Northland Capital Markets
Upgrade grade
B
Downgrade grade
B
Northland Capital Markets is a mid-market investment bank founded in 1997 that has built a strong presence in equity research with approximately 835 analyst ratings covering US equities. The firm is particularly well-regarded for its deep expertise in specialized and niche sectors, including small-cap and microcap companies where larger institutional research houses often have limited coverage. Northland has cultivated a reputation for conducting thorough bottom-up fundamental research rather than following consensus, which has made the firm a valued resource for investors seeking differentiated insights on underexamined companies. The firm's research culture emphasizes direct company engagement and field-level diligence, allowing their analysts to develop distinctive perspectives on emerging growth stories and operational inflection points across diverse industries.
Upgrades
134
76.87% win rate
· avg +5.30% D1
Downgrades
140
78.57% win rate
· avg -4.86% D1
Avg Gap — Upgrades
+4.35%
open vs prev close
Avg Gap — Downgrades
-4.45%
open vs prev close
Performance by Sector
| Sector | ↑ Win% | ↑ D1 | ↓ Win% | ↓ D1 |
|---|---|---|---|---|
| Technology | 76.12% (67) | +3.58% | 78.69% (61) | -4.38% |
| Healthcare | 62.50% (16) | +7.54% | 86.96% (23) | -4.38% |
| Industrials | 68.75% (16) | +5.10% | 68.75% (16) | -3.34% |
| Energy | 81.82% (11) | +8.53% | 71.43% (14) | -6.22% |
| Financial Services | — | — | 72.73% (11) | -1.62% |
Win Rate by Year
| Year | ↑ Win% | ↑ Calls | ↓ Win% | ↓ Calls |
|---|---|---|---|---|
| 2025 | 73.7% | 19 | — | — |
| 2024 | 84.6% | 13 | 90.9% | 22 |
| 2023 | 46.2% | 13 | 66.7% | 24 |
| 2021 | 86.7% | 15 | — | — |
| 2020 | 81.8% | 11 | 76.9% | 13 |
| 2018 | — | — | 90.9% | 11 |
| 2016 | — | — | 70.0% | 10 |
| 2015 | 80.0% | 10 | — | — |
| 2014 | 63.6% | 11 | — | — |
| 2013 | 72.7% | 11 | 70.0% | 10 |
Recent Calls
| Date | Ticker | Company | Sector | Action | Grade Change | PT | Gap | D1 |
|---|---|---|---|---|---|---|---|---|
| Apr 27, 2026 | AMD | Advanced Micro Devices, Inc. | Technology | Downgrade | Outperform → Market Perform | — | -0.4% | -3.8% |
| Apr 16, 2026 | GEVO | Gevo, Inc. | Basic Materials | Maintains | Outperform → Outperform | — | -12.5% | -14.0% |
| Mar 26, 2026 | HNRG | Hallador Energy Company | Energy | Maintains | Outperform → Outperform | — | +6.3% | +4.3% |
| Mar 26, 2026 | ONDS | Ondas Holdings Inc. | Technology | Maintains | Outperform → Outperform | — | -2.5% | -8.4% |
| Mar 10, 2026 | CRM | Salesforce, Inc. | Technology | Maintains | Market Perform → Market Perform | — | -0.8% | -2.0% |
| Mar 9, 2026 | GDYN | Grid Dynamics Holdings, Inc. | Technology | Maintains | Outperform → Outperform | — | -1.8% | -2.1% |
| Mar 9, 2026 | PSTG | Everpure, Inc | Technology | Upgrade | Market Perform → Outperform | — | +0.0% | +3.2% |
| Mar 9, 2026 | P | Everpure, Inc. | Technology | Upgrade | Market Perform → Outperform | — | +0.0% | +3.2% |
| Mar 5, 2026 | MEC | Mayville Engineering Company, Inc. | Industrials | Upgrade | Market Perform → Outperform | — | +5.7% | -3.6% |
| Mar 3, 2026 | DIBS | 1stdibs.Com, Inc. | Consumer Cyclical | Upgrade | Market Perform → Outperform | — | +3.2% | +7.3% |
| Jan 2, 2026 | SERV | Serve Robotics Inc. | Industrials | Maintains | Outperform → Outperform | — | +4.1% | +14.0% |
| Dec 31, 2025 | GEVO | Gevo, Inc. | Basic Materials | Maintains | Outperform → Outperform | — | -0.5% | +2.0% |
| Dec 31, 2025 | FTK | Flotek Industries, Inc. | Energy | Maintains | Outperform → Outperform | — | -0.1% | -0.3% |
| Dec 31, 2025 | TTI | TETRA Technologies, Inc. | Energy | Maintains | Outperform → Outperform | — | +0.6% | +0.3% |
| Dec 30, 2025 | OWLT | Owlet, Inc. | Healthcare | Maintains | Outperform → Outperform | — | +1.5% | +3.6% |
| Dec 30, 2025 | PHIN | PHINIA Inc. | Consumer Cyclical | Maintains | Outperform → Outperform | — | +0.1% | +2.7% |
| Dec 30, 2025 | APLD | Applied Digital Corporation | Technology | Maintains | Outperform → Outperform | — | +4.3% | -2.9% |
| Dec 29, 2025 | SYNA | Synaptics Incorporated | Technology | Maintains | Outperform → Outperform | — | +0.1% | +2.1% |
| Dec 29, 2025 | ENPH | Enphase Energy, Inc. | Energy | Maintains | Outperform → Outperform | — | -0.6% | +0.4% |
| Dec 24, 2025 | CECO | CECO Environmental Corp. | Industrials | Maintains | Outperform → Outperform | — | +1.2% | +3.0% |
| Dec 9, 2025 | ALAB | Astera Labs, Inc. Common Stock | Technology | Maintains | Outperform → Outperform | — | -6.6% | -4.9% |
| Dec 4, 2025 | CRM | Salesforce, Inc. | Technology | Maintains | Market Perform → Market Perform | — | +2.1% | +3.7% |
| Nov 26, 2025 | CLFD | Clearfield, Inc. | Technology | Upgrade | Market Perform → Outperform | — | +4.5% | +1.6% |
| Nov 26, 2025 | NTNX | Nutanix, Inc. | Technology | Maintains | Market Perform → Market Perform | — | -12.7% | -17.7% |
| Nov 26, 2025 | NTAP | NetApp, Inc. | Technology | Upgrade | Market Perform → Outperform | — | +4.5% | -2.0% |