JMP Securities
Upgrade grade
B
Downgrade grade
A
JMP Securities was founded in 1992 as an independent investment bank and has built a reputation as a specialized research and advisory firm focused on growth-oriented companies and emerging sectors. With approximately 4,824 analyst ratings calls covering US equities in recent years, the firm maintains a meaningful presence in equity research coverage, particularly known for their deep expertise in technology, healthcare, and business services companies. JMP is recognized for taking contrarian positions and conducting rigorous fundamental research on smaller and mid-capitalization companies that larger Wall Street firms often overlook, positioning them as a valuable voice for growth investors seeking differentiated insights. The firm has cultivated a distinctive research culture known for proprietary data gathering and willingness to challenge consensus views, earning respect among institutional investors who value independent perspectives over conformist analyst herding.
Upgrades
216
75.46% win rate
· avg +3.89% D1
Downgrades
291
77.32% win rate
· avg -5.48% D1
Avg Gap — Upgrades
+3.40%
open vs prev close
Avg Gap — Downgrades
-4.99%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Financial Services | 80.39% (51) | +4.05% | 73.97% (73) | -3.98% |
| Real Estate | 73.91% (46) | +5.25% | 78.69% (61) | -2.25% |
| Technology | 80.00% (40) | +5.24% | 75.00% (48) | -3.07% |
| Healthcare | 72.41% (29) | +3.68% | 86.27% (51) | -15.87% |
| Consumer Cyclical | 70.00% (30) | +1.34% | 75.76% (33) | -2.89% |
| Communication Services | — | — | 72.73% (11) | -7.57% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2025 | 58.8% | 17 | 57.1% | 28 |
| 2024 | 72.2% | 18 | 89.7% | 29 |
| 2023 | — | — | 83.3% | 18 |
| 2022 | — | — | 70.0% | 20 |
| 2021 | 83.3% | 12 | 81.3% | 16 |
| 2020 | 71.0% | 31 | 62.5% | 24 |
| 2019 | 93.3% | 15 | 76.2% | 21 |
| 2018 | 63.6% | 22 | 75.0% | 16 |
| 2017 | 81.0% | 21 | 100.0% | 17 |
| 2016 | 84.6% | 13 | 66.7% | 30 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Oct 28, 2025 | SPRB | Spruce Biosciences, Inc. | Healthcare | Upgrade | Market Perform → Market Outperform | — | +6.9% | +1.2% |
| Oct 28, 2025 | NTLA | Intellia Therapeutics, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -0.1% | -5.6% |
| Oct 28, 2025 | LXP | LXP Industrial Trust | Real Estate | Upgrade | Market Perform → Market Outperform | — | +0.1% | +0.0% |
| Oct 28, 2025 | SNOW | Snowflake Inc. | Technology | Maintains | Market Outperform → Market Outperform | — | +0.1% | +0.4% |
| Oct 27, 2025 | PANW | Palo Alto Networks, Inc. | Technology | Maintains | Market Outperform → Market Outperform | — | +1.2% | +1.5% |
| Oct 24, 2025 | ENVA | Enova International, Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +4.1% | +9.4% |
| Oct 24, 2025 | EBAY | eBay Inc. | Consumer Cyclical | Upgrade | Market Perform → Market Outperform | — | +2.6% | +1.8% |
| Oct 24, 2025 | BX | Blackstone Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +2.2% | -0.2% |
| Oct 23, 2025 | SVRA | Savara Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | +2.2% | +0.2% |
| Oct 23, 2025 | TNL | Travel + Leisure Co. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | -0.6% | -6.8% |
| Oct 23, 2025 | TERN | Terns Pharmaceuticals, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -5.2% | -7.9% |
| Oct 23, 2025 | RJF | Raymond James Financial, Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +3.9% | -0.6% |
| Oct 23, 2025 | SAP | SAP SE | Technology | Maintains | Market Outperform → Market Outperform | — | -2.3% | +0.8% |
| Oct 22, 2025 | CB | Chubb Limited | Financial Services | Maintains | Market Outperform → Market Outperform | — | +2.5% | +2.7% |
| Oct 22, 2025 | GOOGL | Alphabet Inc. | Communication Services | Maintains | Market Outperform → Market Outperform | — | +1.6% | +0.5% |
| Oct 21, 2025 | HUT | Hut 8 Corp. | Financial Services | Maintains | Market Outperform → Market Outperform | — | -2.1% | -6.0% |
| Oct 21, 2025 | WULF | TeraWulf Inc. | Financial Services | Maintains | Market Outperform → Market Outperform | — | +0.0% | -5.1% |
| Oct 21, 2025 | PL | Planet Labs PBC | Industrials | Downgrade | Market Outperform → Market Perform | — | -2.8% | -4.8% |
| Oct 20, 2025 | KURA | Kura Oncology, Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | +4.1% | +1.5% |
| Oct 20, 2025 | SMMT | Summit Therapeutics Inc. | Healthcare | Maintains | Market Outperform → Market Outperform | — | -10.2% | -4.5% |
| Oct 17, 2025 | BRAG | Bragg Gaming Group Inc. | Technology | Downgrade | Market Outperform → Market Perform | — | -0.4% | -3.9% |
| Oct 17, 2025 | LTC | LTC Properties, Inc. | Real Estate | Maintains | Market Outperform → Market Outperform | — | +0.1% | +1.7% |
| Oct 17, 2025 | CZR | Caesars Entertainment, Inc. | Consumer Cyclical | Maintains | Market Outperform → Market Outperform | — | -0.2% | -1.3% |
| Oct 17, 2025 | AHR | American Healthcare REIT, Inc. | Real Estate | Maintains | Market Outperform → Market Outperform | — | +0.6% | +2.2% |
| Oct 17, 2025 | SCHW | The Charles Schwab Corporation | Financial Services | Maintains | Market Outperform → Market Outperform | — | +1.4% | +0.8% |