Benzinga - Potential short squeeze plays gained steam in 2021, continued throughout 2022, and remain a focus of new 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.
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.
Baosheng Media Group Holdings (NASDAQ: BAOS) tops the leaderboard for the week. Data shows 25.2% of the float short and a cost to borrow of 202.8%. Shares of the streaming marketing service provider are up 85% year-to-date in 2023.
Toro Corp (NASDAQ: TORO) moves up one position to rank second for the week. Data shows 47.8% of the float short, up from last week’s 46.7%. The cost to borrow on shares is 20.3%, down from last week’s 22.3% reported. The stock previously topped the short squeeze leaderboard for several weeks in May and has made frequent appearances in the top 10.
Intuitive Machines (NASDAQ: LUNR) ranks third for the week, dropping one position on the leaderboard. Data shows 21.6% of the float short, down from last week’s 25.0% reported. The cost to borrow on shares is 235.7%, down from last week’s 266.5%.
MoonLake Immunotherapeutics (NASDAQ: MLTX) ranks fourth on the leaderboard for a third straight week. Data shows 114.3% of the float short, up from last week’s 85.4% reported. The cost to borrow on shares is 10.6%, down from last week’s 11.9% reported. Shares of the clinical biotech have been soaring after the company reported topline results from its nanobody sonelokimab. Shares of MoonLakes are up 120% in the last month and up 422% year-to-date.
Getty Images Holdings (NYSE: GETY) ranks fifth on the short squeeze leaderboard for the week, moving up five places. Data shows 207.6% of the float short and a cost to borrow of 76.8%. The image marketplace company previously topped the short squeeze leaderboard for several weeks earlier this year and has been a frequent short squeeze mention.
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Stocks to Watch: Outside the top five short squeeze candidates, several other names are making big moves:
AirSculpt Technologies (NASDAQ: AIRS) ranks sixth for the week, moving up nine positions. Data shows 33.5% of the float short and a cost to borrow of 17.4%. The stock previously topped the short squeeze leaderboard in May and June.
Ocean Biomedical (NASDAQ: OCEA) moves up 51 positions on the leaderboard to rank eighth for the week. Data shows 25.0% of the float short and a cost to borrow of 106.4%.
Joann Inc (NASDAQ: JOAN) ranks 10th for the week, moving up 26 positions. Data shows 19.4% of the float short and a cost to borrow of 60.6%. The retailer has been moving up the short squeeze leaderboard in recent weeks.
Beam Global (NASDAQ: BEEM) ranks 14th for the week, moving up 35 positions. Data shows 16.0% of the float short and a cost to borrow of 16.3%.
Minerva Neurosciences (NASDAQ: NERV) ranks 19th for the week, moving up 645 positions on the leaderboard. Data shows 8.6% of the float short and a cost to borrow of 74.2%.
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Image: Pixabay
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