Needham
Upgrade grade
A
Downgrade grade
B
Needham & Company was founded in 1987 by George Needham as an independent investment bank focused on equity research and institutional sales. The firm has grown into a respected mid-sized player in the research space, maintaining a deliberately boutique approach rather than pursuing mega-firm scale, with approximately 8,942 analyst ratings calls covering US equities in our database. Needham is particularly renowned for deep expertise in technology, internet, healthcare, and communications sectors, where their analysts have developed reputations for contrarian insights and thorough company vetting. The firm is distinctive for its emphasis on fundamental research independence and long-term investor relationships rather than transactional banking, creating a culture where analysts are known for taking principled contrarian stances that don't always align with Wall Street consensus.
Upgrades
270
78.52% win rate
· avg +4.87% D1
Downgrades
317
76.03% win rate
· avg -4.78% D1
Avg Gap — Upgrades
+4.32%
open vs prev close
Avg Gap — Downgrades
-4.28%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Technology | 79.08% (153) | +4.76% | 75.00% (176) | -5.01% |
| Healthcare | 80.00% (65) | +6.75% | 80.25% (81) | -3.84% |
| Consumer Cyclical | 79.17% (24) | +1.81% | 64.29% (28) | -1.49% |
| Industrials | 75.00% (12) | +5.20% | 70.00% (10) | -2.17% |
| Communication Services | — | — | 84.62% (13) | -11.27% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2026 | 66.7% | 27 | 40.0% | 15 |
| 2025 | 77.3% | 22 | 85.0% | 20 |
| 2024 | 90.0% | 20 | 73.9% | 23 |
| 2023 | 71.4% | 14 | 75.8% | 33 |
| 2022 | 78.6% | 14 | 80.0% | 30 |
| 2021 | 91.3% | 23 | 82.4% | 17 |
| 2020 | 80.8% | 26 | 72.7% | 22 |
| 2019 | 64.3% | 14 | 68.8% | 32 |
| 2018 | 90.0% | 20 | 66.7% | 21 |
| 2017 | 80.0% | 20 | — | — |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Oct 2, 2026 | LBRX | LB Pharmaceuticals Inc Common Stock | Healthcare | Initiates | Buy | $68 | +1.2% | -0.8% |
| Oct 1, 2026 | FRPT | Freshpet, Inc. | Consumer Defensive | Initiates | Hold | — | -0.8% | +0.3% |
| Sep 30, 2026 | PSQL | — | — | Initiates | Buy | $16 | +1.8% | +3.6% |
| Sep 28, 2026 | NTNX | Nutanix, Inc. | Technology | Reiterates | Buy | $90 | -1.6% | +1.0% |
| Sep 25, 2026 | WLTH | Wealthfront Corporation | Technology | Initiates | Buy | $13 | +0.4% | -0.1% |
| Sep 25, 2026 | PDFS | PDF Solutions, Inc. | Technology | Initiates | Buy | $60 | +2.5% | +3.5% |
| Sep 23, 2026 | BDC | Belden Inc. | Technology | Initiates | Buy | $140 | +1.9% | +1.0% |
| Sep 23, 2026 | ONON | On Holding AG | Consumer Cyclical | Reiterates | Buy | $40 | +2.0% | +2.6% |
| Sep 22, 2026 | IRMD | IRadimed Corporation | Healthcare | Initiates | Hold | — | -0.6% | +4.9% |
| Sep 22, 2026 | GEHC | GE HealthCare Technologies Inc. | Healthcare | Initiates | Buy | $93 | +2.3% | +2.3% |
| Sep 22, 2026 | BFLY | Butterfly Network, Inc. | Healthcare | Initiates | Buy | $10 | +8.7% | +22.0% |
| Sep 21, 2026 | NNE | Nano Nuclear Energy Inc | Industrials | Initiates | Buy | $33 | +5.2% | +8.7% |
| Sep 18, 2026 | DT | Dynatrace, Inc. | Technology | Upgrade | Hold → Buy | $68 | +2.5% | -1.2% |
| Sep 17, 2026 | P | Everpure, Inc. | Technology | Reiterates | Buy | $140 | +2.5% | +6.5% |
| Sep 16, 2026 | SMWB | Similarweb Ltd. | Communication Services | Upgrade | Hold → Buy | $11 | +4.8% | -1.5% |
| Sep 16, 2026 | RCKT | Rocket Pharmaceuticals, Inc. | Healthcare | Upgrade | Hold → Buy | $9 | +4.7% | +2.1% |
| Sep 14, 2026 | IFRX | InflaRx N.V. | Healthcare | Initiates | Buy | $8 | +2.9% | +1.4% |
| Sep 14, 2026 | GSIT | GSI Technology, Inc. | Technology | Initiates | Buy | $9 | -3.3% | -2.5% |
| Sep 9, 2026 | KDK | Kodiak AI, Inc. Common Stock | Technology | Initiates | Buy | $8 | +0.3% | -0.8% |
| Sep 8, 2026 | SECZ | — | — | Initiates | Buy | $11 | +1.1% | +11.2% |
| Sep 1, 2026 | RDVT | Red Violet, Inc. | Technology | Initiates | Buy | $90 | +0.7% | +3.3% |
| Aug 31, 2026 | BW | Babcock & Wilcox Enterprises, Inc. | Industrials | Initiates | Buy | $20 | +7.3% | +5.3% |
| Aug 31, 2026 | AIRJ | AirJoule Technologies Corporation | Industrials | Initiates | Hold | — | -1.5% | -0.7% |
| Aug 28, 2026 | RNG | RingCentral, Inc. | Technology | Reiterates | Buy | $85 | +1.7% | +1.2% |
| Aug 27, 2026 | MDT | Medtronic plc | Healthcare | Reiterates | Buy | $114 | -0.6% | -2.2% |