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

<ul>
<li>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.</li>
<li>Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
Short-Term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150, and 6028-6059.
Various prior leadership areas from the April lows appear ready to continue higher following 1+ month consolidations. IGV, PLTR, APP, SOUN, RZLV, SHOP, FROG, U, CDNS, RDDT, JMIA, RR, Z,HIMS,MU,GRAL


Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

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's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge.</li><li>The company reported notable revenue growth, registering a 78% year-over-year increase to $500 million, its fastest growth since 2022.</li><li>This was driven significantly by a strong performance in its advertising business, which grew 84% to $465 million, bolstered by increased investments from existing advertisers and the acquisition of new ones.</li></ul>

Reddit's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge.The company reported notable revenue growth, registering a 78% year-over-year increase to $500 million, its fastest growth since 2022.This was driven significantly by a strong performance in its advertising business, which grew 84% to $465 million, bolstered by increased investments from existing advertisers and the acquisition of new ones.

Reddit Inc.: Strategic International Growth & Localization to Expand Global Footprint!

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, 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?

<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?

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)

Downgrading Utilities to Market Weight; Bullish Outlook Intact; Prior Leadership to Shine?

Downgrading Utilities $XLU to Market Weight; Bullish Outlook Intact; Time for Prior Leadership to Shine? $IGV $PLTR $APP $SOUN $RZLV $SHOP $FROG $U...

Vermilion Research

Reddit Inc.: Strategic International Growth & Localization to Expand Global Footprint!

Reddit's second-quarter 2025 financial results position the company at a crossroads of opportunity and challenge. The company reported notable...

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 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 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

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