5 Short Squeeze Candidates To Watch: Pioneer Power Tops List Along With Newegg, Nuzee And More

Potential short squeeze plays have gained steam in 2021 with new retail traders looking for the next huge move. GameStop Corp (NYSE:GME) and AMC Entertainment Holdings (NYSE:AMC) are two high-profile examples of short squeezes earlier this year.

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 the shares they initially borrowed at a higher price.

A squeeze can occur when short sellers are forced to buy in and cover their position, which has caused shares to go much higher on many occasions.

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

This week’s list of five top short squeeze candidates contains five stocks that were not on the list in the previous week.

Here is a look at Fintel’s top five short squeeze candidates for the week of Nov. 29.

Pioneer Power Solutions: Electrical transmission and power generation equipment company Pioneer Power Solutions (NASDAQ:PPSI) tops the short squeeze leaderboard for the week. Short interest makes up 40.9% of the float, according to Fintel.

Short interest increased significantly from October to November, going from 32,000 shares to 1.6 million shares short. Fintel shows a cost to borrow of 80.2% for PPSI shares.

Nuzee: Shares of single serve pour-over coffee company Nuzee Inc (NASDAQ:NUZE) increased significantly at the start of November, moving from $2 to $7 a share. Fintel shows 11.2% of the company’s float short and a cost to borrow of 136%. Short interest recently increased from 74,900 shares to over 1.29 million.

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

Newegg: Ecommerce company Newegg Commerce (NASDAQ:NEGG) rejoins the short squeeze leaderboard. Short interest in Newegg was up 102% in the first week in November. The cost to borrow on NEGG shares is 84%.

Newegg, which sells computer components and gaming products recently announced it would accept payments from Shiba Inu (CRYPTO: SHIB), helping boost the share price.

RenovoRx: Biotechnology company RenovoRx Inc (NASDAQ:RNXT) comes in fourth place on the leaderboard. Nearly 10% of the company’s float is short at 9.7%. The cost to borrow on RNXT shares is 101.7%

 The company is a low float stock and has a market capitalization of around $57 million. The company is currently enrolling patients in a Phase 3 pancreatic cancer treatment trial.

TDH: With the well-known ticket PETZ, TDH Holdings (NASDAQ:PETZ) is a pet food and accessory company that mainly operates in China. Short interest in PETZ rose over 6,000% from the end of October to mid-November. Around 7.3% of PETZ float is now short.

Shares of PETZ rose from $2 to over $9 in mid-November and have traded in a range of $4.50 to $6.50 for several weeks.