Today, short squeeze stocks are in focus for investors. Indeed, a range of short squeeze hopefuls are once again grabbing attention. Those looking for the next GameStop (NYSE:GME) or AMC Entertainment (NYSE:AMC) may be intrigued by the price action of various short squeeze plays of late.
In particular, GameStop has garnered a tremendous amount of attention of late. The video game retailer recently announced a major shift into non-fungible tokens (NFTs) and crypto. GameStop has reportedly hired a team to work on an online marketplace for various digital items. This has once again stoked interest among retail investors in GME stock. Today, GameStop and other high-risk equities are having a terrible day due to market-related concerns. However, those looking for moonshot bets may be enticed by the recent price action in this stock, which jumped more than 20% on the initial announcement.
With a relatively bearish outlook on the economy starting to build, perhaps now is an intriguing time to look at some short squeeze stocks. Investors bearish on the potential for a more hawkish monetary policy stance by the Fed, a flattening yield curve, and inflation concerns may be more inclined to take the short side of the trade on beaten-up stocks. For those looking for high short interest options, this market is one providing incredible opportunities.
Let’s take a look at five of the top short squeeze stocks, as highlighted by Fintel today.
Top Short Squeeze Stocks for the Second Week of January
According to Fintel’s short squeeze leaderboard, these five stocks top the list right now:
- This week, short squeeze favorite Insignia Systems (NASDAQ:ISIG) takes the top spot. This company’s short interest of 62% has risen dramatically over the past week. Additionally, Insignia boasts a borrow fee rate at 519% (no, that’s not a typo). Accordingly, investors banking on short squeeze stocks are intensely watching this name.
- In second place is American Virtual Cloud Technologies (NADSAQ:AVCT). This company’s borrow rate is sky-high, though not as high as Insignia’s, at 152%. While short interest only comes in at 12% of the company’s overall float, this number is up more than 3,400% over the past week alone.
- Third, we have Reliance Global (NASDAQ:RELI). Today, RELI stock has surged approximately 14% at the time of writing on being included on this list. The company’s borrow fee rate sits around 207%, with a short interest ratio of more than 10%.
- Next on the list is Petros Pharmaceuticals (NASDAQ:PTPI). This pharmaceuticals play has seen short interest surge over the past month. Currently, short interest for this stock comes in at 22.3%, with a borrow fee rate of 130%.
- Finally, Ensysce Biosciences (NASDAQ:ENSC) rounds out the list. This company’s short interest of 11% and borrow fee rate of 175% allow this company to be included on this list.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.