Potential short squeeze plays gained steam in 2021 and have continued through 2022 with new traders looking for the next huge move.
High short interest and a high cost to borrow are among the common traits that could lead to a short squeeze. Here’s a look at the top five short squeeze candidates based on the Fintel short squeeze leaderboard.
PaxMedica Inc: Clinical stage biopharmaceutical company PaxMedica Inc PXMD returns to the top five candidates, ranking first on the list it topped several weeks ago. Data shows 21.7% of the float short and a cost to borrow of 402.1%. The cost to borrow for PaxMedica ranks as the highest of all stocks tracked by the Fintel leaderboard. The stock has made frequent appearances on the short squeeze leaderboard over the last two months.
SurgePays Inc: Fintech company SurgePays Inc SURG moves up one position from last week's leaderboard to second place this week. Data shows 70.1% of the float short, in line with last week’s figure. The cost to borrow is 8.4%, up from last week’s 7.9%.
MoonLake Immunotherapeutics: Clinical stage biopharmaceutical company MoonLake Immunotherapeutics MLTX drops from second place to third place for the week. Data shows 19.4% of the float short, in line with last week’s figure. The cost to borrow shares is 25.8%, down from last week’s 28.4%.
Safe Harbor Holdings: Offering compliance, monitoring and validation services to financial institutions that provide services to the cannabis industry, Safe Harbor Holdings Inc SHFS recently went public via SPAC merger. The company found itself rankings fourth last week, moving up 455 positions on the leaderboard. Safe Harbor Holdings is fourth for this week again. Data shows 3.9% of the float short, down from last week’s 12.9%. The cost to borrow on shares for the week is 123.9%, down from last week’s 162.4%.
OPAL Fuels: Renewable natural gas company OPAL Fuels OPAL ranks fifth for the week on the Fintel leaderboard. The stock moves up seven positions to place in the top five candidates. Data shows 5.5% of the float short and a cost to borrow of 92.1%.
Benzinga recently introduced the Moneymaker Index, which shares a weekly list of five stocks that are seeing increased interest from investors. Check out the weekly series here.
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