reports
- Dan Salmon
Reddit (RDDT, Neutral, target lowered to $170 from $225) What’s workin...
On Friday, RDDT hosted a webinar to review key ad products and strategies getting traction with advertisers. The key takeaways included: 1. Expanded translation services and international user growth. 2. Pixel-based retargeting vs search keywords. 3. Use ad copy that “sounds like Reddit.’ 4. Training LLMs about brands. 5. No early beta results from Max campaigns.
- Dan Salmon
AI Search Expert Call Recap The Latest on GOOGL, AMZN Rufus, ChatGPT ...
Last week, we hosted an AI Expert Call with Brian Stempeck, CEO & Co-Founder of Evertune.ai, to discuss AI Search adoption and advertising implications, including GOOGL’s execution, ChatGPT’s CPM-first ad model, and implications for the open web and ad tech.
- Dan Salmon
AI Expert Call Recap: Frameworks for Understanding Agentic Commerce (G...
Last week, we hosted a very insightful AI Expert Call with Jacqueline Karlin, a seasoned AI and commerce strategist (former AMZN, META, PYPL, EXPE) to discuss agentic commerce, the shift from human discovery, searching and prompting to agent delegation, and implications across the internet ecosystem.
- Dan Salmon
- Dan Salmon
- Dan Salmon
Reddit (RDDT, Neutral, $230) Good execution matches elevated valuation
What’s New: In this first take following tonight’s results, we focus on: 1. Clean quarter and solid beats, but stock stuck in neutral on valuation 2. Steady progress continues on ad platform and go-to-market 3. Nothing new on data licensing 4. Profitability continues to scale, the new “north star” is 50% adj. EBITDA margins
- Dan Salmon
Reddit (RDDT, Neutral, $230) CEO stresses live sports engagement, Redd...
Last week we attended Forward 2025, hosted by CTV ad platform Tatari, where RDDT CEO Huffman was among the speakers. In the report, we walk through the most important themes from his comments and also update our model post earnings.
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Downgrading Utilities to Market Weight 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&P 500 (SPX) is above 6028-6059. Shorter-term, the SPX continues to make higher lows as new leaders emerge and rotations continue; we would need to see a break below 6340-6360 in order to have confidence that a consolidation period has finally begun. Short-term supports on SPX include 6400-6410, 6340-6360, 6200, 6100-6150...
RGLD ROYAL GOLD INC.
Z ZILLOW GROUP INC. CLASS C
MU MICRON TECHNOLOGY INC.
FNV. FRANCO-NEVADA CORPORATION
CDNS CADENCE DESIGN SYSTEMS INC.
AGI. ALAMOS GOLD INC.
ABX. BARRICK GOLD CORPORATION
K. KINROSS GOLD CORPORATION
IMG. IAMGOLD CORPORATION
NEM NEM INSURANCE
IGV I GRANDI VIAGGI
JMIA JUMIA TECHNOLOGIES
FROG JFROG
U UNITY SOFTWARE
PLTR PALANTIR TECHNOLOGIES
HIMS HIMS AND HERS HEALTH INC (A)
APP APPLOVIN CORP
SOUN SOUNDHOUND AI INC
RR RICHTECH ROBOTICS INC
GRALV GRAIL INC.
RDDT REDDIT INC
RZLV REZOLVE AI LIMITED
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
JACK JACK IN THE BOX INC.
INTC INTEL CORPORATION
TATT TAT TECHNOLOGIES LTD.
GH GAMEHOST
SCHW CHARLES SCHWAB CORPORATION
CCAP CORESTATE CAPITAL HOLDING SA
AMNF ARMANINO FOODS OF DISTINCTION INC.
AMZN AMAZON.COM INC.
SITM SITIME
ODP THE ODP CORPORATION
LFST LIFESTANCE HEALTH GROUP INC
HOOD ROBINHOOD MARKETS INC
DLO DLOCAL LTD
RGTI RIGETTI COMPUTING INC
WULF TERAWULF INC
METBV SKILLZ INC
SKLZ OUSTER INC
OUST RAMACO RESOURCES INC.
METC TEMPUS AI INC
TEM SEAPORT ENTERTAINMENT GROUP INC.
SEG_w NUTEX HEALTH INC
NUTX TD GLOBAL TECHNOLOGY LEADERS CAD HEDGED INDEX ETF
TECX REDDIT INC
RDDT VERB TECHNOLOGY COMPANY INC.
VERB BK TECHNOLOGIES CORP
BKTI VROOM INC
VRM SUPER X AI TECHNOLOGY LIMITED
SUPX MULTI UNITS LU - AMUNDI US INFLATION EXPECTATIONS 10Y
INFU DANANG PORT JSC
CDN FLY E GROUP INC
FLYE CARIS LIFE SCIENCES INC
- Dan Salmon
Reddit (RDDT, Neutral, $120 target) Ad business continues to rev, as f...
In this first take following tonight’s results, we focus on: 1. DAUqs steady as AI Mode rolls out, helped by marketing and product improvements 2. Ad business drivers: Dynamic products ads and more automated bidding 3. Data licensing strategy to increasingly include pursuit of bad actors 4. Investing revenue strength into more sales and marketing
- Dan Salmon
- Dan Salmon
- Dan Salmon
- Dan Salmon
Reddit (RDDT, Neutral, $110 target) Stellar results but QTD 2Q Search ...
What’s New: In this first take following tonight’s results, we focus on: 1. Strong 1Q25 beat and 2Q25 guidance ahead of estimates…. 2. …but QTD DAUq growth decelerates to high teens owing to search volatility 3. Ad Drivers: Comments ads, DPAs, pixel adoption, selective ad load growth
- Dan Salmon
US Internet: What we know (and don’t know) about China/de minimis adve...
On Monday, we analyzed GOOGL and META’s potential exposure to China-based advertisers HERE, and discussed META’s exposure more HERE. Last night, SNAP cited weakness from advertisers impacted by changes to the de mimimus exemption as one example of the macro uncertainty that led it to pull 2Q25 guidance (see HERE for full takeaways). Led by Temu and Shein, there is likely high overlap between China-based retailers and those impacted by de minimis exemption changes.
- Dan Salmon
- Dan Salmon
Meta Platforms (META, Buy, $775 target) Reddit (RDDT, Neutral, $180 ta...
RDDT recently made a change to the Reddit Ads platform to allow advertisers to import campaign details directly from Meta Ads Manager. For RDDT, the benefit is obvious: it’s now much easier for META’s millions of advertisers to launch RDDT ad campaigns, which should accelerate growth of RDDT’s small and medium-sized (SMB) advertiser base and could do so materially. However, we think there are implications for META too, especially as the FTC’s antitrust case seeking the divestment of Instagram a...
- Dan Salmon
- Dan Salmon
Reddit (RDDT, Neutral, $105 target) First Take: Strong results, but no...
What’s New: In this first take following tonight’s results, we focus on: 1. Performance advertising accelerating, approaching 2/3 of ad revenue 2. Search experience improving, monetization potential building 3. Mid-size clients increasingly in focus for data licensing 4. Operating leverage continues to shine through
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
WBA WALGREENS BOOTS ALLIANCE INC
TSLA TESLA INC
TGTX TG THERAPEUTICS INC.
NVCR NOVOCURE LTD.
MXL MAXLINEAR INC
DAKT DAKTRONICS INC.
CIEN CIENA CORPORATION
JOUT JOHNSON OUTDOORS INC. CLASS A
AAOI APPLIED OPTOELECTRONICS INC.
GIII G-III APPAREL GROUP LTD.
FLXS FLEXSTEEL INDUSTRIES INC.
KINS KINGSTONE COS. INC.
SENEA SENECA FOODS CORP. CL A
RH RH
REVG REV GROUP INC.
STRT STRATTEC SECURITY CORP.
RIOT RIOT BLOCKCHAIN
AVGO BROADCOM INC.
ATOM ATOMERA
TARS TARSUS PHARMACEUTICALS
UPST UPSTART HOLDINGS
NOTV INOTIV INC
MRVL MARVELL TECHNOLOGY INC
QUBT QUANTUM COMPUTING INC
REE REE AUTOMOTIVE LTD
TASK TASKUS INC
VSCO VICTORIA'S SECRET & CO
ACHR ARCHER AVIATION INC
FINW FINWISE BANCORP
STVN STEVANATO GRP SPA
CRDO CREDO TECHNOLOGY GRP HLDG LTD
RGTI RIGETTI COMPUTING INC
OPFI OPPFI INC
COHR COHERENT CORP
ATGL ALPHA TECHNOLOGY GROUP LTD
BTSG BRIGHTSPRING HEALTH SERVICES INC.
AS AMER SPORTS INC.
ALAB ASTERA LABS INC
AIRJ MONTANA TECHNOLOGIES CORP
BKKT BAKKT HOLDINGS INC.
GRALV GRAIL INC.
RDDT REDDIT INC
SERV SERVE ROBOTICS INC
CDTX CIDARA THERAPEUTICS INC.
AMPL AMPLITUDE INC
LGCY LEGACY EDUCATION INC.
CCB CHASE CAPITAL VIII CAP SEC H 8.25%
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