Craig-Hallum
Craig-Hallum Capital Group is an employee-owned investment bank and institutional broker based in Minneapolis. It specializes in small- and mid-cap growth companies and is known for research on technology, healthcare, consumer and industrial stocks, as well as its Alpha Select list of smaller companies.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 19112M
- Actions
- 35312M
- Ratings / Price targets
- 123 / 230
- Upgrades / Downgrades
- 9 / 21
- Initiations
- 21
- Buy-rated
- 78%of 106 rated
- Median upside
- +35.7%
- Targets raised / lowered
- 80 / 45
- On record
- Jul 2012 – Sep 2026
Overview
Craig-Hallum's research universe included more than 300 companies as of 2026, concentrated in technology, healthcare, consumer and industrial growth names. The firm hosts an annual Alpha Select Conference in New York. Chief executive Steve Dyer remains active in equity research as of 2026.
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.
Milestones
- 1997
Founded in Minneapolis as an employee-owned firm
- 2020
Senior analyst Steve Dyer became chief executive
Firm facts
- Legal name
- Craig-Hallum Capital Group LLC
- Type
- Boutique
- Founded
- 1997
- Headquarters
- Minneapolis, United States
- Chief Executive Officer
- Steve Dyer
- Rating scale
- BuyHoldSell12 months
- Also filed as
- Craig Hallum
- Website
- craig-hallum.com
Research philosophy
We seek to anticipate and analyze change, not simply report on what happened.
Craig-Hallum describes research, sales and trading as the foundation of its business. Its Alpha Select list identifies companies, typically with market capitalizations below $500 million, that it believes have substantial growth potential. The firm argues that small-cap research has become scarce. In 2014, its Alpha Select criteria favored companies with little or no sell-side coverage and value that the market had yet to recognize.
Rating methodology
Ratings are Buy (12-month price target more than 20% above the current price), Hold (target near the current price) and Sell.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 Eton Pharmaceuticals, Inc.ETON | Buy | $62 |
 Applied Digital CorporationAPLD | Buy | $79 |
 Five Below, Inc.FIVE | Buy | $325 |
 Celcuity Inc.CELC | Buy | $178 |
 Indivior Pharmaceuticals IncINDV | Buy | $53 |
 Marvell Technology, Inc.MRVL | Buy | $300 |
 Aehr Test SystemsAEHR | Buy | $125 |
 CareDx, IncCDNA | Buy | $64 |
 Enovix CorporationENVX | Buy | $7 |
 Airgain, Inc.AIRG | Buy | $9 |
Most active analysts
- Jeremy Hamblin18 notesNSSCOLLIBOOT
- Christian Schwab17 notesAEHRFORMMRVL
- George Sutton13 notesCORZGSATAPLD
- Anthony Stoss13 notesDGIIQRVOSMTC
- Chase Knickerbocker12 notesINDVPHATDCTH
- Jason Kreyer11 notesTTGTZETAMGNI
Recent actions
| Date | Stock | Rating action | Rating | Target | Analyst |
|---|---|---|---|---|---|
| Sep 21 | AIArteris, Inc.AIP | Initiate | Buy | $30 | Anthony Joseph |
| Sep 17 | MGMagnite, Inc.MGNI | Reiterate | Buy | $24 →$32 | |
| Sep 17 | PRPrenetics Global LimitedPRE | Initiate | Buy | $40 | |
| Sep 15 | OEOrion Energy Systems, Inc.OESX | Reiterate | Buy | $43 | |
| Sep 10 | FOFossil Group, Inc.FOSL | Initiate | Buy | $12 | |
| Sep 9 | FCFuelCell Energy, Inc.FCEL | Initiate | Buy | $3 →$22 |