Litchfield Hills
Litchfield Hills Research is a Connecticut-based firm that publishes issuer-sponsored equity research on micro- and small-cap companies. The companies pay for report distribution and outreach to prospective investors; investors do not pay for access.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 612M
- Actions
- 612M
- Ratings / Price targets
- 6 / 0
- Initiations
- 3
- Buy-rated
- 100%of 6 rated
- On record
- Jun 2021 – Sep 2026
Overview
The firm writes company-sponsored research on micro- and small-cap issuers, many traded on Nasdaq or OTC markets, and states that its reports conform to FINRA research standards. Issuers pay for distribution and investor targeting; the firm discloses no investment-banking compensation and no analyst shareholdings in covered companies.
Theodore R. O'Neill, a sell-side analyst with more than 25 years at firms including Needham & Company, Wells Fargo, A.G. Edwards and H.C. Wainwright, founded Litchfield Hills Research in 2012 in Lakeville, Connecticut. The firm is not a registered broker-dealer; reports from 2018 to 2024 identified O'Neill as a registered representative of broker-dealer Ascendiant Capital Markets. Its analyst team includes Barry M. Sine and Joseph D. France.
Milestones
- 2012
Founded by Theodore R. O'Neill in Lakeville, Connecticut
Firm facts
- Legal name
- Litchfield Hills Research LLC
- Type
- Independent research
- Founded
- 2012
- Headquarters
- Lakeville, United States
- Chief Executive Officer
- Theodore R. O'Neill
- Rating scale
- BuyHoldSell12 months
- Website
- hillsresearch.com
Research philosophy
Our price target, financial models, peer comparison and investment thesis are developed without input from management.
Litchfield Hills says it conducts its own due diligence through supplier and distributor checks, satellite imagery and patent searches. When initiating coverage, it typically spends less than an hour with company management. The firm says its fees are designed to sustain the business while limiting risks to objectivity, and it identifies published estimates as its own. In 2019, chief executive Theodore O'Neill argued that companies without published estimates are difficult for investors to discover.
Rating methodology
Ratings are Buy (total return of 15% or more in 12 months), Hold (−15% to +15%) and Sell (worse than −15%).
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 iQSTEL Inc.IQST | Buy | — |
| JEJETMF | Buy | — |
 KULR Technology Group, Inc.KULR | Buy | — |
 NextPlat CorpNXPL | Buy | — |
 Quantum CorporationQMCO | Buy | — |
 Star Equity Holdings, Inc.STRR | Buy | — |
 VEON Ltd.VEON | Buy | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Sep 8 | KULR Technology Group, Inc.KULR | Reiterate | Buy |
| Aug 10 | Quantum CorporationQMCO | Initiate | Buy |
| Jun 24 | NextPlat CorpNXPL | Initiate | Buy |
| Jun 22 | JEJETMF | Initiate | Buy |
| Mar 23 | Star Equity Holdings, Inc.STRR | Reiterate | Buy |
| Sep 25, 2025 | iQSTEL Inc.IQST | Reiterate | Buy |
| Aug 22, 2025 | VEON Ltd.VEON | Reiterate | Buy |
| Aug 19, 2025 | iQSTEL Inc.IQST | Reiterate | Buy |
| Jul 28, 2025 | iQSTEL Inc.IQST | Reiterate | Buy |
| Aug 23, 2022 | GTGreenland Technologies Holding CorporationGTEC | Reiterate | Buy |
| May 18, 2022 | GTGreenland Technologies Holding CorporationGTEC | Reiterate | Buy |
| Jun 29, 2021 |  Adial Pharmaceuticals, Inc.ADIL | Reiterate | Buy |