internet has been a bit...

Fabricated Knowledge

Reddit (RDDT): Post-IPO Inclusion in US & Global Indices

RDDT US is expected to be added to footsie global and rasel at the March 2025 and June 2025 review, respectively with ~119.7m shares and 84.8% free...

Dimitris Ioannidis

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

​MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...