No, it's not 2021. But waking up today, you might have been forgiven for thinking so. Keith Gill, also known as RoaringKitty, the man behind the retail frenzy and eventual squeeze on GameStop (NYSE: GME), has resurfaced on Twitter after a prolonged absence. As a result, shares of iconic meme stocks like GameStop and AMC Entertainment (NYSE: AMC) are soaring on remarkable trading volume.
So, no, it isn’t 2021. However, could we be about to experience a similar meme-fueled squeeze and euphoria? While no one can predict the market, many can prepare themselves to react accordingly. So, if the meme craze is set to continue and perhaps even evolve into a full-on meme cycle, having a list of some of the highest-shorted meme stocks ready is a good idea.
5 Meme Stocks With a High Short Interest
Plug Power Inc.
Plug Power (NASDAQ: PLUG), a prominent player in the green energy sector specializing in hydrogen and hydrogen fuel cells, stands at the forefront of the drive towards a green hydrogen economy. It has garnered significant attention from retail traders and experienced a notable surge during the initial meme craze in 2020 and 2021.
However, year-to-date performance paints a different picture, with the stock facing a decline of over 40%. The bearish sentiment and a substantial short interest of 25.7% complement the situation. The stock has so far benefited from the recent momentum in GME and AMC, last up by over 13% in the latest trading session.
Novavax Inc.
Novavax (NASDAQ: NVAX) stands out with one of the highest short interest positions, as a staggering 32% of its float is sold short. Recent major announcements propelled the stock to remarkable highs. Over the past week alone, it has surged by an impressive 175%.
The stock has soared by 50% in the latest trading session, trading over 100 million shares, more than ten times its average daily volume. Given the resurgence of the meme craze, Novavax, a former pandemic runner, is well-positioned with breaking news, extraordinary trading volume, and substantial short interest, making it a potential favorite among meme stocks once again.
Koss Corporation
Koss Corporation (NASDAQ: KOSS), renowned for its design, manufacturing, and global sale of stereo headphones and related accessories, emerged as one of the standout sympathy stocks alongside GameStop during the meme stock frenzy. With its shares soaring to nearly $130 at its peak, Koss exemplified the volatile nature of meme stocks despite having a relatively smaller short float than others.
Despite its historical significance in meme stock culture, KOSS remained on the radar due to its tiny float, rendering it susceptible to significant price swings. Riding the recent wave of excitement, KOSS is experiencing a notable surge, with its stock up by almost 40% and trading nearly 18 million shares by 2 p.m., a staggering figure when contrasted with its average volume of just 108,000 shares.
VinFast Auto Ltd.
VinFast Auto (NASDAQ: VFS) is involved in the design and production of electric vehicles (EV), e-scooters, and e-buses across Vietnam, Canada, and the United States. With a float of merely 49 million shares, 14.7% of which are sold short, the stock witnessed a significant 30% increase in short interest over the previous month, reaching 7.2 million shares as of April 30. As of the latest update, VinFast shares surged by almost 35% in the trading session and traded nearly three times its average daily volume.
Reddit Inc.
Reddit (NYSE: RDDT) possesses all the attributes to capture the attention of retail traders and potentially emerge as a leading meme stock. Notably, the meme stock phenomenon of 2021 was born from discussions on Reddit forums.
Today, RDDT broke out of a three-day consolidation phase, witnessing a surge of almost 9%. Trading activity has also intensified, with the stock experiencing more than double its average daily volume. As of April 30, short interest accounted for 15.3% of the float.
