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 | 70.6% | 17 | 35.7% | 14 |
| 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 |
|---|---|---|---|---|---|---|---|---|
| May 20, 2026 | QUIK | QuickLogic Corporation | Technology | Initiates | Strong Buy | $22 | — | — |
| May 18, 2026 | ELMT | Elmet Group Co. | Industrials | Initiates | Buy | $21 | +1.9% | -7.1% |
| May 15, 2026 | UMAC | Unusual Machines, Inc. | Financial Services | Reiterates | Buy | $22 | -8.9% | -4.3% |
| May 15, 2026 | NIQ | NIQ Global Intelligence Plc | Technology | Reiterates | Buy | $12 | -1.6% | +0.0% |
| May 15, 2026 | AMAT | Applied Materials, Inc. | Technology | Reiterates | Buy | $530 | -2.8% | -0.9% |
| May 13, 2026 | ETOR | eToro Group Ltd. | Financial Services | Reiterates | Buy | $66 | +0.7% | +9.8% |
| May 12, 2026 | HIMS | Hims & Hers Health, Inc. | Healthcare | Reiterates | Buy | $35 | -13.5% | -14.1% |
| May 12, 2026 | AVEX | Aevex Corp. | Industrials | Initiates | Buy | $45 | +5.6% | +15.3% |
| May 8, 2026 | AMPH | Amphastar Pharmaceuticals, Inc. | Healthcare | Downgrade | Buy → Hold | — | -22.7% | -20.9% |
| May 8, 2026 | TPB | Turning Point Brands, Inc. | Consumer Defensive | Upgrade | Hold → Buy | $125 | +2.9% | +3.5% |
| May 6, 2026 | IPGP | IPG Photonics Corporation | Technology | Upgrade | Hold → Buy | $110 | +1.9% | +12.2% |
| May 4, 2026 | BETR | Better Home & Finance Holding Company | Financial Services | Initiates | Buy | $53 | +0.9% | -6.3% |
| May 1, 2026 | GDYN | Grid Dynamics Holdings, Inc. | Technology | Maintains | Buy → Buy | — | +5.4% | +2.1% |
| May 1, 2026 | TREE | LendingTree, Inc. | Financial Services | Maintains | Buy → Buy | — | -9.4% | -21.7% |
| May 1, 2026 | PCRX | Pacira BioSciences, Inc. | Healthcare | Maintains | Buy → Buy | — | +5.5% | -4.1% |
| May 1, 2026 | FIVN | Five9, Inc. | Technology | Maintains | Buy → Buy | — | +17.3% | +29.3% |
| May 1, 2026 | COHU | Cohu, Inc. | Technology | Maintains | Buy → Buy | — | +3.3% | -3.7% |
| May 1, 2026 | SPSC | SPS Commerce, Inc. | Technology | Maintains | Buy → Buy | — | +6.2% | +5.0% |
| May 1, 2026 | MMSI | Merit Medical Systems, Inc. | Healthcare | Maintains | Buy → Buy | — | -1.7% | -9.0% |
| May 1, 2026 | IRTC | iRhythm Technologies, Inc. | Healthcare | Maintains | Buy → Buy | — | -1.8% | -6.5% |
| May 1, 2026 | OLED | Universal Display Corporation | Technology | Maintains | Buy → Buy | — | +8.6% | +10.7% |
| May 1, 2026 | RIOT | Riot Platforms, Inc. | Financial Services | Maintains | Buy → Buy | — | +7.4% | +7.3% |
| May 1, 2026 | PLXS | Plexus Corp. | Technology | Maintains | Buy → Buy | — | +4.6% | +5.6% |
| May 1, 2026 | TAP | Molson Coors Beverage Company | Consumer Defensive | Maintains | Buy → Buy | — | -0.6% | -1.4% |
| May 1, 2026 | W | Wayfair Inc. | Consumer Cyclical | Maintains | Buy → Buy | — | -0.0% | +2.5% |