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Stocks such as AMC Entertainment Holdings (NYSE:AMC) and GameStop Corporation (NYSE:GME) have been the targets of epic short squeezes this year due to their underlying statistics.
Stocks that make good short squeeze candidates often have a few things in common: A small float, high levels of insider and institutional ownership and, most importantly, a high number of shares held short.
Although high short interest usually indicates a bearish sentiment for the stock, while low short interest indicates bullish sentiment, if buyers come into a stock with high short interest en masse it can force short sellers to cover which then propels the stock up even higher.
Penny Stocks That Fit The Bill: The following four penny stocks, which all trade under the $5 mark, make good candidates for a possible short squeeze.
Digital Ally, Inc (NASDAQ:DGLY), a manufacturer of digital security products for law enforcement, could squeeze shorts with a small float of just 48.64 million shares. Digital Ally also has a high percentage of its float held short at 14.18%, meaning 6.9 million of its shares are held short. The number has increased from 5.95 million in June.
Between May 29 and June 9, 2020, Digital Ally soared 747% in an epic short squeeze.
See Also: Best Penny Stocks • Stocks Trading Under $2
Ra Medical Systems Inc (NYSE:RMED), a commercial-stage medical device company, has all the characteristics needed for a short squeeze.
Ra Medical Systems has an extremely small float of just 5.56 million shares and 10.01% of its shares held short. The stock has moderate levels of ownership, with insiders owning 11.97% of its float and institutions an additional 11.88%.
Washington Prime Group Inc (NYSE:WPG), a REIT retail company, has been targeted by retail traders previously and in June the stock skyrocketed 279% higher over 10 days.
Washington Prime has a small float of just 22.46 million shares available for trading. 13.19% of Washington Prime’s float is held short, meaning 3.2 million of its total shares, although that number has decreased from $6.41 million in June. Insiders and Institutions own 30.34% of the total shares available.
Lannett Company Inc (NYSE:LCI) has 24.52% of its small 33.74-million-share float held short.
Of the four stocks, Lannet has the highest ownership level, with an unbelievable 108.43% of its shares held by insiders and institutions. Lannet is Philadelphia-based and develops, manufactures, packages, markets, and distributes generic versions of brand pharmaceutical products.
