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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.
1. Asset Entities (NASDAQ:ASST) tops the leaderboard for the second straight week. Data shows 25.2% of the float short, in line with last week’s report. The cost to borrow on shares drops slightly from 393.5% to 328.3%. Asset Entities provides social media marketing and content delivery services for Discord, TikTok and other platforms. The company recently launched an AI Bot for Discord.
2. Intuitive Machines (NASDAQ:LUNR) ranks second on the leaderboard for a second straight week. Data shows 25.0% of the float short, in line with last week’s report. The cost to borrow on shares is 266.5%, which is down from last week’s 284.0% reported.
3. Toro Corp (NASDAQ:TORO) moves up two positions to rank third for the week. Data shows 46.7% of the float short and a cost to borrow of 22.3%. The stock previously topped the short squeeze leaderboard for several weeks in May.
4. MoonLake Immunotherapeutics (NASDAQ:MLTX) ranks fourth on the leaderboard for a second straight week. Data shows 85.4% of the float short, in line with last week’s report. The cost to borrow on shares is 11.9%, down from last week’s 13.6% reported. Shares of the clinical biotech rocketed higher last week after the company reported topline results from its Phase 2 MIRA trial for its nanobody sonelokimab. MoonLake has been a frequent name in the short squeeze leaderboard over the last year.
5. Lightning eMotors (NYSE:ZEV) is the lone newcomer to the top five short squeeze stocks for the week, moving up 21 positions to rank fifth. Fintel does not give a short percentage on the stock, but highlights the cost to borrow of 77.5%.
Related Link: Exclusive: Top 10 Most Searched Tickers On Benzinga Pro In June
Stocks to Watch: Outside the top five short squeeze candidates, several other names are making big moves, including:
ShiftPixy Inc (NASDAQ:PIXY) ranks sixth on the leaderboard, moving up four positions. Data shows 14.4% of the float short and a cost to borrow of 370.2%, one of the highest figures for the week.
Sientra Inc (NASDAQ:SIEN) ranks eighth for the week, moving down one position. Data shows 20.6% off the float short and a cost to borrow of 61.7%. The cost to borrow moves up from last week’s 61.3% reported.
Bullfrog AI Holdings (NASDAQ:BFRG) ranks 11th for a second straight week. Data shows 20.1% of the float short and a cost to borrow of 481.6%.
Kura Sushi (NASDSAQ:KRUS) ranks 23rd for the week, moving up 15 positions. Data shows 22.7% of the float short and a cost to borrow of 1.3%.
Carvana Co (NYSE:CVNA) ranks 73rd on the leaderboard, moving up 12 positions. Data shows 63.5% of the float short, ranking third among all companies on the Fintel short squeeze leaderboard. The cost to borrow on shares is 7.8%.
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