5 Short Squeeze Candidates To Watch: Huadi Tops List, Altimeter Group And Bit Digital Rejoin Leaderboard

Potential short squeeze plays have gained steam in 2021 with new retail traders looking for the next GameStop Corp (NYSE:GME) or AMC Entertainment Holdings Inc (NYSE:AMC).

A short squeeze can occur when a heavily shorted stock rises in value instead of falling. Short sellers could be looking to close out their position and can face a loss if they have to buy back shares they initially borrowed at a higher price.

Fintel Data: Data from Fintel, which requires a subscription, provides a look at some of the top shorted stocks and data that shows how likely a short squeeze is to happen.

Here is a look at Fintel’s top five short squeeze candidates for the week of Nov. 15.

Huadi International: Small cap Huadi International Group (NASDAQ:HUDI) is a manufacturer of stainless steel pipes and tubes, used by numerous industries. Shares were trading under $4 to start October before running up over $28 on news of a contract award with an unnamed customer.

Fintel shows 21.8% of HUDI float shorted and a borrow cost of 172%. This borrow cost is one of the highest on record right now, according to Fintel.

Progenity: After topping the list for four straight weeks, biotech company Progenity Inc (NASDAQ:PROG) comes in second place for the week of Nov. 15. Fintel shows 34% of the company’s float short and a borrow rate of 85.7% for PROG shares. Volume has fallen in the stock and shares are stuck in a range of $3 to $3.50 according to Fintel. The options market is showing a bullish bet on PROG shares with a put/call ratio of 0.19.

Altimeter Group Corp: SPAC Altimeter Group Corp (NASDAQ:AGC) rejoins the list after its merger partner Grab reported third-quarter results last week. Short interest is up 13% in AGC and stands at 38.8% of the company’s total float. Fintel shows a borrow rate of 24.8%. on AGC shares. Option traders remain bullish on AGC with a put/call ratio of 0.56.

Bit Digital: Bitcoin (CRYPTO: BTC) miner Bit Digital (NASDAQ:BTBT) rejoins the Fintel short squeeze leaderboard with a fourth-place ranking. Fintel shows 8.5 million shares short, which is down from the previous week. Bit Digital has 20.5% of its float short and a cost to borrow of 114%, one of the week’s highest.

Synapotogenix: Biotechnology company Synaptogenix (NASDAQ:SNPX) ranks fifth on the Fintel leaderboard for the week. Around 25% of Synaptogenix shares are float and the company has a small float of around six million shares. Short interest has risen 87% in the last month. Fintel shows a cost to borrow at 13.2%, which is lower than others on the leaderboard.

BTBTBit Digital Inc

$1.590.53%

Overview

HUDIHuadi International Group Co Ltd

$1.17-8.02%

SNPXTradr 2X Long SNPS Daily ETF

Not Available-%

$BTCBitcoin

$75490.02-0.32%

AMCAMC Entertainment Holdings Inc

$1.870.54%

GMEGameStop Corp

$24.46-0.37%

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