Potential short squeeze plays gained steam in 2021, continued throughout 2022, and remain a new focus of traders looking for the next huge move.
“High short interest and steep borrowing costs are among the common traits that could lead to a short squeeze,” said Benzinga.
Here’s a look at the top five short squeeze candidates and several stocks to watch this week based on the Fintel short squeeze leaderboard.
- MedAvail Holdings (NASDAQ: MDVL) tops the leaderboard for the week, moving up 1,646 positions in one of the biggest jumps seen in the top ten in weeks. Data shows 48% of the float short and a cost to borrow of 153.2%.
- Healthcare Triangle Inc (NASDAQ: HCTI) moves up one position to second place on the leaderboard. Data shows 18% of the float short, in line with last week’s report. The cost to borrow on shares is 529.4%, up from last week’s 472.1%. The move to second follows last week, when the stock moves up 197 positions to rank third on the leaderboard.
- Yellow Corporation (NASDAQ: YELL) has been one of the biggest stories in recent weeks with the trucking company preparing for bankruptcy. Shares traded higher on news of high short interest and of the potential selling of assets. Fintel shows 50.1% of the float short and a cost to borrow of 173.1%. The stock moves up 822 positions to rank third on the leaderboard.
- Greenidge Generation Holdings (NASDAQ: GREE) moves up one position to rank fourth for the week. The company, which was previously known as Support.com, is a power generation and Bitcoin (CRYPTO: BTC) mining company. Data shows 15.6% of the float short, in line with last week’s report. The cost to borrow on shares is 83.1%, up from last week’s 81%. “Bitcoin mining companies have been popular targets by short sellers and have made appearances on this list in recent weeks,” said Benzinga.
- Blue Apron Holdings Inc (NYSE: APRN) moves into the top five short squeeze candidates, jumping up 12 positions from last week. The meal delivery company has been a popular short squeeze candidate in recent years. Data shows 27.2% of the float short, in line with last week’s report. The cost to borrow on shares is 111.2%, rising significantly from 24.5% reported last week.
Stocks to Watch: Outside the top five short-squeeze candidates, several other names are making big moves. Here are five stocks that are climbing the leaderboard or have high data figures for a short percentage or cost to borrow.
- Getty Images Holdings (NYSE: GETY) ranks sixth for the week, moving up two positions. The move comes after the stock ranked eighth for two straight weeks and has previously topped the leaderboard. Data shows 206.7% of the float short and a cost to borrow of 54.8%
- JOANN Inc (NASDAQ: JOAN) ranks 11th for the week, continuing its move higher. The stock also moved up two positions in the prior week and is nearing the top ten. Data shows 18.0% of the float short and a cost to borrow of 23.7%.
- Celcuity Inc (NASDAQ: CELC) ranks 14th for the week, moving up 44 positions. Data shows 25.6% of the float short and a cost to borrow of 6.9%
- UpHealth Inc (NYSE: UPH) ranks 16th for the week, moving up 70 positions. Data shows 11.4% of the float short and a cost to borrow of 10.4%.
- Tupperware Brands Corporation (NYSE: TUP) ranks 47th for the week, moving up five positions. Data shows 24% of the float short. “The cost to borrow on shares is 168.3%, which is up from last week’s 75.5% reported. The well-known consumer brands company has seen increased trading activity among traders in recent weeks,” said Benzinga.
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Edited by Judy J. Rotich and Newsdesk Manager