Craig-Hallum
Craig-Hallum Capital Group LLC
Craig-Hallum Capital Group is an employee-owned investment bank and institutional broker in Minneapolis specializing in small- and mid-cap growth companies, known for research on technology, healthcare, consumer and industrial stocks and its Alpha Select list of smaller companies.
Company history
Craig-Hallum was founded in Minneapolis in 1997 and has been 100% employee-owned since its founding. Alongside research, sales and trading, it runs an investment banking business that underwrites equity offerings and advises on M&A for emerging growth companies. Steve Dyer, a senior research analyst at the firm for more than 15 years, became chief executive in 2020; founding partner Kevin Harris serves as president.
- 1997Founded in Minneapolis as an employee-owned firm
- 2020Senior analyst Steve Dyer became chief executive
Research
Craig-Hallum's research universe included more than 300 companies as of 2026, concentrated in technology, healthcare, consumer and industrial growth names. The firm publishes the Alpha Select list, a curated set of typically sub-$500 million market-cap companies it considers capable of substantial growth, and hosts an annual Alpha Select Conference in New York. Ratings are Buy (12-month price target more than 20% above the current price), Hold (target near the current price) and Sell.
Coverage12M
- Stocks
- 191
- Ratings
- 123
- Price targets
- 230
- Median upside
- +35.7%
- Upgrades
- 9
- Downgrades
- 21
- Initiations
- 21
- Reiterations
- 72
- Targets raised
- 80
- Targets cut
- 45
- Positive78%83
- Neutral21%22
- Negative1%1
Sectors
Ratings
Listing
Activity24M
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 ETONEton Pharmaceuticals, Inc. | Buy | $62 |
 APLDApplied Digital Corporation | Buy | $79 |
 FIVEFive Below, Inc. | Buy | $325 |
 CELCCelcuity Inc. | Buy | $178 |
 INDVIndivior Pharmaceuticals Inc | Buy | $53 |
 MRVLMarvell Technology, Inc. | Buy | $300 |
 AEHRAehr Test Systems | Buy | $125 |
 CDNACareDx, Inc | Buy | $64 |
 ENVXEnovix Corporation | Buy | $7 |
 AIRGAirgain, Inc. | Buy | $9 |
Analysts24M
- Jeremy HamblinNSSC · OLLI · BOOT18
- Christian SchwabAEHR · FORM · MRVL17
- George SuttonCORZ · GSAT · APLD13
- Anthony StossDGII · QRVO · SMTC13
- Chase KnickerbockerINDV · PHAT · DCTH12
- Jason KreyerTTGT · ZETA · MGNI11
Recent actions
| Stock | Rating action | Rating | Target | Date |
|---|---|---|---|---|
| AIArteris, Inc.AIP | Initiate | Buy | $30 | Sep 21 |
| MGMagnite, Inc.MGNI | Reiterate | Buy | $24 →$32 | Sep 17 |
| PRPrenetics Global LimitedPRE | Initiate | Buy | $40 | Sep 17 |
| OEOrion Energy Systems, Inc.OESX | Reiterate | Buy | $43 | Sep 15 |
| FOFossil Group, Inc.FOSL | Initiate | Buy | $12 | Sep 10 |
| FCFuelCell Energy, Inc.FCEL | Initiate | Buy | $3 →$22 | Sep 9 |
Similar coverage12M
References
- Craig-Hallum: Research, Sales & Trading, and Investment Bankingcraig-hallum.com
- About - Craig-Hallumcraig-hallum.com
- Equity Research - Craig-Hallumcraig-hallum.com
- Are you an Alpha Select Company? - Craig-Hallumcraig-hallum.com
- Craig-Hallum research report with rating definitions (May 2026)profiles.smallcapsdaily.com