Acuitas Investments, LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 5, 2024), Acuitas Investments, LLC reported 118 stock positions worth $186.8 million. Its top holding was Orion (ORN) at 3.0% of the portfolio, followed by Natural Grocers BY Vitamin C (NGVC, 2.7%) and Alpha & Omega Semiconductor (AOSL, 2.6%). Compared with Q1 2024, it opened 11 new positions, sold out of 16, added to 53 and reduced 26. The biggest buy was a new position in Aaron's (AAN) and the biggest sale an exit from Overseas Shipholding Group-A.

Most Recent 13F
Q2 2026
Location
Seattle, WA
CIK
0001524828
Portfolio Value
$186.8M (Q2 2024)
SEC Filing
0001941040-24-000320 ↗ filed Aug 5, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $198.2M Q1 2024 Q2 2024: $186.8M $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 118 stocks · $186.8M
ORN Orion Group Holdings Inc. 2.97% 582,855 $5.5M Reduce -9.7%
NGVC Natural Grocers BY Vitamin C 2.68% 236,544 $5.0M Reduce -5.2%
AOSL Alpha & Omega Semiconductor 2.59% 129,500 $4.8M No change
ARHS Arhaus Inc. 2.59% 285,139 $4.8M Reduce -21.5%
RRGB Red Robin Gourmet Burgers 2.47% 610,193 $4.6M Add +9.0%
LGND Ligand Pharmaceuticals 2.47% 54,682 $4.6M No change
NGS Natural Gas Services Group 2.16% 200,200 $4.0M No change
TRC Tejon Ranch Co. 2.12% 232,552 $4.0M No change
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 2.03% 332,689 $3.8M No change
TRUE Truecar Inc. 1.90% 1,135,800 $3.6M No change
SENEA Seneca Foods Corp. Class A 1.77% 57,488 $3.3M Add +0.5%
INBK First Internet Bancorp 1.71% 118,421 $3.2M No change
FSP Franklin Street Properties C 1.70% 2,075,596 $3.2M Add +39.5%
HURC Hurco Companies Inc. 1.66% 203,151 $3.1M Add +66.8%
XOMA Xoma Royalty Corporation filed as XOMA CORP DEL 1.56% 123,197 $2.9M No change
UTI Universal Technical Institut 1.56% 185,107 $2.9M No change
YTRA Yatra Online Inc. 1.54% 2,419,343 $2.9M No change
HAYN Haynes International Inc. 1.48% 47,041 $2.8M No change
AAOI Applied Optoelectronics Inc. 1.47% 331,221 $2.7M Add +38.4%
CATO Cato Corp. Class A 1.46% 492,629 $2.7M Add +18.8%
EQX Equinox Gold Corp. 1.46% 521,104 $2.7M Reduce -25.8%
GLDD Great Lakes Dredge & Dock Co. 1.45% 308,664 $2.7M No change
SEI Solaris Energy Infrastructur 1.41% 306,237 $2.6M No change
OR Osisko Gold Royalties Ltd. 1.39% 167,008 $2.6M Reduce -26.1%
ACTG Acacia Research Corp. 1.34% 497,916 $2.5M Add +0.6%
ANGO Angiodynamics Inc. 1.31% 403,280 $2.4M No change
BH Biglari Holdings Inc. Class B 1.30% 12,536 $2.4M Reduce -23.0%
MG Mistras Group Inc. 1.30% 292,264 $2.4M No change
HCKT The Hackett Group Inc. 1.29% 111,100 $2.4M No change
DRIL-QUIP INC 1.29% 129,488 $2.4M No change
UFI Unifi Inc. 1.27% 404,356 $2.4M Add +20.4%
ALCO Alico Inc. 1.23% 88,513 $2.3M Add +19.3%
AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC 1.20% 224,898 $2.2M New
GAIA Gaia Inc. 1.18% 498,944 $2.2M Add +0.5%
UROY Uranium Royalty Corp. 1.13% 942,109 $2.1M New
SBH Sally Beauty Holdings Inc. 1.13% 196,935 $2.1M Add +62.5%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 1.13% 176,224 $2.1M Reduce -31.9%
DO Diamond Offshore Drilling Inc. 1.08% 130,430 $2.0M No change
ETON Eton Pharmaceuticals Inc. 1.02% 579,960 $1.9M No change
WEAV Weave Communications Inc. 1.00% 207,489 $1.9M Add +54.4%
SGA Saga Communications Inc. Class A 0.98% 116,644 $1.8M Add +0.5%
CRAI Cra International Inc. 0.98% 10,600 $1.8M No change
FONR Fonar Corp. 0.97% 113,400 $1.8M Add +142.1%
GEOS Geospace Technologies Corp. 0.97% 201,416 $1.8M Add +0.5%
METCB Ramaco Resources Inc. Class B 0.94% 160,908 $1.7M No change
BCOV Brightcove 0.89% 704,938 $1.7M No change
WHG Westwood Holdings Group Inc. 0.89% 136,678 $1.7M Add +0.6%
OPRT Oportun Financial Corp. 0.84% 543,634 $1.6M New
ALOT Astronova Inc. 0.84% 101,249 $1.6M Add +0.6%
JOUT Johnson Outdoors Inc. Class A 0.81% 43,298 $1.5M New
LAKE Lakeland Industries Inc. 0.77% 62,387 $1.4M Add +0.5%
USAP Universal Stainless & Alloy 0.75% 51,423 $1.4M Reduce -48.8%
TASEKO MINES LTD 0.74% 565,265 $1.4M Reduce -71.0%
VRA Vera Bradley Inc. 0.72% 213,425 $1.3M Reduce -31.3%
ARAY Accuray Inc. 0.69% 708,553 $1.3M No change
OESX Orion Energy Systems Inc. 0.68% 1,140,133 $1.3M No change
LMNR Limoneira Co. 0.66% 59,565 $1.2M Add +0.5%
KVHI KVH Industries Inc. 0.66% 266,055 $1.2M Add +19.1%
CTLP Cantaloupe Inc. 0.66% 187,100 $1.2M No change
STHO Star Holdings filed as STAR HLDGS 0.63% 98,259 $1.2M New
HOFT Hooker Furnishings Corp. 0.63% 81,485 $1.2M New
ITI Iteris Inc. 0.63% 270,534 $1.2M Add +155.2%
HBIO Harvard Bioscience Inc. 0.62% 407,343 $1.2M Add +24.8%
IVAC Intevac Inc. 0.59% 285,260 $1.1M Add +55.1%
NKTR Nektar Therapeutics 0.58% 879,904 $1.1M Reduce -31.3%
IPI Intrepid Potash Inc. 0.58% 46,072 $1.1M Add +21.0%
NUVB Nuvation Bio Inc. 0.57% 365,741 $1.1M Reduce -31.9%
RDCM Radcom Ltd. 0.55% 110,748 $1.0M Add +0.9%
UEIC Universal Electronics Inc. 0.54% 86,921 $1.0M Add +0.5%
CSTE Caesarstone Ltd. 0.53% 196,368 $982K Add +0.5%
FLGT Fulgent Genetics Inc. 0.51% 49,016 $962K New
STRT Strattec Security Corp. 0.50% 37,017 $925K New
VLRS Controladora Vuela Cia-ADR 0.49% 145,400 $925K Reduce -11.1%
BIL SS SPDR BB 1-3M T-Bill ETF 0.49% 10,072 $924K Reduce -21.7%
NXDT Nexpoint Diversified Real Es 0.46% 156,491 $865K New
AVIR Atea Pharmaceuticals Inc. 0.46% 259,289 $858K Add +0.5%
VOXX Voxx International Corp. 0.46% 270,711 $855K New
SSTI Soundthinking Inc. 0.45% 69,749 $850K Reduce -23.0%
FTEK Fuel Tech Inc. 0.45% 780,746 $835K Add +0.5%
GENC Gencor Industries Inc. 0.41% 39,652 $767K Reduce -49.5%
NTGR Netgear Inc. 0.39% 47,312 $724K Add +0.5%
ALLOVIR INC 0.38% 984,833 $712K Add +0.5%
GIFI Gulf Island Fabrication Inc. 0.38% 115,861 $703K Reduce -50.7%
ASMB Assembly Biosciences Inc. 0.37% 49,996 $686K Add +0.5%
AXR Amrep Corp. 0.35% 34,980 $661K Add +0.5%
IKENA ONCOLOGY INC 0.35% 399,879 $660K Add +0.5%
TATT Tat Technologies Ltd. 0.34% 42,275 $631K Reduce -22.7%
RENEO PHARMACEUTICALS INC 0.33% 406,209 $613K Add +0.5%
KEZAR LIFE SCIENCES INC 0.32% 986,785 $592K Add +42.8%
AIP Arteris Inc. 0.31% 76,977 $578K Reduce -67.6%
PMVP PMV Pharmaceuticals Inc. 0.31% 353,749 $573K Add +0.5%
SEER Seer Inc. 0.31% 340,750 $572K Add +0.5%
CMRX Chimerix Inc. 0.30% 638,657 $559K Add +0.5%
KRON Kronos Bio Inc. 0.29% 443,457 $550K Add +0.5%
ASTC Astrotech Corp. 0.29% 59,546 $536K Add +0.5%
ADAPY Adaptimmune Therapeutics-ADR 0.28% 541,201 $528K Add +0.5%
WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC 0.28% 352,483 $515K Add +10.8%
NXTC Nextcure Inc. 0.28% 323,342 $514K Add +0.5%
ACRS Aclaris Therapeutics Inc. 0.27% 464,120 $511K Add +0.5%
TRAK Repositrak Inc. 0.27% 32,600 $498K New
BOLT Bolt Biotherapeutics Inc. 0.25% 630,507 $473K Add +21.7%
CKX CKX Lands Inc. filed as CKX LDS INC 0.24% 33,425 $451K Add +0.6%
AVNW Aviat Networks Inc. 0.22% 14,073 $404K No change
RELL Richardson Elec Ltd. 0.21% 32,855 $391K Reduce -30.2%
RFL Rafael Holdings Inc. Class B 0.20% 264,141 $380K Add +0.5%
PASG Passage Bio Inc. 0.20% 471,812 $375K Add +0.5%
LUMO Lumos Pharma Inc. 0.18% 141,435 $328K Add +0.5%
CLMB Climb Global Solutions Inc. 0.17% 5,200 $327K Add +136.4%
KOD Kodiak Sciences Inc. 0.17% 132,502 $311K Add +0.5%
SILC Silicom Ltd. 0.08% 10,484 $159K Reduce -39.4%
NVEC Nve Corp. 0.08% 2,000 $149K No change
CUTRQ Cutera Inc. 0.05% 67,870 $102K Reduce -50.0%
QUIK Quicklogic Corp. 0.05% 9,700 $101K Add +54.0%
BTG B2GOLD Corp. 0.05% 37,300 $100K Reduce -10.8%
FTI Technipfmc PLC 0.05% 3,394 $89K No change
BWA Borgwarner Inc. 0.02% 900 $29K Reduce -30.8%
SEE Sealed Air Corp. 0.01% 700 $24K Reduce -58.8%
ENR Energizer Holdings Inc. 0.00% 126 $4K Reduce -80.7%

Portfolio Sells Q1 2024 → Q2 2024
OVERSEAS SHIPHOLDING GROUP-A Sold out 0.00% −1.42
TASEKO MINES LTD Reduce -71.0% 0.74% −1.39
SKYW Skywest Inc. Sold out 0.00% −1.00
EQX Equinox Gold Corp. Reduce -25.8% 1.46% −0.67
IWM iShares Russell 2000 ETF Sold out 0.00% −0.61
AIP Arteris Inc. Reduce -67.6% 0.31% −0.57
GIFI Gulf Island Fabrication Inc. Reduce -50.7% 0.38% −0.50
OR Osisko Gold Royalties Ltd. Reduce -26.1% 1.39% −0.48
MLR Miller Industries Inc. Sold out 0.00% −0.45
NUVB Nuvation Bio Inc. Reduce -31.9% 0.57% −0.42
USAP Universal Stainless & Alloy Reduce -48.8% 0.75% −0.38
EGAN Egain Corp. Sold out 0.00% −0.36
LENZ Lenz Therapeutics Inc. Sold out 0.00% −0.35
VRA Vera Bradley Inc. Reduce -31.3% 0.72% −0.35
SERA Sera Prognostics Inc. Class A Sold out 0.00% −0.30
HOS Hornbeck Offshore Services I Reduce -31.9% 1.13% −0.29
SSTI Soundthinking Inc. Reduce -23.0% 0.45% −0.27
BH Biglari Holdings Inc. Class B Reduce -23.0% 1.30% −0.26
GENC Gencor Industries Inc. Reduce -49.5% 0.41% −0.25
TVRD Cara Therapeutics Inc. Sold out 0.00% −0.24
ARHS Arhaus Inc. Reduce -21.5% 2.59% −0.23
IVVD Invivyd Inc. Sold out 0.00% −0.17
FULC Fulcrum Therapeutics Inc. Sold out 0.00% −0.16
SMLR Semler Scientific Inc. Sold out 0.00% −0.15
VLRS Controladora Vuela Cia-ADR Reduce -11.1% 0.49% −0.12
MRAM Everspin Technologies Inc. Sold out 0.00% −0.11
MAMA Mama's Creations Inc. Sold out 0.00% −0.11
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -21.7% 0.49% −0.10
SNFCA Security Natl Finl Corp. Class A Sold out 0.00% −0.08
CUTRQ Cutera Inc. Reduce -50.0% 0.05% −0.05
SILC Silicom Ltd. Reduce -39.4% 0.08% −0.04
ERO Ero Copper Corp. Sold out 0.00% −0.02
NKTR Nektar Therapeutics Reduce -31.3% 0.58% −0.02
SEE Sealed Air Corp. Reduce -58.8% 0.01% −0.02
RELL Richardson Elec Ltd. Reduce -30.2% 0.21% −0.01
ENR Energizer Holdings Inc. Reduce -80.7% 0.00% −0.01
BWA Borgwarner Inc. Reduce -30.8% 0.02% −0.01
CPB The Campbell's Company Sold out 0.00% −0.01
BTG B2GOLD Corp. Reduce -10.8% 0.05% −0.00
TATT Tat Technologies Ltd. Reduce -22.7% 0.34% +0.00
ORN Orion Group Holdings Inc. Reduce -9.7% 2.97% +0.30
NGVC Natural Grocers BY Vitamin C Reduce -5.2% 2.68% +0.41

Portfolio Buys Q1 2024 → Q2 2024
AAN The Aaron's Co. Inc. New 1.20% +1.20
UROY Uranium Royalty Corp. New 1.13% +1.13
OPRT Oportun Financial Corp. New 0.84% +0.84
JOUT Johnson Outdoors Inc. Class A New 0.81% +0.81
STHO Star Holdings New 0.63% +0.63
HOFT Hooker Furnishings Corp. New 0.63% +0.63
FLGT Fulgent Genetics Inc. New 0.51% +0.51
STRT Strattec Security Corp. New 0.50% +0.50
FONR Fonar Corp. Add +142.1% 0.97% +0.47
NXDT Nexpoint Diversified Real Es New 0.46% +0.46
VOXX Voxx International Corp. New 0.46% +0.46
HURC Hurco Companies Inc. Add +66.8% 1.66% +0.42
GAIA Gaia Inc. Add +0.5% 1.18% +0.41
SBH Sally Beauty Holdings Inc. Add +62.5% 1.13% +0.37
ITI Iteris Inc. Add +155.2% 0.63% +0.36
RRGB Red Robin Gourmet Burgers Add +9.0% 2.47% +0.31
TRAK Repositrak Inc. New 0.27% +0.27
UFI Unifi Inc. Add +20.4% 1.27% +0.26
CATO Cato Corp. Class A Add +18.8% 1.46% +0.25
IVAC Intevac Inc. Add +55.1% 0.59% +0.23
WEAV Weave Communications Inc. Add +54.4% 1.00% +0.22
LAKE Lakeland Industries Inc. Add +0.5% 0.77% +0.19
IPI Intrepid Potash Inc. Add +21.0% 0.58% +0.18
ALCO Alico Inc. Add +19.3% 1.23% +0.13
SENEA Seneca Foods Corp. Class A Add +0.5% 1.77% +0.12
CSTE Caesarstone Ltd. Add +0.5% 0.53% +0.12
UEIC Universal Electronics Inc. Add +0.5% 0.54% +0.10
CLMB Climb Global Solutions Inc. Add +136.4% 0.17% +0.10
KVHI KVH Industries Inc. Add +19.1% 0.66% +0.09
LMNR Limoneira Co. Add +0.5% 0.66% +0.08
IKENA ONCOLOGY INC Add +0.5% 0.35% +0.07
WHG Westwood Holdings Group Inc. Add +0.6% 0.89% +0.05
ASMB Assembly Biosciences Inc. Add +0.5% 0.37% +0.03
ASTC Astrotech Corp. Add +0.5% 0.29% +0.02
CKX CKX Lands Inc. Add +0.6% 0.24% +0.02
NTGR Netgear Inc. Add +0.5% 0.39% +0.01
ALLOVIR INC Add +0.5% 0.38% +0.01
KRON Kronos Bio Inc. Add +0.5% 0.29% +0.01
PMVP PMV Pharmaceuticals Inc. Add +0.5% 0.31% +0.01
ACTG Acacia Research Corp. Add +0.6% 1.34% +0.00
QUIK Quicklogic Corp. Add +54.0% 0.05% +0.00
KEZAR LIFE SCIENCES INC Add +42.8% 0.32% +0.00
FSP Franklin Street Properties C Add +39.5% 1.70% −0.00
RENEO PHARMACEUTICALS INC Add +0.5% 0.33% −0.01
ACRS Aclaris Therapeutics Inc. Add +0.5% 0.27% −0.02
SEER Seer Inc. Add +0.5% 0.31% −0.02
RFL Rafael Holdings Inc. Class B Add +0.5% 0.20% −0.02
LUMO Lumos Pharma Inc. Add +0.5% 0.18% −0.02
FTEK Fuel Tech Inc. Add +0.5% 0.45% −0.03
CMRX Chimerix Inc. Add +0.5% 0.30% −0.04

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