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Looking for the next meme stock? These stocks are short-squeeze targets

Looking for the next meme stock? These stocks are short-squeeze targets
Elmaz Sabovic

The surge in GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) stocks, which added over 100% in their value in just one day, has hinted at the craze that was gripping the stock market when meme mania hit and has already caused short-sellers to lose over $1 billion, while GME and AMC stocks added over $6 billion to their market caps in the process.

Now, the question is whether this surge is sustainable, whether it can spread to other stocks deemed ‘meme stocks,’ and whether new ones can be included due to their vulnerability to the short squeeze.

Our strategic analysis at Finbold has identified the percentage of stocks with a high rate of float shorted in the stock market. This analysis has led us to the stocks most likely to be targeted in the coming days, providing our readers with valuable insights.

Quite a few targets, but is any like GME?

Considering that a value above 10% of short interest is considered high, and 20% is deemed very high, stocks like Sunpower Corporation (NASDAQ: SPWR), Children’s Place (NASDAQ: PLCE), B.Riley Financial (NASDAQ: RILY), and Biomea Fusion (NASDAQ: BMEA), with over 50%, are deemed perfect targets for a short squeeze, which is just waiting to happen.

Possible short-squeeze targets Source: Barchart
Possible short-squeeze targets Source: Barchart

However, the question remains whether the trading community is interested, as it is hard to garner the attention and power of the general public and point it in the same direction.

Meme stocks had a great trading session

May 13 has seen significant gains in several meme stocks, with AMC Entertainment leading the pack with a remarkable increase of 78%. 

Following closely behind are GameStop with a 74% increase, Reddit (NYSE: RDDT) with an 8% increase, Spirit Airlines (NYSE: SAVE) also with a 15% increase, Lucid Motors (NASDAQ: LCID) with a 5% increase, and Rivian (NASDAQ: RIVN) with 9% gain. 

These gains have collectively contributed to a staggering addition of over $10 billion in market capitalization for meme stocks today alone. Over the past three weeks, these stocks’ cumulative market cap increase has reached nearly $25 billion. 

Notably, many meme stocks are reaching multi-year highs, fueled partly by the resurgence of interest.

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