Acuitas Investments, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 31, 2025), Acuitas Investments, LLC reported 63 stock positions worth $121.8 million. Its top holding was Natural Gas Services (NGS) at 4.4% of the portfolio, followed by Solaris Energy Infrastructur (SEI, 4.0%) and Oportun Financial (OPRT, 3.7%). Compared with Q3 2024, it opened 12 new positions, sold out of 66, added to 12 and reduced 23. The biggest buy was a new position in Progyny (PGNY) and the biggest sale an exit from Hurco Companies (HURC).
- Most Recent 13F
- Q2 2026
- Location
- Seattle, WA
- CIK
- 0001524828
- Portfolio Value
- $121.8M (Q4 2024)
- SEC Filing
- 0001941040-25-000044 ↗ filed Jan 31, 2025
Holdings Value
Holdings 63 stocks · $121.8M
| NGS Natural Gas Services Group | 4.41% | 200,200 | $5.4M | No change |
| SEI Solaris Energy Infrastructur | 4.05% | 171,317 | $4.9M | Reduce -55.4% |
| OPRT Oportun Financial Corp. | 3.67% | 1,150,204 | $4.5M | Add +11.9% |
| AOSL Alpha & Omega Semiconductor | 3.52% | 115,900 | $4.3M | No change |
| GLDD Great Lakes Dredge & Dock Co. | 3.34% | 360,581 | $4.1M | Reduce -12.0% |
| MCHB Mechanics Bancorp Class A filed as HOMESTREET INC | 3.15% | 336,308 | $3.8M | Add +1.1% |
| INBK First Internet Bancorp | 3.10% | 104,832 | $3.8M | Reduce -11.5% |
| TRUE Truecar Inc. | 3.06% | 999,668 | $3.7M | Reduce -12.0% |
| ANGO Angiodynamics Inc. | 3.03% | 403,280 | $3.7M | No change |
| HCKT The Hackett Group Inc. | 2.80% | 111,100 | $3.4M | No change |
| INVX Innovex International Inc. | 2.76% | 240,309 | $3.4M | Add +56.1% |
| ARHS Arhaus Inc. | 2.75% | 355,871 | $3.3M | Add +56.0% |
| TRC Tejon Ranch Co. | 2.67% | 204,679 | $3.3M | Reduce -12.0% |
| HOS Hornbeck Offshore Services I filed as HELIX ENERGY SOLUTIONS GRP I | 2.63% | 343,402 | $3.2M | Reduce -20.2% |
| RRGB Red Robin Gourmet Burgers | 2.53% | 560,006 | $3.1M | Reduce -12.0% |
| BCOV Brightcove | 2.52% | 704,938 | $3.1M | No change |
| YTRA Yatra Online Inc. | 2.50% | 2,419,343 | $3.0M | No change |
| SBH Sally Beauty Holdings Inc. | 2.46% | 286,575 | $3.0M | Reduce -39.8% |
| PGNY Progyny Inc. | 2.45% | 172,732 | $3.0M | New |
| LGND Ligand Pharmaceuticals | 2.42% | 27,512 | $2.9M | Reduce -31.7% |
| AAOI Applied Optoelectronics Inc. | 2.29% | 75,666 | $2.8M | Reduce -79.2% |
| MG Mistras Group Inc. | 2.17% | 292,264 | $2.6M | No change |
| ORN Orion Group Holdings Inc. | 2.16% | 359,458 | $2.6M | Reduce -32.6% |
| FTK Flotek Industries Inc. | 2.12% | 271,341 | $2.6M | New |
| ETON Eton Pharmaceuticals Inc. | 2.03% | 185,824 | $2.5M | Reduce -68.0% |
| HZO Marinemax Inc. | 1.99% | 83,800 | $2.4M | Add +9.3% |
| URG Ur-Energy Inc. | 1.92% | 2,035,096 | $2.3M | New |
| RNGR Ranger Energy Services Class A | 1.88% | 148,220 | $2.3M | New |
| RDCM Radcom Ltd. | 1.86% | 183,498 | $2.3M | Add +21.6% |
| UROY Uranium Royalty Corp. | 1.82% | 1,012,976 | $2.2M | Reduce -10.0% |
| CRAI Cra International Inc. | 1.63% | 10,600 | $2.0M | No change |
| OR Osisko Gold Royalties Ltd. | 1.55% | 104,441 | $1.9M | Reduce -21.2% |
| EQX Equinox Gold Corp. | 1.54% | 373,172 | $1.9M | Reduce -46.6% |
| SILC Silicom Ltd. | 1.40% | 104,379 | $1.7M | Add +44.2% |
| XOMA Xoma Royalty Corporation | 1.31% | 60,704 | $1.6M | Reduce -31.1% |
| METC Ramaco Resources Inc. Class A | 1.28% | 152,097 | $1.6M | Add +153.1% |
| CTLP Cantaloupe Inc. | 1.24% | 158,945 | $1.5M | Reduce -15.1% |
| METCB Ramaco Resources Inc. Class B | 1.20% | 147,538 | $1.5M | Reduce -8.3% |
| ARAY Accuray Inc. | 1.15% | 708,553 | $1.4M | No change |
| TASEKO MINES LTD | 1.06% | 666,486 | $1.3M | Reduce -12.0% |
| AIP Arteris Inc. | 0.90% | 107,250 | $1.1M | Reduce -24.4% |
| VLRS Controladora Vuela Cia-ADR | 0.89% | 145,400 | $1.1M | No change |
| HBIO Harvard Bioscience Inc. | 0.85% | 491,092 | $1.0M | No change |
| OESX Orion Energy Systems Inc. | 0.67% | 1,016,980 | $814K | Reduce -10.8% |
| TRAK Repositrak Inc. | 0.59% | 32,600 | $721K | No change |
| TTGT Techtarget Inc. | 0.59% | 36,332 | $720K | Add +29.5% |
| ALAR Alarum Technologies Ltd.-ADR | 0.49% | 56,113 | $595K | New |
| THRY Thryv Holdings Inc. | 0.48% | 39,741 | $588K | New |
| CLMB Climb Global Solutions Inc. | 0.27% | 2,600 | $330K | Reduce -33.3% |
| AVNW Aviat Networks Inc. | 0.21% | 14,073 | $255K | No change |
| APPS Digital Turbine Inc. | 0.12% | 82,938 | $140K | New |
| QUIK Quicklogic Corp. | 0.09% | 9,700 | $110K | No change |
| BTG B2GOLD Corp. | 0.09% | 43,702 | $107K | Add +7.1% |
| FTI Technipfmc PLC | 0.07% | 2,994 | $87K | Reduce -21.1% |
| SEE Sealed Air Corp. | 0.06% | 2,300 | $78K | Add +64.3% |
| BWA Borgwarner Inc. | 0.04% | 1,500 | $48K | Add +25.0% |
| RELL Richardson Elec Ltd. | 0.03% | 2,855 | $40K | No change |
| AXTA Axalta Coating Systems Ltd. | 0.02% | 700 | $24K | New |
| CUTRQ Cutera Inc. | 0.02% | 67,870 | $24K | No change |
| AAP Advance Auto Parts Inc. | 0.02% | 400 | $19K | New |
| LW Lamb Weston Holdings Inc. | 0.02% | 280 | $19K | New |
| AGCO Agco Corp. | 0.02% | 200 | $19K | New |
| TAP Molson Coors Beverage Co. Class B | 0.01% | 300 | $17K | New |
Portfolio Sells Q3 2024 → Q4 2024
| HURC Hurco Companies Inc. | Sold out | 0.00% | −2.08 |
| FSP Franklin Street Properties C | Sold out | 0.00% | −1.86 |
| SENEA Seneca Foods Corp. Class A | Sold out | 0.00% | −1.61 |
| ALCO Alico Inc. | Sold out | 0.00% | −1.60 |
| VOXX Voxx International Corp. | Sold out | 0.00% | −1.53 |
| STRT Strattec Security Corp. | Sold out | 0.00% | −1.52 |
| UFI Unifi Inc. | Sold out | 0.00% | −1.47 |
| IJS iShares S&P Small-Cap 600 Va | Sold out | 0.00% | −1.29 |
| GEOS Geospace Technologies Corp. | Sold out | 0.00% | −1.16 |
| GAIA Gaia Inc. | Sold out | 0.00% | −1.14 |
| CATO Cato Corp. Class A | Sold out | 0.00% | −1.13 |
| NGVC Natural Grocers BY Vitamin C | Sold out | 0.00% | −1.11 |
| BH Biglari Holdings Inc. Class B | Sold out | 0.00% | −1.10 |
| HOFT Hooker Furnishings Corp. | Sold out | 0.00% | −1.06 |
| MCS Marcus Corporation | Sold out | 0.00% | −1.01 |
| WHG Westwood Holdings Group Inc. | Sold out | 0.00% | −1.00 |
| FONR Fonar Corp. | Sold out | 0.00% | −1.00 |
| USAP Universal Stainless & Alloy | Sold out | 0.00% | −0.99 |
| ACTG Acacia Research Corp. | Sold out | 0.00% | −0.98 |
| CLAR Clarus Corp. | Sold out | 0.00% | −0.95 |
| SGA Saga Communications Inc. Class A | Sold out | 0.00% | −0.91 |
| STHO Star Holdings | Sold out | 0.00% | −0.90 |
| ASLE Aersale Corp. | Sold out | 0.00% | −0.89 |
| JOUT Johnson Outdoors Inc. Class A | Sold out | 0.00% | −0.87 |
| AAN The Aaron's Co. Inc. | Sold out | 0.00% | −0.77 |
| ALOT Astronova Inc. | Sold out | 0.00% | −0.76 |
| VRA Vera Bradley Inc. | Sold out | 0.00% | −0.75 |
| KVHI KVH Industries Inc. | Sold out | 0.00% | −0.71 |
| LAKE Lakeland Industries Inc. | Sold out | 0.00% | −0.70 |
| OSUR Orasure Technologies Inc. | Sold out | 0.00% | −0.67 |
| FLGT Fulgent Genetics Inc. | Sold out | 0.00% | −0.67 |
| NKTR Nektar Therapeutics | Sold out | 0.00% | −0.64 |
| IPI Intrepid Potash Inc. | Sold out | 0.00% | −0.61 |
| AXR Amrep Corp. | Sold out | 0.00% | −0.58 |
| HAYN Haynes International Inc. | Sold out | 0.00% | −0.58 |
| NXDT Nexpoint Diversified Real Es | Sold out | 0.00% | −0.55 |
| AVIR Atea Pharmaceuticals Inc. | Sold out | 0.00% | −0.48 |
| IVAC Intevac Inc. | Sold out | 0.00% | −0.45 |
| UEIC Universal Electronics Inc. | Sold out | 0.00% | −0.45 |
| WEAV Weave Communications Inc. | Sold out | 0.00% | −0.44 |
| KEZAR LIFE SCIENCES INC | Sold out | 0.00% | −0.42 |
| ASMB Assembly Biosciences Inc. | Sold out | 0.00% | −0.42 |
| SBH Sally Beauty Holdings Inc. | Reduce -39.8% | 2.46% | −0.42 |
| WHWK Whitehawk Therapeutics Inc. | Sold out | 0.00% | −0.40 |
| ALLT Allot Ltd. | Sold out | 0.00% | −0.40 |
| NUVB Nuvation Bio Inc. | Sold out | 0.00% | −0.40 |
| FTEK Fuel Tech Inc. | Sold out | 0.00% | −0.39 |
| ALLOVIR INC | Sold out | 0.00% | −0.39 |
| SEER Seer Inc. | Sold out | 0.00% | −0.37 |
| GIFI Gulf Island Fabrication Inc. | Sold out | 0.00% | −0.36 |
Portfolio Buys Q3 2024 → Q4 2024
| PGNY Progyny Inc. | New | 2.45% | +2.45 |
| OPRT Oportun Financial Corp. | Add +11.9% | 3.67% | +2.38 |
| FTK Flotek Industries Inc. | New | 2.12% | +2.12 |
| URG Ur-Energy Inc. | New | 1.92% | +1.92 |
| RNGR Ranger Energy Services Class A | New | 1.88% | +1.88 |
| INVX Innovex International Inc. | Add +56.1% | 2.76% | +1.75 |
| ARHS Arhaus Inc. | Add +56.0% | 2.75% | +1.50 |
| RDCM Radcom Ltd. | Add +21.6% | 1.86% | +1.17 |
| METC Ramaco Resources Inc. Class A | Add +153.1% | 1.28% | +0.97 |
| SILC Silicom Ltd. | Add +44.2% | 1.40% | +0.96 |
| MCHB Mechanics Bancorp Class A | Add +1.1% | 3.15% | +0.82 |
| HZO Marinemax Inc. | Add +9.3% | 1.99% | +0.79 |
| ALAR Alarum Technologies Ltd.-ADR | New | 0.49% | +0.49 |
| THRY Thryv Holdings Inc. | New | 0.48% | +0.48 |
| TTGT Techtarget Inc. | Add +29.5% | 0.59% | +0.29 |
| APPS Digital Turbine Inc. | New | 0.12% | +0.12 |
| SEE Sealed Air Corp. | Add +64.3% | 0.06% | +0.04 |
| BTG B2GOLD Corp. | Add +7.1% | 0.09% | +0.03 |
| BWA Borgwarner Inc. | Add +25.0% | 0.04% | +0.02 |
| AXTA Axalta Coating Systems Ltd. | New | 0.02% | +0.02 |
| AAP Advance Auto Parts Inc. | New | 0.02% | +0.02 |
| AGCO Agco Corp. | New | 0.02% | +0.02 |
| LW Lamb Weston Holdings Inc. | New | 0.02% | +0.02 |
| TAP Molson Coors Beverage Co. Class B | New | 0.01% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 7 | $1.4M | SLB, UAN, FSLR, MCHX, BBD |
| Q1 2026 | 9 | $1.4M | SLB, VTMX, MCHX, CRESY, NFGC |
| Q4 2025 | 1 | $497K | RDCM |
| Q3 2025Amended | 52 | $155.8M | SEI, AOSL, MG, NGS, ANGO |
| Q2 2025 | 53 | $125.7M | SEI, OPRT, NGS, GLDD, MCHB |
| Q1 2025 | 66 | $117.4M | MCHB, MG, NGS, INVX, ARHS |
| Q4 2024 | 63 | $121.8M | NGS, SEI, OPRT, AOSL, GLDD |
| Q3 2024 | 117 | $224.3M | SBH, MCHB, AAOI, SEI, HOS |
| Q2 2024 | 118 | $186.8M | ORN, NGVC, AOSL, ARHS, RRGB |
| Q1 2024 | 123 | $198.2M | ARHS, ORN, MCHB, NGVC, RRGB |