5 more penny stocks to watch out for with high short-term interest
There are many trends to follow in the stock market, especially when it comes to penny stocks. We’ve seen industry topics like DeFi, NFT, and digital currency grow in popularity this quarter.
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We’ve also seen broader trends in things like technology, energy, and materials attracting the attention of retailers. However, a more consistent and more volatile business idea in 2021 focuses on short contractions. Think back to the beginning of the year and companies like AMC Entertainment, GameStop, and many others set the tone for the staying power of this trend.
Now, heading into the end of the year, many remain focused on finding the next round of short compression stocks to buy. This article will look at some names that have higher levels of short interest. From there, you can decide if they are suitable for your watch list right now. This is a continuation of the first 5 cent high interest short stock. To see them, see our article Penny Stocks To Buy For A Short Squeeze? 5 To watch now.
Short squeeze penny stocks to see
NuZee Inc. (NASDAQ: NUZE)
A few weeks ago, we started talking about NuZee Inc. on our list of “cheap stocks to watch out for” during the fourth quarter. While it is not one of the most popular industries on the stock market today, it has gained some individual interest thanks to specific corporate developments this quarter.
Nuzee is a single serving coffee joint packaging company and produces bags for Cuvée coffee. Interestingly, Cuvée announced an expansion agreement at more than 3,000 Walmart stores nationwide in November. This helped act as a catalyst for a more significant move over the past month, with NUZE shares rising from roughly $ 2 to highs of over $ 7. Following some profit taking in late November, the stock of a penny has had a more substantial rally this month.
With a short float percentage of around 11.20%, according to Fintel, NUZE is not a stock with the highest short position. However, similar to some other names on this list in that it has a relatively lower float, that could also play a role in the volatile swings that have been seen recently.
Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI)
Shares of Spectrum Pharmaceuticals continued to rise during the second half of this week. We have followed several developments with this biotech company regarding their portfolio of treatment candidates. Specifically, Spectrum has worked to advance its poziotinib to treat locally advanced or metastatic non-small cell lung cancer. The company’s other platform, ROLONTIS, is under development and is on the way to filing a Biologics License Application for patients with non-myeloid malignancies.
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The recent surge in excitement is due to the news that Spectrum has officially submitted its New Drug Application for poziotinib. This week, Spectrum announced that NDA’s new submission was based on its favorable results from Cohort 2 of its ZENITH20 trial.
“The introduction of the NDA for poziotinib marks an important step in achieving a first treatment for patients with HER2 exon 20 insertion mutations in lung cancer.”
Joe Turgeon, President and CEO of Spectrum Pharmaceuticals
While we await further details on the timing of possible filing approval, some traders are also looking at additional aspects of SPPI’s stock. In particular, short interest, which today, according to Fintel, is around 11.52%.
Invacare Corp. (NYSE: IVC)
Invacare is another one of the penny stocks that has come under pressure this year. Believe it or not, the penny stock was trading above $ 6 for most of this year. Its initial cracks started showing in September following its third-quarter business update. In particular, the company cut targeting. Obviously, as a company that manufactures and distributes medical devices, the pandemic has wreaked havoc on supply chains. Invacare was not immune to this, prompting the revision in the guide. Throw in some analyst target price cuts and a warning letter from the FDA earlier this month, and you’ve got yourself an interesting picture.
With respect to the warning letter, the FDA cautioned against procedures involving the handling of complaints, corrective and preventive actions, and reports of medical devices associated with oxygen concentrators. In an Invacare presentation, the company said it plans to respond in a timely manner and work to address these concerns.
So where does this leave IVC stocks right now? If you look at the stock chart, you will see that the last few sessions have been bullish. The shares have risen from less than $ 2.20 to more than $ 2.80 on October 9. Meanwhile, Fintel data shows that IVC’s short float percentage stands at around 28.7% at the moment.
Bluejay Diagnostics Inc. (NASDAQ: BJDX)
Another medical device company on this penny stock list is Bluejay Diagnostics. Its Symphony system is designed as a more cost-effective close-to-patient platform for triage, monitoring disease progression, and diagnosis in hospitals and long-term acute care facilities. Symphony is designed to provide results in less than 30 minutes to help provide earlier and better triage or treatment decisions. Currently the platform is for IL-6 for Sepsis Triage.
Since its IPO, the penny stock has struggled to regain its November high of $ 6.25. However, that hasn’t ruled out that BJDX stocks have been more active in recent sessions. There have been no headlines to match the move. However, some attention has been paid to the current short position on BJDX.
Based on Fintel data, the short float percentage hovers around 11% (10.97) as of this article. While this is not as big as other short figures, the total outstanding share count for BJDX shares is less than 20 million shares. That might suggest that BJDX is also one of the low-float penny stocks to watch out for.
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Bit Brother Ltd. (NASDAQ: BTB)
Like some of the others on this penny stock list, Bit Brother has been under pressure for the past few weeks. This is important to mention because there is a reason traders short stocks in the first place; They want to bet against you and take advantage of any inconvenience if they are right in your business idea. In this case, BTB shares have fallen from highs of $ 3 in November to lows of $ 0.51 this week.
Part of this drop was attributed to the company’s $ 24.3 million funding round. Why would raising money be a bad thing in the eyes of investors? Based on the price at which Bit Brother issued the new shares ($ 0.875), this was a huge discount from the market price when the details came to light. As a “bigger picture” view of the market, BTB has entered the fold of crypto stocks. Although there have not been many incumbents of the company, involvement in this field has been mentioned.
Earlier this year, Bit Brother announced an LOI to acquire the majority stake in Angelo’s Pizza. The company mentioned expanding its reach to international markets with a cryptocurrency angle through Bitcoin payment methods. In addition to the interest in cryptocurrencies, BTB shares have been on a list of penny stocks to watch with higher short interest. According to Fintel data, the short float percentage currently stands at around 12.5%.
Penny Short Squeeze Stock
It is important to remember that Penny stocks with higher short interest I have it for a reason. It usually involves a big bet against the company itself. Regardless, when these stocks “contract”, the volatility in the market is like no other. Just look at AMC as an example. No all penny stocks with high short interest follow this trend. However, it does not hurt to know the fundamental and technical aspects of certain stocks to decide whether or how you plan to trade them.
10 short penny stocks to watch
This is a continuation of the first 5 cent high interest short stock. To see them, see our article Penny Stocks To Buy For A Short Squeeze? 5 To watch now. Here’s the full list too:
- PetVivo Holdings (NASDAQ: PETV)
- Petros Pharmaceuticals (NASDAQ: PTPI)
- Opko Health (NASDAQ: OPK)
- Ring Energy (NYSE: REI)
- Beyondspring Inc. (NASDAQ: BYSI)
- NuZee Inc. (NASDAQ: NUZE)
- Spectrum Pharmaceuticals Inc. (NASDAQ: SPPI)
- Invacare Corp. (NYSE: IVC)
- Bluejay Diagnostics Inc. (NASDAQ: BJDX)
- Bit Brother Ltd. (NASDAQ: BTB)