Squeezable U.S. Shorts
Author:
Ihor Dusaniwsky
Managing Director of Predictive Analytics, S3 Partners
Matthew Unterman
Director of Predictive Analytics, S3 Partners
The U.S. market has risen substantially over the last thirty days (S&P 500 +6.4%, Nasdaq +8.0% & Russell 3000 +5.8%) which has made short positions more crowded and more squeezable as the mark-to-market value of shorted shares increase. Mark-to-market losses on the short side may force some short sellers trim or exit their positions.
S3’s Squeeze Score overlays the significant components for a squeeze, higher financing costs and unrealized losses, to our Crowded Score to identify shorted stocks with higher short-side volatility and identifies stocks that have the necessary conditions to be “squeezed”. Squeeze Scores of 70-100 identify squeezable stocks, and scores over 90 have a significantly higher risk of a squeeze and the potential for the resulting buy-to-covers to pushing stock prices even higher.
Most Squeezable U.S. Stocks
Ticker
Short Interest
Squeeze Score
COINBASE GLOBAL INC
COIN US
$ 2,711,105,806
100.00
CARMAX INC
KMX US
$ 1,795,142,261
100.00
GAMESTOP CORP
GME US
$ 1,315,335,843
100.00
MICROSTRATEGY INC
MSTR US
$ 1,118,506,975
100.00
AMC ENTERTAINMENT
AMC US
$ 748,958,559
100.00
TG THERAPEUTICS
TGTX US
$ 591,720,414
100.00
UPSTART HOLDINGS INC
UPST US
$ 499,897,828
100.00
CARVANA CO
CVNA US
$ 484,992,417
100.00
MARATHON DIGITAL HLDGS INC
MARA US
$ 444,965,574
100.00
RIOT BLOCKCHAIN INC
RIOT US
$ 438,766,451
100.00
ROCKET COMPANIES INC
RKT US
$ 355,451,000
100.00
NOVAVAX INC
NVAX US
$ 332,003,926
100.00
EVGO INC
EVGO US
$ 191,894,553
100.00
ARCUTIS BIOTHERAPEUTICS
ARQT US
$ 188,526,730
100.00
DESKTOP METAL INC
DM US
$ 169,130,967
100.00
TELLURIAN INC
TELL US
$ 149,236,534
100.00
SANA BIOTECHNOLOGY INC
SANA US
$ 113,312,137
100.00
UWM HLDGS CORP
UWMC US
$ 106,050,235
100.00
Recent mark-to-market (unrealized losses) are the primary driver for a stock to be squeezed. The 100/100 Squeeze Score stocks with the largest thirty-day mark-to-market losses are:
Squeezable Stock 30 Day MTM P\L
Ticker
Squeeze Score
Short Interest
30D MTM P\L %
RIOT BLOCKCHAIN INC
RIOT US
100.00
$ 438,766,451
-80.26%
MARATHON DIGITAL HLDGS INC
MARA US
100.00
$ 444,965,574
-59.11%
MICROSTRATEGY INC
MSTR US
100.00
$ 1,118,506,975
-51.83%
TG THERAPEUTICS
TGTX US
100.00
$ 591,720,414
-51.48%
NOVAVAX INC
NVAX US
100.00
$ 332,003,926
-39.07%
TELLURIAN INC
TELL US
100.00
$ 149,236,534
-31.81%
CARVANA CO
CVNA US
100.00
$ 484,992,417
-29.36%
GAMESTOP CORP
GME US
100.00
$ 1,315,335,843
-25.82%
COINBASE GLOBAL INC
COIN US
100.00
$ 2,711,105,806
-25.20%
ROCKET COMPANIES INC
RKT US
100.00
$ 355,451,000
-20.93%
UWM HLDGS CORP
UWMC US
100.00
$ 106,050,235
-16.54%
SANA BIOTECHNOLOGY INC
SANA US
100.00
$ 113,312,137
-15.22%
CARMAX INC
KMX US
100.00
$ 1,795,142,261
-14.21%
UPSTART HOLDINGS INC
UPST US
100.00
$ 499,897,828
-13.63%
DESKTOP METAL INC
DM US
100.00
$ 169,130,967
-11.52%
EVGO INC
EVGO US
100.00
$ 191,894,553
-10.97%
ARCUTIS BIOTHERAPEUTICS
ARQT US
100.00
$ 188,526,730
-8.91%
AMC ENTERTAINMENT
AMC US
100.00
$ 748,958,559
-2.42%
But a mark-to-market loss is not the only thing that takes out of profits, high stock borrow fees can add significant costs to a short trade and may even turn a profitable trade into a loser. The 100/100 Squeeze Score stocks with the highest stock borrow rates are:
Squeezable Stock Borrow Fees
Ticker
Short Interest
Borrow Fee
AMC ENTERTAINMENT
AMC US
$ 748,958,559
237.82%
EVGO INC
EVGO US
$ 191,894,553
77.57%
UPSTART HOLDINGS INC
UPST US
$ 499,897,828
67.07%
NOVAVAX INC
NVAX US
$ 332,003,926
54.32%
MARATHON DIGITAL HLDGS INC
MARA US
$ 444,965,574
18.07%
GAMESTOP CORP
GME US
$ 1,315,335,843
11.57%
CARVANA CO
CVNA US
$ 484,992,417
10.82%
DESKTOP METAL INC
DM US
$ 169,130,967
10.07%
ROCKET COMPANIES INC
RKT US
$ 355,451,000
9.07%
MICROSTRATEGY INC
MSTR US
$ 1,118,506,975
5.82%
RIOT BLOCKCHAIN INC
RIOT US
$ 438,766,451
5.82%
UWM HLDGS CORP
UWMC US
$ 106,050,235
5.57%
COINBASE GLOBAL INC
COIN US
$ 2,711,105,806
4.32%
SANA BIOTECHNOLOGY INC
SANA US
$ 113,312,137
0.82%
TELLURIAN INC
TELL US
$ 149,236,534
0.45%
ARCUTIS BIOTHERAPEUTICS
ARQT US
$ 188,526,730
0.30%
TG THERAPEUTICS
TGTX US
$ 591,720,414
0.30%
CARMAX INC
KMX US
$ 1,795,142,261
0.30%
There are squeezable stocks that do not have the top 100/100 Squeeze Score. The following stocks are crowded shorts with large recent mark-to-market losses that are also squeeze candidates.
Squeezable Stocks
Ticker
Short Interest
Squeeze Score
AGILON HEALTH INC
AGL US
$ 1,048,089,880
97.50
RELAY THERAPEUTICS
RLAY US
$ 327,394,208
97.50
WORLD WRESTLING ENT
WWE US
$ 796,849,537
95.00
CINEMARK HLDGS
CNK US
$ 394,002,960
90.00
CUTERA INC
CUTR US
$ 126,250,041
90.00
PARAMOUNT GLOBAL B
PARA US
$ 2,000,003,079
87.50
LYFT INC
LYFT US
$ 546,680,935
80.00
IONQ INC
IONQ US
$ 138,246,112
80.00
ENOVIX CORP
ENVX US
$ 306,030,726
80.00
While high Squeeze Scores do not guarantee a stock squeeze – a stock cannot be squeezed unless it has a higher Squeeze Score. The main reason an investor\trader exits a short position is because they are forced to due to large losses – they may decide to reduce a short position due to portfolio management (buying-to-cover to realize gains as a position grows near risk or concentration limits or reaches expected Alpha) but no-one is forced to exit a winning trade.
Our Blacklight SaaS platform and Black App provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions.
The Black MaP and Black App products provide a total view of long and short positioning in the market with a breakdown between Active\Passive long investors, 24 Fund type entities, over 50k securities globally across 108 countries and data from 58 regulatory exchanges.
