Acuitas Investments, LLC

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Acuitas Investments, LLC reported 117 stock positions worth $224.3 million. Its top holding was Sally Beauty (SBH) at 2.9% of the portfolio, followed by Mechanics Bancorp Class A (MCHB, 2.3%) and Applied Optoelectronics (AAOI, 2.3%). Compared with Q2 2024, it opened 13 new positions, sold out of 14, added to 66 and reduced 16. The biggest buy was Sally Beauty (SBH, shares +142%) and the biggest sale Orion (ORN, shares −8%).

Most Recent 13F
Q2 2026
Location
Seattle, WA
CIK
0001524828
Portfolio Value
$224.3M (Q3 2024)
SEC Filing
0001941040-24-000474 ↗ filed Nov 7, 2024

Holdings Value

0$50.0M$100.0M$150.0M$200.0M$250.0M Q1 2024: $198.2M Q1 2024 Q2 2024: $186.8M Q2 2024 Q3 2024: $224.3M $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 117 stocks · $224.3M
SBH Sally Beauty Holdings Inc. 2.88% 476,036 $6.5M Add +141.7%
MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 2.34% 332,689 $5.2M No change
AAOI Applied Optoelectronics Inc. 2.32% 364,290 $5.2M Add +10.0%
SEI Solaris Energy Infrastructur 2.18% 383,772 $4.9M Add +25.3%
HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I 2.13% 430,402 $4.8M Add +144.2%
HURC Hurco Companies Inc. 2.08% 220,924 $4.7M Add +8.8%
GLDD Great Lakes Dredge & Dock Co. 1.92% 409,684 $4.3M Add +32.7%
AOSL Alpha & Omega Semiconductor 1.92% 115,900 $4.3M Reduce -10.5%
EQX Equinox Gold Corp. 1.90% 699,348 $4.3M Add +34.2%
FSP Franklin Street Properties C 1.86% 2,358,794 $4.2M Add +13.6%
YTRA Yatra Online Inc. 1.84% 2,419,343 $4.1M No change
TRC Tejon Ranch Co. 1.82% 232,552 $4.1M No change
INBK First Internet Bancorp 1.81% 118,421 $4.1M No change
LGND Ligand Pharmaceuticals 1.80% 40,261 $4.0M Reduce -26.4%
TRUE Truecar Inc. 1.75% 1,135,800 $3.9M No change
NGS Natural Gas Services Group 1.71% 200,200 $3.8M No change
SENEA Seneca Foods Corp. Class A 1.61% 57,852 $3.6M Add +0.6%
ALCO Alico Inc. 1.60% 128,077 $3.6M Add +44.7%
ETON Eton Pharmaceuticals Inc. 1.55% 579,960 $3.5M No change
VOXX Voxx International Corp. 1.53% 540,529 $3.4M Add +99.7%
STRT Strattec Security Corp. 1.52% 79,908 $3.4M Add +115.9%
MG Mistras Group Inc. 1.48% 292,264 $3.3M No change
UFI Unifi Inc. 1.47% 448,410 $3.3M Add +10.9%
ANGO Angiodynamics Inc. 1.40% 403,280 $3.1M No change
ORN Orion Group Holdings Inc. 1.37% 533,635 $3.1M Reduce -8.4%
HCKT The Hackett Group Inc. 1.30% 111,100 $2.9M No change
IJS iShares S&P Small-Cap 600 Va 1.29% 24,802 $2.9M New
OPRT Oportun Financial Corp. 1.29% 1,027,844 $2.9M Add +89.1%
ARHS Arhaus Inc. 1.25% 228,171 $2.8M Reduce -20.0%
RRGB Red Robin Gourmet Burgers 1.25% 636,348 $2.8M Add +4.3%
UROY Uranium Royalty Corp. 1.23% 1,125,920 $2.8M Add +19.5%
HZO Marinemax Inc. 1.21% 76,669 $2.7M New
GEOS Geospace Technologies Corp. 1.16% 252,156 $2.6M Add +25.2%
GAIA Gaia Inc. 1.14% 523,095 $2.5M Add +4.8%
CATO Cato Corp. Class A 1.13% 508,455 $2.5M Add +3.2%
NGVC Natural Grocers BY Vitamin C 1.11% 83,855 $2.5M Reduce -64.5%
BH Biglari Holdings Inc. Class B 1.10% 14,384 $2.5M Add +14.7%
OR Osisko Gold Royalties Ltd. 1.09% 132,529 $2.5M Reduce -20.6%
HOFT Hooker Furnishings Corp. 1.06% 131,910 $2.4M Add +61.9%
XOMA Xoma Royalty Corporation 1.04% 88,058 $2.3M Reduce -28.5%
MCS Marcus Corporation 1.01% 150,376 $2.3M New
INVX Innovex International Inc. 1.01% 153,927 $2.3M Add +18.9%
WHG Westwood Holdings Group Inc. 1.00% 158,616 $2.3M Add +16.1%
FONR Fonar Corp. 1.00% 138,728 $2.2M Add +22.3%
USAP Universal Stainless & Alloy 0.99% 57,367 $2.2M Add +11.6%
ACTG Acacia Research Corp. 0.98% 472,566 $2.2M Reduce -5.1%
CLAR Clarus Corp. 0.95% 475,197 $2.1M New
SGA Saga Communications Inc. Class A 0.91% 141,519 $2.0M Add +21.3%
STHO Star Holdings filed as STAR HLDGS 0.90% 145,863 $2.0M Add +48.5%
ASLE Aersale Corp. 0.89% 393,571 $2.0M New
JOUT Johnson Outdoors Inc. Class A 0.87% 54,180 $2.0M Add +25.1%
TASEKO MINES LTD 0.85% 757,246 $1.9M Add +34.0%
CRAI Cra International Inc. 0.83% 10,600 $1.9M No change
AAN The Aaron's Co. Inc. filed as THE AARONS COMPANY INC 0.77% 174,646 $1.7M Reduce -22.3%
METCB Ramaco Resources Inc. Class B 0.77% 160,908 $1.7M No change
ALOT Astronova Inc. 0.76% 127,064 $1.7M Add +25.5%
VRA Vera Bradley Inc. 0.75% 307,426 $1.7M Add +44.0%
KVHI KVH Industries Inc. 0.71% 331,481 $1.6M Add +24.6%
LAKE Lakeland Industries Inc. 0.70% 78,101 $1.6M Add +25.2%
RDCM Radcom Ltd. 0.70% 150,867 $1.6M Add +36.2%
BCOV Brightcove 0.68% 704,938 $1.5M No change
OSUR Orasure Technologies Inc. 0.67% 353,897 $1.5M New
FLGT Fulgent Genetics Inc. 0.67% 69,175 $1.5M Add +41.1%
NKTR Nektar Therapeutics 0.64% 1,096,445 $1.4M Add +24.6%
CTLP Cantaloupe Inc. 0.62% 187,100 $1.4M No change
IPI Intrepid Potash Inc. 0.61% 57,366 $1.4M Add +24.5%
HBIO Harvard Bioscience Inc. 0.59% 491,092 $1.3M Add +20.6%
AXR Amrep Corp. 0.58% 43,752 $1.3M Add +25.1%
HAYN Haynes International Inc. 0.58% 21,817 $1.3M Reduce -53.6%
ARAY Accuray Inc. 0.57% 708,553 $1.3M No change
NXDT Nexpoint Diversified Real Es 0.55% 195,861 $1.2M Add +25.2%
AIP Arteris Inc. 0.49% 141,872 $1.1M Add +84.3%
AVIR Atea Pharmaceuticals Inc. 0.48% 323,542 $1.1M Add +24.8%
IVAC Intevac Inc. 0.45% 298,774 $1.0M Add +4.7%
UEIC Universal Electronics Inc. 0.45% 108,611 $1.0M Add +24.9%
WEAV Weave Communications Inc. 0.44% 77,831 $996K Reduce -62.5%
SILC Silicom Ltd. 0.44% 72,389 $984K Add +590.5%
OESX Orion Energy Systems Inc. 0.44% 1,140,133 $977K No change
KEZAR LIFE SCIENCES INC 0.42% 1,227,523 $949K Add +24.4%
ASMB Assembly Biosciences Inc. 0.42% 62,315 $943K Add +24.6%
VLRS Controladora Vuela Cia-ADR 0.41% 145,400 $920K No change
WHWK Whitehawk Therapeutics Inc. filed as AADI BIOSCIENCE INC 0.40% 438,760 $904K Add +24.5%
ALLT Allot Ltd. 0.40% 303,489 $901K New
NUVB Nuvation Bio Inc. 0.40% 388,008 $889K Add +6.1%
FTEK Fuel Tech Inc. 0.39% 831,805 $873K Add +6.5%
ALLOVIR INC 0.39% 1,069,696 $865K Add +8.6%
SEER Seer Inc. 0.37% 424,414 $836K Add +24.6%
GIFI Gulf Island Fabrication Inc. 0.36% 145,097 $818K Add +25.2%
IKENA ONCOLOGY INC 0.35% 449,656 $778K Add +12.4%
CMRX Chimerix Inc. 0.33% 796,401 $741K Add +24.7%
METC Ramaco Resources Inc. Class A 0.31% 60,089 $703K New
TTGT Techtarget Holdings Inc. 0.31% 28,061 $686K New
RENEO PHARMACEUTICALS INC 0.31% 403,148 $685K Reduce -0.8%
ACRS Aclaris Therapeutics Inc. 0.30% 578,139 $665K Add +24.6%
PMVP PMV Pharmaceuticals Inc. 0.29% 440,687 $657K Add +24.6%
CGNT Cognyte Software Ltd. 0.27% 89,394 $607K New
TRAK Repositrak Inc. 0.27% 32,600 $602K No change
KRON Kronos Bio Inc. 0.25% 554,500 $554K Add +25.0%
RFL Rafael Holdings Inc. Class B 0.24% 281,659 $546K Add +6.6%
ASTC Astrotech Corp. 0.22% 60,035 $484K Add +0.8%

Show all 117 holdings

Portfolio Sells Q2 2024 → Q3 2024
ORN Orion Group Holdings Inc. Reduce -8.4% 1.37% −1.59
NGVC Natural Grocers BY Vitamin C Reduce -64.5% 1.11% −1.57
UTI Universal Technical Institut Reduce -89.9% 0.14% −1.42
ARHS Arhaus Inc. Reduce -20.0% 1.25% −1.33
DO Diamond Offshore Drilling Inc. Sold out 0.00% −1.08
HAYN Haynes International Inc. Reduce -53.6% 0.58% −0.90
AOSL Alpha & Omega Semiconductor Reduce -10.5% 1.92% −0.67
LGND Ligand Pharmaceuticals Reduce -26.4% 1.80% −0.67
LMNR Limoneira Co. Sold out 0.00% −0.66
ITI Iteris Inc. Sold out 0.00% −0.63
WEAV Weave Communications Inc. Reduce -62.5% 0.44% −0.56
CSTE Caesarstone Ltd. Sold out 0.00% −0.53
XOMA Xoma Royalty Corporation Reduce -28.5% 1.04% −0.52
BIL SS SPDR BB 1-3M T-Bill ETF Sold out 0.00% −0.49
AAN The Aaron's Co. Inc. Reduce -22.3% 0.77% −0.43
GENC Gencor Industries Inc. Sold out 0.00% −0.41
NTGR Netgear Inc. Sold out 0.00% −0.39
ACTG Acacia Research Corp. Reduce -5.1% 0.98% −0.35
TATT Tat Technologies Ltd. Sold out 0.00% −0.34
OR Osisko Gold Royalties Ltd. Reduce -20.6% 1.09% −0.30
ADAPY Adaptimmune Therapeutics-ADR Sold out 0.00% −0.28
BOLT Bolt Biotherapeutics Inc. Sold out 0.00% −0.25
SSTI Soundthinking Inc. Reduce -43.8% 0.20% −0.25
CKX CKX Lands Inc. Sold out 0.00% −0.24
PASG Passage Bio Inc. Sold out 0.00% −0.20
RELL Richardson Elec Ltd. Reduce -91.3% 0.02% −0.19
LUMO Lumos Pharma Inc. Sold out 0.00% −0.18
NVEC Nve Corp. Sold out 0.00% −0.08
RENEO PHARMACEUTICALS INC Reduce -0.8% 0.31% −0.02
CLMB Climb Global Solutions Inc. Reduce -25.0% 0.17% −0.00

Portfolio Buys Q2 2024 → Q3 2024
SBH Sally Beauty Holdings Inc. Add +141.7% 2.88% +1.75
IJS iShares S&P Small-Cap 600 Va New 1.29% +1.29
HZO Marinemax Inc. New 1.21% +1.21
VOXX Voxx International Corp. Add +99.7% 1.53% +1.07
STRT Strattec Security Corp. Add +115.9% 1.52% +1.02
MCS Marcus Corporation New 1.01% +1.01
HOS Hornbeck Offshore Services I Add +144.2% 2.13% +1.00
CLAR Clarus Corp. New 0.95% +0.95
ASLE Aersale Corp. New 0.89% +0.89
AAOI Applied Optoelectronics Inc. Add +10.0% 2.32% +0.85
SEI Solaris Energy Infrastructur Add +25.3% 2.18% +0.78
OSUR Orasure Technologies Inc. New 0.67% +0.67
GLDD Great Lakes Dredge & Dock Co. Add +32.7% 1.92% +0.47
OPRT Oportun Financial Corp. Add +89.1% 1.29% +0.44
EQX Equinox Gold Corp. Add +34.2% 1.90% +0.44
HOFT Hooker Furnishings Corp. Add +61.9% 1.06% +0.43
HURC Hurco Companies Inc. Add +8.8% 2.08% +0.42
ALLT Allot Ltd. New 0.40% +0.40
ALCO Alico Inc. Add +44.7% 1.60% +0.37
SILC Silicom Ltd. Add +590.5% 0.44% +0.35
METC Ramaco Resources Inc. Class A New 0.31% +0.31
TTGT Techtarget Holdings Inc. New 0.31% +0.31
CGNT Cognyte Software Ltd. New 0.27% +0.27
STHO Star Holdings Add +48.5% 0.90% +0.27
USAP Universal Stainless & Alloy Add +11.6% 0.99% +0.23
AXR Amrep Corp. Add +25.1% 0.58% +0.23
ANTX AN2 Therapeutics Inc. New 0.21% +0.21
SGOV iShares 0-3 Month Treasury B New 0.21% +0.21
GEOS Geospace Technologies Corp. Add +25.2% 1.16% +0.19
UFI Unifi Inc. Add +10.9% 1.47% +0.19
AIP Arteris Inc. Add +84.3% 0.49% +0.18
CLFD Clearfield Inc. New 0.16% +0.16
FSP Franklin Street Properties C Add +13.6% 1.86% +0.16
FLGT Fulgent Genetics Inc. Add +41.1% 0.67% +0.16
RDCM Radcom Ltd. Add +36.2% 0.70% +0.14
WHWK Whitehawk Therapeutics Inc. Add +24.5% 0.40% +0.13
WHG Westwood Holdings Group Inc. Add +16.1% 1.00% +0.11
TASEKO MINES LTD Add +34.0% 0.85% +0.11
KEZAR LIFE SCIENCES INC Add +24.4% 0.42% +0.11
UROY Uranium Royalty Corp. Add +19.5% 1.23% +0.10
NXDT Nexpoint Diversified Real Es Add +25.2% 0.55% +0.08
SEER Seer Inc. Add +24.6% 0.37% +0.07
JOUT Johnson Outdoors Inc. Class A Add +25.1% 0.87% +0.06
ASMB Assembly Biosciences Inc. Add +24.6% 0.42% +0.05
KVHI KVH Industries Inc. Add +24.6% 0.71% +0.05
NKTR Nektar Therapeutics Add +24.6% 0.64% +0.05
RFL Rafael Holdings Inc. Class B Add +6.6% 0.24% +0.04
IPI Intrepid Potash Inc. Add +24.5% 0.61% +0.04
VRA Vera Bradley Inc. Add +44.0% 0.75% +0.03
CMRX Chimerix Inc. Add +24.7% 0.33% +0.03

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