Acuitas Investments, LLC

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 10, 2024), Acuitas Investments, LLC reported 123 stock positions worth $198.2 million. Its top holding was Arhaus (ARHS) at 2.8% of the portfolio, followed by Orion (ORN, 2.7%) and Mechanics Bancorp Class A (MCHB, 2.5%). Compared with Q4 2023, it opened 23 new positions, sold out of 16, added to 47 and reduced 35. The biggest buy was a new position in Equinox Gold (EQX) and the biggest sale an exit from Bancorp (TBBK).

Most Recent 13F
Q2 2026
Location
Seattle, WA
CIK
0001524828
Portfolio Value
$198.2M (Q1 2024)
SEC Filing
0001941040-24-000247 ↗ filed May 10, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $198.2M $198.2M Q1 2024 Q2 2024: $186.8M Q2 2024 Q3 2024: $224.3M Q3 2024 Q4 2024: $121.8M Q4 2024 Q1 2025: $117.4M Q1 2025 Q2 2025: $125.7M Q2 2025 Q3 2025: $155.8M Q3 2025 Q4 2025: $497K Q4 2025 Q1 2026: $1.4M Q1 2026 Q2 2026: $1.4M Q2 2026

Holdings 123 stocks · $198.2M
ARHS Arhaus Inc. 2.82% 363,170 $5.6M Add +13.9%
ORN Orion Group Holdings Inc. 2.67% 645,188 $5.3M Reduce -0.0%
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 2.53% 332,689 $5.0M Reduce -2.9%
NGVC Natural Grocers BY Vitamin C 2.27% 249,553 $4.5M Reduce -10.2%
RRGB Red Robin Gourmet Burgers 2.16% 560,021 $4.3M Add +19.1%
EQX Equinox Gold Corp. 2.13% 702,314 $4.2M New
TASEKO MINES LTD 2.13% 1,946,006 $4.2M Reduce -9.1%
INBK First Internet Bancorp 2.08% 118,421 $4.1M Add +47.7%
LGND Ligand Pharmaceuticals 2.02% 54,682 $4.0M Add +14.6%
NGS Natural Gas Services Group 1.96% 200,200 $3.9M No change
TRUE Truecar Inc. 1.94% 1,135,800 $3.9M Reduce -10.2%
YTRA Yatra Online Inc. 1.94% 2,419,343 $3.8M Add +12.2%
OR Osisko Gold Royalties Ltd. 1.87% 225,844 $3.7M Reduce -10.2%
TRC Tejon Ranch Co. 1.81% 232,552 $3.6M Reduce -10.2%
FSP Franklin Street Properties C 1.70% 1,488,195 $3.4M Add +61.6%
AAOI Applied Optoelectronics Inc. 1.67% 239,336 $3.3M Add +53.6%
SENEA Seneca Foods Corp. Class A 1.64% 57,179 $3.3M Reduce -49.6%
BH Biglari Holdings Inc. Class B 1.56% 16,276 $3.1M Add +12.6%
XOMA Xoma Royalty Corporation filed as XOMA CORP DEL 1.49% 123,197 $3.0M Reduce -10.2%
UTI Universal Technical Institut 1.49% 185,107 $3.0M Reduce -51.1%
DRIL-QUIP INC 1.47% 129,488 $2.9M Add +123.8%
AOSL Alpha & Omega Semiconductor 1.44% 129,500 $2.9M No change
HAYN Haynes International Inc. 1.43% 47,041 $2.8M Reduce -10.2%
OVERSEAS SHIPHOLDING GROUP-A 1.42% 440,942 $2.8M Reduce -10.1%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 1.41% 258,701 $2.8M Add +60.5%
MG Mistras Group Inc. 1.41% 292,264 $2.8M No change
GLDD Great Lakes Dredge & Dock Co. 1.36% 308,664 $2.7M Reduce -1.9%
HCKT The Hackett Group Inc. 1.36% 111,100 $2.7M No change
SEI Solaris Energy Infrastructur 1.34% 306,237 $2.7M Add +94.3%
GEOS Geospace Technologies Corp. 1.33% 200,331 $2.6M Reduce -10.4%
ACTG Acacia Research Corp. 1.33% 495,217 $2.6M Add +12.7%
SGA Saga Communications Inc. Class A 1.31% 116,025 $2.6M Reduce -6.0%
HURC Hurco Companies Inc. 1.24% 121,818 $2.5M Add +38.7%
CATO Cato Corp. Class A 1.21% 414,588 $2.4M Add +126.8%
ANGO Angiodynamics Inc. 1.19% 403,280 $2.4M No change
USAP Universal Stainless & Alloy 1.14% 100,438 $2.3M Reduce -37.1%
ETON Eton Pharmaceuticals Inc. 1.10% 579,960 $2.2M Add +17.9%
ALCO Alico Inc. 1.10% 74,222 $2.2M Add +12.3%
VRA Vera Bradley Inc. 1.07% 310,685 $2.1M Reduce -9.9%
METCB Ramaco Resources Inc. Class B 1.02% 160,908 $2.0M Reduce -13.5%
UFI Unifi Inc. 1.01% 335,751 $2.0M Add +40.7%
SKYW Skywest Inc. 1.00% 28,719 $2.0M Reduce -10.2%
NUVB Nuvation Bio Inc. 0.99% 537,317 $2.0M Add +16.7%
ALOT Astronova Inc. 0.91% 100,699 $1.8M Add +38.0%
DO Diamond Offshore Drilling Inc. 0.90% 130,430 $1.8M Add +3.9%
ARAY Accuray Inc. 0.88% 708,553 $1.8M No change
AIP Arteris Inc. 0.88% 237,764 $1.7M Add +10.1%
GIFI Gulf Island Fabrication Inc. 0.87% 235,089 $1.7M Add +12.0%
WHG Westwood Holdings Group Inc. 0.84% 135,890 $1.7M Add +12.7%
CRAI Cra International Inc. 0.80% 10,600 $1.6M No change
WEAV Weave Communications Inc. 0.78% 134,414 $1.5M Reduce -27.8%
GAIA Gaia Inc. 0.77% 496,320 $1.5M Add +13.1%
SBH Sally Beauty Holdings Inc. 0.76% 121,168 $1.5M Reduce -10.2%
SSTI Soundthinking Inc. 0.73% 90,627 $1.4M Add +11.9%
HBIO Harvard Bioscience Inc. 0.70% 326,516 $1.4M No change
BCOV Brightcove 0.69% 704,938 $1.4M No change
GENC Gencor Industries Inc. 0.66% 78,496 $1.3M Add +12.7%
RDCM Radcom Ltd. 0.62% 109,779 $1.2M New
VLRS Controladora Vuela Cia-ADR 0.61% 163,600 $1.2M Add +79.2%
CTLP Cantaloupe Inc. 0.61% 187,100 $1.2M No change
IWM iShares Russell 2000 ETF 0.61% 5,716 $1.2M New
NKTR Nektar Therapeutics 0.60% 1,280,604 $1.2M Add +40.5%
BIL SS SPDR BB 1-3M T-Bill ETF 0.60% 12,857 $1.2M Add +32.1%
LMNR Limoneira Co. 0.58% 59,248 $1.2M Add +12.4%
KVHI KVH Industries Inc. 0.57% 223,442 $1.1M Add +40.6%
LAKE Lakeland Industries Inc. 0.57% 62,052 $1.1M Add +12.6%
AVIR Atea Pharmaceuticals Inc. 0.53% 257,910 $1.0M Add +50.7%
FONR Fonar Corp. 0.50% 46,837 $1.0M Reduce -78.6%
OESX Orion Energy Systems Inc. 0.50% 1,140,133 $992K No change
FTEK Fuel Tech Inc. 0.47% 776,614 $940K Reduce -5.6%
MLR Miller Industries Inc. 0.45% 17,813 $892K Reduce -25.8%
UEIC Universal Electronics Inc. 0.44% 86,458 $865K New
ADAPY Adaptimmune Therapeutics-ADR 0.43% 538,321 $851K Add +12.2%
AXR Amrep Corp. 0.41% 34,791 $809K Reduce -63.8%
CSTE Caesarstone Ltd. 0.40% 195,306 $799K Add +20.1%
IPI Intrepid Potash Inc. 0.40% 38,068 $794K New
WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC 0.38% 318,139 $744K New
NTGR Netgear Inc. 0.37% 47,062 $742K Add +12.4%
ALLOVIR INC 0.37% 979,600 $740K New
BOLT Bolt Biotherapeutics Inc. 0.37% 517,952 $725K Add +12.7%
NXTC Nextcure Inc. 0.36% 321,657 $717K Reduce -13.7%
EGAN Egain Corp. 0.36% 110,709 $714K Add +64.0%
IVAC Intevac Inc. 0.36% 183,916 $706K Add +12.0%
LENZ Lenz Therapeutics Inc. 0.35% 31,488 $703K New
KOD Kodiak Sciences Inc. 0.35% 131,803 $693K Reduce -43.7%
CMRX Chimerix Inc. 0.34% 635,261 $673K Add +100.7%
RENEO PHARMACEUTICALS INC 0.34% 404,048 $671K New
TATT Tat Technologies Ltd. 0.34% 54,710 $665K Add +17.7%
ASMB Assembly Biosciences Inc. 0.33% 49,732 $661K Add +124.7%
SEER Seer Inc. 0.32% 338,949 $644K Add +75.1%
PASG Passage Bio Inc. 0.32% 469,306 $634K Add +12.3%
KEZAR LIFE SCIENCES INC 0.31% 690,829 $623K New
SERA Sera Prognostics Inc. Class A 0.30% 66,044 $601K Reduce -45.5%
PMVP PMV Pharmaceuticals Inc. 0.30% 351,875 $598K New
KRON Kronos Bio Inc. 0.29% 441,106 $573K Add +34.5%
ACRS Aclaris Therapeutics Inc. 0.29% 461,663 $572K New
IKENA ONCOLOGY INC 0.28% 397,746 $565K New
AVNW Aviat Networks Inc. 0.27% 14,073 $540K No change
ITI Iteris Inc. 0.26% 105,995 $524K Reduce -80.6%
ASTC Astrotech Corp. 0.26% 59,237 $522K Reduce -5.3%
TVRD Cara Therapeutics Inc. 0.24% 512,213 $466K New
RFL Rafael Holdings Inc. Class B 0.23% 262,727 $452K Reduce -18.5%
CKX CKX Lands Inc. filed as CKX LDS INC 0.22% 33,237 $439K Reduce -80.4%
RELL Richardson Elec Ltd. 0.22% 47,100 $434K New
LUMO Lumos Pharma Inc. 0.20% 140,689 $397K Add +12.3%
IVVD Invivyd Inc. 0.17% 77,195 $343K Reduce -63.0%
FULC Fulcrum Therapeutics Inc. 0.16% 33,224 $314K Reduce -75.4%
SMLR Semler Scientific Inc. 0.15% 9,923 $290K New
SILC Silicom Ltd. 0.13% 17,290 $257K Reduce -78.3%
MRAM Everspin Technologies Inc. 0.11% 28,315 $224K New
MAMA Mama's Creations Inc. 0.11% 42,100 $211K New
CUTRQ Cutera Inc. 0.10% 135,700 $199K No change
NVEC Nve Corp. 0.09% 2,000 $175K New
SNFCA Security Natl Finl Corp. Class A 0.08% 20,370 $161K New
CLMB Climb Global Solutions Inc. 0.08% 2,200 $156K New
BTG B2GOLD Corp. 0.06% 41,800 $110K Add +7.7%
QUIK Quicklogic Corp. 0.05% 6,300 $101K New
FTI Technipfmc PLC 0.04% 3,394 $85K No change
SEE Sealed Air Corp. 0.03% 1,700 $63K No change
BWA Borgwarner Inc. 0.02% 1,300 $45K No change
ERO Ero Copper Corp. 0.02% 2,100 $41K No change
ENR Energizer Holdings Inc. 0.01% 654 $19K No change
CPB The Campbell's Company filed as CAMPBELL SOUP CO 0.01% 300 $13K New

Portfolio Sells Q4 2023 → Q1 2024
TBBK The Bancorp Inc. Sold out 0.00% −2.32
CHS Chico's Fas Inc. Sold out 0.00% −1.70
FC Franklin Covey Co. Sold out 0.00% −1.54
METC Ramaco Resources Inc. Class A Sold out 0.00% −1.51
ITI Iteris Inc. Reduce -80.6% 0.26% −1.23
UTI Universal Technical Institut Reduce -51.1% 1.49% −1.00
ALEX Alexander & Baldwin Inc. Sold out 0.00% −0.98
NOA North American Construction Sold out 0.00% −0.94
ASA ASA Gold and Precious Metals Sold out 0.00% −0.74
TTI Tetra Technologies Inc. Sold out 0.00% −0.67
SILC Silicom Ltd. Reduce -78.3% 0.13% −0.63
USAP Universal Stainless & Alloy Reduce -37.1% 1.14% −0.55
TRC Tejon Ranch Co. Reduce -10.2% 1.81% −0.53
SERA Sera Prognostics Inc. Class A Reduce -45.5% 0.30% −0.48
GILT Gilat Satellite Networks Ltd. Sold out 0.00% −0.48
SPRB Spruce Biosciences Inc. Sold out 0.00% −0.42
KNTE Kinnate Biopharma Inc. Sold out 0.00% −0.36
TRUE Truecar Inc. Reduce -10.2% 1.94% −0.35
WEAV Weave Communications Inc. Reduce -27.8% 0.78% −0.34
VRA Vera Bradley Inc. Reduce -9.9% 1.07% −0.33
GRPH Graphite Bio Inc. Sold out 0.00% −0.33
FULC Fulcrum Therapeutics Inc. Reduce -75.4% 0.16% −0.32
FTEK Fuel Tech Inc. Reduce -5.6% 0.47% −0.31
RAIN ONCOLOGY INC Sold out 0.00% −0.28
METCB Ramaco Resources Inc. Class B Reduce -13.5% 1.02% −0.28
IVVD Invivyd Inc. Reduce -63.0% 0.17% −0.26
GEOS Geospace Technologies Corp. Reduce -10.4% 1.33% −0.19
SBH Sally Beauty Holdings Inc. Reduce -10.2% 0.76% −0.18
HAYN Haynes International Inc. Reduce -10.2% 1.43% −0.14
ASTC Astrotech Corp. Reduce -5.3% 0.26% −0.12
ADVM Adverum Biotechnologies Inc. Sold out 0.00% −0.12
MLR Miller Industries Inc. Reduce -25.8% 0.45% −0.08
NGVC Natural Grocers BY Vitamin C Reduce -10.2% 2.27% −0.06
RFL Rafael Holdings Inc. Class B Reduce -18.5% 0.23% −0.03
KOD Kodiak Sciences Inc. Reduce -43.7% 0.35% −0.02
OR Osisko Gold Royalties Ltd. Reduce -10.2% 1.87% −0.01
SLGN Silgan Holdings Inc. Sold out 0.00% −0.01
ALSN Allison Transmission Holding Sold out 0.00% −0.01
CKX CKX Lands Inc. Reduce -80.4% 0.22% +0.02
AXR Amrep Corp. Reduce -63.8% 0.41% +0.05
OVERSEAS SHIPHOLDING GROUP-A Reduce -10.1% 1.42% +0.07
GLDD Great Lakes Dredge & Dock Co. Reduce -1.9% 1.36% +0.09
NXTC Nextcure Inc. Reduce -13.7% 0.36% +0.10
FONR Fonar Corp. Reduce -78.6% 0.50% +0.11
SKYW Skywest Inc. Reduce -10.2% 1.00% +0.12
XOMA Xoma Royalty Corporation Reduce -10.2% 1.49% +0.16
SGA Saga Communications Inc. Class A Reduce -6.0% 1.31% +0.31
TASEKO MINES LTD Reduce -9.1% 2.13% +0.56
SENEA Seneca Foods Corp. Class A Reduce -49.6% 1.64% +0.61
MCHB Mechanics Bancorp Class A Reduce -2.9% 2.53% +0.67

Portfolio Buys Q4 2023 → Q1 2024
EQX Equinox Gold Corp. New 2.13% +2.13
INBK First Internet Bancorp Add +47.7% 2.08% +1.06
ARHS Arhaus Inc. Add +13.9% 2.82% +0.84
DRIL-QUIP INC Add +123.8% 1.47% +0.77
SEI Solaris Energy Infrastructur Add +94.3% 1.34% +0.68
NUVB Nuvation Bio Inc. Add +16.7% 0.99% +0.64
RDCM Radcom Ltd. New 0.62% +0.62
IWM iShares Russell 2000 ETF New 0.61% +0.61
CATO Cato Corp. Class A Add +126.8% 1.21% +0.60
HOS Hornbeck Offshore Services I Add +60.5% 1.41% +0.55
GIFI Gulf Island Fabrication Inc. Add +12.0% 0.87% +0.45
UEIC Universal Electronics Inc. New 0.44% +0.44
ACTG Acacia Research Corp. Add +12.7% 1.33% +0.43
IPI Intrepid Potash Inc. New 0.40% +0.40
WHWK Whitehawk Therapeutics Inc. New 0.38% +0.38
ALLOVIR INC New 0.37% +0.37
LENZ Lenz Therapeutics Inc. New 0.35% +0.35
FSP Franklin Street Properties C Add +61.6% 1.70% +0.35
RENEO PHARMACEUTICALS INC New 0.34% +0.34
NKTR Nektar Therapeutics Add +40.5% 0.60% +0.33
KEZAR LIFE SCIENCES INC New 0.31% +0.31
BH Biglari Holdings Inc. Class B Add +12.6% 1.56% +0.31
PMVP PMV Pharmaceuticals Inc. New 0.30% +0.30
ACRS Aclaris Therapeutics Inc. New 0.29% +0.29
IKENA ONCOLOGY INC New 0.28% +0.28
ALOT Astronova Inc. Add +38.0% 0.91% +0.25
HURC Hurco Companies Inc. Add +38.7% 1.24% +0.25
TVRD Cara Therapeutics Inc. New 0.24% +0.24
ADAPY Adaptimmune Therapeutics-ADR Add +12.2% 0.43% +0.23
LGND Ligand Pharmaceuticals Add +14.6% 2.02% +0.23
ASMB Assembly Biosciences Inc. Add +124.7% 0.33% +0.22
RELL Richardson Elec Ltd. New 0.22% +0.22
AIP Arteris Inc. Add +10.1% 0.88% +0.21
AVIR Atea Pharmaceuticals Inc. Add +50.7% 0.53% +0.20
UFI Unifi Inc. Add +40.7% 1.01% +0.18
VLRS Controladora Vuela Cia-ADR Add +79.2% 0.61% +0.16
GAIA Gaia Inc. Add +13.1% 0.77% +0.15
SMLR Semler Scientific Inc. New 0.15% +0.15
KVHI KVH Industries Inc. Add +40.6% 0.57% +0.14
BIL SS SPDR BB 1-3M T-Bill ETF Add +32.1% 0.60% +0.13
CMRX Chimerix Inc. Add +100.7% 0.34% +0.11
MRAM Everspin Technologies Inc. New 0.11% +0.11
MAMA Mama's Creations Inc. New 0.11% +0.11
PASG Passage Bio Inc. Add +12.3% 0.32% +0.10
BOLT Bolt Biotherapeutics Inc. Add +12.7% 0.37% +0.10
YTRA Yatra Online Inc. Add +12.2% 1.94% +0.10
AAOI Applied Optoelectronics Inc. Add +53.6% 1.67% +0.09
NVEC Nve Corp. New 0.09% +0.09
ALCO Alico Inc. Add +12.3% 1.10% +0.09
TATT Tat Technologies Ltd. Add +17.7% 0.34% +0.09

Options Activity Q4 2023 → Q1 2024
ATEN A10 Networks Inc. put Sold out 75,500 $994Kbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 7$1.4MSLB, UAN, FSLR, MCHX, BBD
Q1 2026 9$1.4MSLB, VTMX, MCHX, CRESY, NFGC
Q4 2025 1$497KRDCM
Q3 2025Amended 52$155.8MSEI, AOSL, MG, NGS, ANGO
Q2 2025 53$125.7MSEI, OPRT, NGS, GLDD, MCHB
Q1 2025 66$117.4MMCHB, MG, NGS, INVX, ARHS
Q4 2024 63$121.8MNGS, SEI, OPRT, AOSL, GLDD
Q3 2024 117$224.3MSBH, MCHB, AAOI, SEI, HOS
Q2 2024 118$186.8MORN, NGVC, AOSL, ARHS, RRGB
Q1 2024 123$198.2MARHS, ORN, MCHB, NGVC, RRGB