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 | 70.8% | 24 | 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 |
|---|---|---|---|---|---|---|---|---|
| Aug 17, 2026 | PLSE | Pulse Biosciences, Inc. | Healthcare | Initiates | Buy | $58 | -0.1% | +5.1% |
| Aug 6, 2026 | FA | First Advantage Corporation | Industrials | Upgrade | Hold → Buy | $28 | +7.8% | +17.3% |
| Aug 4, 2026 | VSH | Vishay Intertechnology, Inc. | Technology | Initiates | Buy | $45 | +6.6% | +9.7% |
| Aug 4, 2026 | SKHY | — | — | Initiates | Buy | $200 | +5.2% | +8.2% |
| Aug 3, 2026 | PRLB | Proto Labs, Inc. | Industrials | Upgrade | Hold → Buy | $87 | +3.0% | +6.9% |
| Jul 31, 2026 | AXTI | AXT, Inc. | Technology | Upgrade | Hold → Buy | $90 | +42.1% | +28.7% |
| Jul 27, 2026 | LIME | — | — | Initiates | Hold | $36 | -1.2% | -3.9% |
| Jul 24, 2026 | DECK | Deckers Outdoor Corporation | Consumer Cyclical | Reiterates | Buy | $125 | -2.3% | -0.2% |
| Jul 24, 2026 | CROX | Crocs, Inc. | Consumer Cyclical | Reiterates | Buy | $150 | -0.2% | +1.7% |
| Jul 22, 2026 | IMMX | Immix Biopharma, Inc. | Healthcare | Initiates | Buy | $21 | +2.2% | -1.7% |
| Jul 21, 2026 | HOOD | Robinhood Markets, Inc. | Financial Services | Reiterates | Buy | $123 | +3.6% | +7.1% |
| Jul 15, 2026 | SPCX | Space Exploration Technologies Corp. | Industrials | Reiterates | Buy | $250 | +1.1% | -0.6% |
| Jul 13, 2026 | PKE | Park Aerospace Corp. | Industrials | Initiates | Buy | $43 | +2.8% | -0.7% |
| Jul 10, 2026 | LASR | nLIGHT, Inc. | Technology | Reiterates | Buy | $90 | -1.5% | -3.6% |
| Jul 10, 2026 | MDB | MongoDB, Inc. | Technology | Reiterates | Buy | $430 | +2.4% | -5.7% |
| Jul 9, 2026 | LEU | Centrus Energy Corp. | Energy | Reiterates | Buy | $264 | +1.5% | +4.3% |
| Jul 9, 2026 | CELH | Celsius Holdings, Inc. | Consumer Defensive | Reiterates | Buy | $55 | -1.5% | -0.3% |
| Jul 7, 2026 | SPCX | Space Exploration Technologies Corp. | Industrials | Initiates | Buy | $200 | -0.9% | -6.8% |
| Jul 6, 2026 | AXON | Axon Enterprise, Inc. | Industrials | Reiterates | Buy | $750 | +0.2% | +4.2% |
| Jul 2, 2026 | SILC | Silicom Ltd. | Technology | Upgrade | Hold → Buy | $60 | +11.1% | -3.6% |
| Jul 1, 2026 | CARL | Carlsmed, Inc. | Healthcare | Initiates | Buy | $17 | +4.3% | +12.8% |
| Jun 29, 2026 | SEI | Solaris Energy Infrastructure, Inc. | Energy | Initiates | Buy | $97 | -0.3% | +3.2% |
| Jun 29, 2026 | QNT | — | — | Initiates | Buy | $100 | +5.2% | -3.6% |
| Jun 29, 2026 | LFTO | — | — | Initiates | Buy | $42 | +2.0% | -7.0% |
| Jun 26, 2026 | NU | Nu Holdings Ltd. | Financial Services | Initiates | Buy | $17 | -0.1% | +5.7% |