When markets are bullish, traders look for ways to find ways to amplify the uptrend. This frequently involves searching for the next round of penny stocks to buy. Leveraging the lower prices with higher gain potential can result in massive gains. What’s more, the latest trend in the stock market today could also play an important role.
The trend I’m talking about involves stocks with higher short interest or “short squeeze stocks” to put on their watch lists. The exciting part about these types of stocks is that volatility can send shares soaring. With markets trading higher and bullish optimism directing the trend, short squeeze penny stocks are on the radar heading into the weekend.
Penny Stocks With High Short Interest
- Avinger Inc (NASDAQ: AVGR)
- Ginkgo Bioworks (NYSE: DNA)
- Vinco Ventures Inc (NASDAQ: BBIG)
- BitNile Holdings Inc. (NYSE: NILE)
Top Penny Stocks To Buy Right Now
In many ways, what’s hot “right now” is based on your trading style. If you’re a day trader, you’re likely looking at hourly trends. Those swing trading or even investing in penny stocks would probably search for broader trends. In any case, short squeeze penny stocks have tendencies to break out or break down at a moment’s notice. So if you are looking for top penny stocks to buy now with high short interest, have a plan in place to account for heightened volatility. Here are a handful of penny stocks with higher short interest.
Avinger Inc (NASDAQ: AVGR)
The recent excitement surrounding Avigner has a lot to do with the progress made on the patent front. This company provides medical devices for the treatment and diagnosis of Peripheral Artery Disease. A lot of the commotion began earlier this week following the circulation of a new US Patent & Trademark Office notification issuance. Avinger will be issued US patent number 11,284,916 on March 29 titled “ATHERECTOMY CATHETERS AND OCCLUSION CROSSING DEVICES.”
Toward the end of February, U.S. physicians completed the first cases with Avinger’s Lightbox 3 imaging console, which received FDA 501(k) clearance in January. The company is extending the availability of the platform to additional sites and expects full commercial availability later this year. With the addition of this new patent, attention has refocused on AVGR stock right now.
As far as short interest is concerned, Fintel.IO data shows a short float percentage of just over 65%. This is the highest short interest among the names on this list of penny stocks. The question now is what will the market think about the latest Patent win? This comes in light of B. Riley analysts slashing its $40 target to $11. However, it did keep its Buy rating.
Ginkgo Bioworks (NYSE: DNA)
Cell programming company Ginkgo Bioworks joins this list of penny stocks today. The company’s platform allows customers to program cells like programming computers. This gives them the ability to tailor the cells to meet the needs of industries ranging from food and agriculture to industrial chemicals and pharmaceuticals.
Earlier this week, Ginkgo announced its latest acquisition, bringing FGen AG into its operations. FGen specializes in strain development and optimization and is expected to enhance Ginkgo’s cell screening capabilities. Looking at the near-term, DNA stock could be on the watch list heading into next week. The company participates in the Jefferies Virtual Synthetic Biology Week on March 22.
Fintel shows DNA stock is another name with much higher short interest. Accordingly, the data shows a short float percentage of 52.22% as of this article.
Vinco Ventures Inc (NASDAQ: BBIG)
Shares of Vinco Ventures have attempted to reclaim some recent losses. It was a red hot penny stock to watch earlier this year as crypto industry excitement captivated daily trends. Vinco has built a diverse model around new tech, entertainment, and digital assets. The most recent focus for the market remains on Vinco’s Cryptyde Inc. subsidiary. There has been a planned spinoff of the company for months. Earlier this year, Crypyde also entered into a capital raise of $42 million to be utilized after the expected spinoff.
Brian McFadden, President and Chief Executive Officer of Cryptyde, Inc., appears optimistic on the next move for the company. In a January update, McFadden said, “We are focused on executing on our vision to become a leader in the blockchain and web3 space. We are actively pursuing growth opportunities and looking to collaborate with partners who can enhance our future offerings while striving to develop a world-class organization for our stakeholders.”
BBIG stock isn’t the biggest short on the list. But the data has become a hot topic among several traders on Reddit. According to Fintel, the current short float percentage is hovering between 12% and 13%. According to TD Ameritrade (dated 2/28/2022), the short interest is 24.35%.
BitNile Holdings Inc. (NYSE: NILE)
Another crypto-related name, BitNile, has experienced a significant among of market activity over the last week. Unfortunately, it was after the most significant drop in share price so far this year. NILE stock dipped to fresh lows of $0.50. Since then, the company’s shares have flip-flopped within a 10-cent range.
BitNile bills itself as a holding company with a focus on various technologies. This tech includes data centers for Bitcoin mining, defense and aerospace technologies, and even energy and biopharma. However, this week, BitNile made headlines outside of the crypto space and announced that its TurnOnGreen, power product company reached a significant milestone in the EV industry. TurnOnGreen resumed installation activities of its Level 3 electric vehicle chargers in Canada. A new safety certification allows its iNetSupply partner to expand distribution and charger sales to new companies. NewEgg, Amazon, and iNetSupply are some of the major online retailers offering access to this charging unit.
“We are pleased to reach a major milestone in commercializing our flagship, feature-reach EV700 Level 2 charger. We are also excited to have made significant progress with our DC Fast Charging project in Canada,” said TurnOnGreen Chief Executive Officer Amos Kohn. Furthermore, on the heels of this news, traders have looked at NILE stock as another short interest name. According to Fintel, the short float percentage sits at around 9.6%.
Are Penny Stocks Worth It?
Penny stocks can be worth it if you know what you’re doing and how to trade. Knowing how to manage risk and handle volatility is very important, obviously. When it comes to high short interest stocks, the market fluctuations can get amplified. This is the type of market environment likely if or when a squeeze is triggered.