Benzinga - by Chris Katje, Benzinga Staff Writer.
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.
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.
Blue Apron Holdings (NYSE: APRN) moves back to the top of the leaderboard after falling to second place last week. The meal delivery company has now topped the short squeeze leaderboard in three of the last four weeks. Data shows 31.3% of the float short and a cost to borrow of 37.3%. Blue Apron has been a popular short-squeeze candidate in recent years.TradeUp Acquisition Corp (NASDAQ: UPTD) moves up seven positions to rank second on the short squeeze leaderboard. Data shows 18.3% of the float short and a cost to borrow of 14.5%. The SPAC is seeking to merge with pharmaceutical company Estrella Biopharma. The SPAC has seen increased attention from investors and a more than 100% gain in the last month. The company announced an extension of its merger completion date from Aug. 19 to Sept. 19, 2023. TradeUp also has the ability to extend its merger completion date out to July 14, 2024. The SPAC is considered a low-float stock and could see its float shrink upon more extensions.VistaGen Therapeutics (NASDAQ: VTGN) ranks third for a second straight week, after previously moving up 21 positions a week ago to join the top five short squeeze candidates. Shares of the biotechnology company are up over 220% in the last month. Data shows 16.6% of the float short and a cost to borrow of 72.8%.3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
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Stocks to Watch: Outside the top five short-squeeze candidates, several other names are making big moves. Here are five stocks rising on the charts with significant short percentages or borrowing costs.
Grove Collaborative Holdings Inc (NYSE: GROV) drops to seventh place, but remains a popular short squeeze candidate. Data shows 14.7% of the float short and a cost to borrow of 19.8%.View Inc (NASDAQ: VIEW) moves up 15 positions to rank 10th for the week. Data shows 6.9% of the float short and a cost to borrow of 142.0%.Eagle Bulk Shipping (NYSE: EGLE) moves up 13 positions to rank 16th for the week. Data shows 23.5% of the float short and a cost to borrow of 2.5%. The stock was previously mentioned as a stock to watch on the leaderboard several weeks ago.Wheels Up Experience Inc (NYSE: UP) moves up 58 positions to rank 20th for the week. Data shows 12.2% of the float short and a cost to borrow of 61.3%.3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
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