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.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with improving profitability.</li><li>Revenue reached $392 million, a 61 percent year-over-year jump, and advertising remained the engine of growth by delivering $359 million, also up 61 percent.</li><li>Weekly active users climbed to 401 million and daily active users to 108 million—both increases of roughly 31 percent—while international communities in markets such as France, Spain, and Brazil expanded at nearly double the overall pace, pointing to early success in Reddit’s localisation strategy.</li></ul>

Reddit, Inc.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with improving profitability.Revenue reached $392 million, a 61 percent year-over-year jump, and advertising remained the engine of growth by delivering $359 million, also up 61 percent.Weekly active users climbed to 401 million and daily active users to 108 million—both increases of roughly 31 percent—while international communities in markets such as France, Spain, and Brazil expanded at nearly double the overall pace, pointing to early success in Reddit’s localisation strategy.

Reddit Is Tweaking Its Ad Strategy—Can Outcome-Based Pricing Outperform the Competition?

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

<ul><li>Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation, with several key takeaways for investors.</li><li>As a social media platform, Reddit has achieved significant milestones, including surpassing $1 billion in annual revenue and reaching over 100 million daily active users (DAUs).</li><li>The year marked Reddit’s first as a publicly traded company, underscoring its evolution in the tech and social media landscape.</li></ul>

Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation, with several key takeaways for investors.As a social media platform, Reddit has achieved significant milestones, including surpassing $1 billion in annual revenue and reaching over 100 million daily active users (DAUs).The year marked Reddit’s first as a publicly traded company, underscoring its evolution in the tech and social media landscape.

Reddit Inc.: Search Optimization Through Reddit Answers Can Truly Catalyze Growth?

<ul><li>Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability, underscoring its strategic progress.</li><li>On the positive side, Reddit reported an impressive 68% year-over-year revenue growth, amounting to $348.4 million for the quarter.</li><li>This increase was largely driven by a robust advertising segment, which itself grew by 56% year-over-year, reaching $315.1 million.</li></ul>

Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability, underscoring its strategic progress.On the positive side, Reddit reported an impressive 68% year-over-year revenue growth, amounting to $348.4 million for the quarter.This increase was largely driven by a robust advertising segment, which itself grew by 56% year-over-year, reaching $315.1 million.

Reddit's Explosive Growth Surpassing X! What Exactly Is Fueling Its Success?

<ul>
<li>Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.</li>
<li>The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.</li>
<li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


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 Is Tweaking Its Ad Strategy—Can Outcome-Based Pricing Outperform the Competition?

Reddit, Inc.’s first-quarter 2025 results underscored the platform’s momentum since its 2024 IPO, combining rapid top-line expansion with...

Baptista Research

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

Reddit Inc.: Search Optimization Through Reddit Answers Can Truly Catalyze Growth?

Reddit's recent fourth-quarter and full-year 2024 earnings call presents a picture of a company in the midst of notable growth and transformation,...

Baptista Research

Reddit's Explosive Growth Surpassing X! What Exactly Is Fueling Its Success?

Reddit's recent earnings for Q3 2024 revealed that the company achieved a significant financial milestone by reaching GAAP profitability,...

Baptista Research

Reddit, Inc. - Objective Of The Report

Reddit's second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in...

Baptista Research

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