The Short Squeeze Saga: 3 Stocks Primed for an Epic Surge

  • Meme stock sensation Keith Gill’s return reignites interest in short-squeeze stocks despite ongoing financial struggles.
  • Plug Power (PLUG): PLUG expands amid a 73% stock drop, backed by a $1.66 billion loan for green hydrogen.
  • Beyond Meat (BYND): BYND launches Beyond IV with 75% less saturated fat, despite a 50% stock drop.
  • Aurora Cannabis (ACB): ACB achieved its fifth positive EBITDA quarter, focusing on debt reduction amidst market pressures.
Short Squeeze Stocks - The Short Squeeze Saga: 3 Stocks Primed for an Epic Surge

Source: yingko /

Short squeeze stocks are garnering attention once again, thanks to the re-emergence of Keith Gill, also known as “Roaring Kitty,” a key figure in the original meme stock mania of 2020. The YouTube celebrity made a big investment in GameStop (NYSE:GME) stock and returned after a three-year hiatus to spark the meme stock craze. Twenty thousand call options with a $20 strike price are about to expire, and five million common shares are included in this. GME jumped by more than 80% in pre-market trade as the markets reciprocated.

Additionally, AMC’s (NYSE:AMC) stock has risen significantly, in part because of the renewed interest in meme stocks. The stock was still going up in early June, even though it had gone up 78% in one day in May, which led to renewed interest in short-squeeze stocks.

But, as we’ll see, some short-squeeze stocks are companies that work in high-value fields, like the hydrogen fuel cell and plant-based food options sectors, working their way to navigate out of recent troubles.

Plug Power (PLUG)

Person holding smartphone with logo of US hydrogen fuel cell company Plug Power Inc. on screen in front of website. Focus on phone display. Unmodified photo. PLUG stock
Source: T. Schneider /

Plug Power (NASDAQ:PLUG) is a prime candidate among short-squeeze stocks because it possesses all of the ingredients the meme stock community loves; it’s down 73% in a year, operates in the highly lucrative hydrogen fuel industry, and isn’t getting much analyst love.

PLUG’s sales for the first quarter of 2024 were $120.3 million, 42.8% less than the same time last year, and with a net loss of $295.77 million, PLUG is still not making any money.

In addition, Truist Securities recently cut its target price for PLUG from $6 to $3, while maintaining a “hold” rating, adding to woes for a stock already down double digits this year with a short interest of 29.4%.

PLUG, on the other hand, is actively trying to get more customers and funding in order to make good on analyst estimates and become profitable by 2026.

​The Department of Energy is lending $1.66 billion to help construct six green hydrogen factory units. In addition, an unnamed “major U.S. automobile manufacturer” is working with Plug Power to provide fuel cells and build hydrogen infrastructure. Finally, PLUG is expanding its pipeline in the environmentally concerned continent of Europe by inking agreements for 350 megawatts of electrolyzers.

Beyond Meat (BYND)

A photograph of a vegetarian burger.
Source: barmalini/

Beyond Meat (NASDAQ:BYND) is battling multiple fronts, with persistent inflation, a solitary rate cut this year, tough competition from Impossible Foods, and slowing plant-based meat revenues and volumes.

In addition to all of the above, BYND also didn’t do any favors for itself by reporting an 18% fall in net sales and a net loss of $155.1 million. Despite these hurdles, Beyond Meat expects sales of $315 million to $345 million in 2024, but investors are not biting; the stock is down almost 50% in the past year, and short interest is 39.8%.

To overcome these challenges and boost profitability, BYND is increasing the number of options on its menu. Recently, it revealed Beyond IV, its fourth-generation Beyond Burger and Beyond Beef.

Avocado oil cuts saturated fat by 75% compared to beef (in these goods). They include 20% less salt and 21 grams of protein per serving. In addition, the Beyond Burger and Beyond Crispy Nuggets are two new products BYND has added to its food service line.

Apart from these product introductions, BYND is also working actively on inventory optimization, which is why Beyond Jerky is being discontinued to concentrate on Beyond IV, which is more lucrative. BYND is also slashing its 2024 budget by $70 million as part of the SKU rationalization process.

Aurora Cannabis (ACB)

Closeup of mobile phone screen with logo lettering of cannabinoid company Aurora Cannabis (ACB, blurred marijuana leaf (focus on left part of letter R in center)
Source: Ralf Liebhold /

Aurora Cannabis (NASDAQ:ACB), much like other cannabis stocks, is a perennial name among short-squeeze stocks, primarily because, under federal law, marijuana is still illegal in America.

On the bright side, ACB reported its fifth consecutive quarter of positive adjusted EBITDA in its fiscal third quarter, thanks to quarterly net sales going up 5% to 64.4 million CAD. The Canadian licensed cannabis distributor is also cutting down on debt, recently repurchasing 23.1 million CAD in convertible debentures.

At the same time, not all is well, as revenue from consumer cannabis fell by 21% compared to last year, and adjusted SG&A expenses remained quite high at 27.5 million CAD in fiscal Q3 2024, which is under its 30 million CAD target.

What’s more, a reverse stock split in February 2024 was supposed to consolidate shares and keep the price stable, but ACB stock is selling for $5.90, still a long way below its 52-week high of $11.5.

CFO Glenn Ibbott also stepped down recently, though he’s going to continue in an advisory role; following his departure, ACB stock fell once again.

All of these developments come as the Canadian market continues to face downward pressure, with recreational cannabis sales growing 2% in Q1 2024, down from 11% in the previous quarter, further ensuring ACB remains among short-squeeze stocks for some time to come.​

On the date of publication, Faizan Farooque 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 Publishing Guidelines.

Faizan Farooque is a contributing author for and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

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