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Short squeeze potential? 4 penny stocks to watch in 2023

by Erica Fluer
May 25, 2023
in Penny Stocks
Short squeeze potential? 4 penny stocks to watch in 2023

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Investors are constantly looking for ways to make the most of their money. This can include shorting the stock, but this can be risky if the market moves against you and you do not have the capital to cover your losses. One strategy that seems to be working these days is a short squeeze when a significant number of short sellers are forced to buy shares and exit their positions all at once.

Here are 4 stocks to watch on 2023.  

Arcimoto

 Arcimoto (NASDAQ: FUV) is a spinoff of Uber, combining vehicle manufacturing with electric powertrains and safety technologies. Many investors believe that this makes it an appealing target for short sellers. In just six months, Arcimoto shares have jumped 712%. The company ended August with a market cap of just $2 million and a share price of fewer than 6 cents

Fisker

Fisker Automotive (NASDAQ: FAKR) is a “pure play” on plug-in hybrid electric car (PHEV) technology. As of Sept. 30, the company had 820 million shares outstanding, giving rise to a float of 868 million shares that were sold at $9 per share. The stock was blasted by a Reddit-induced trading craze in late May.

With short interest now at around 29% of the float, investors should be expecting more activity soon from bears looking for value where there’s none available”

Beam Global

Few companies have benefited from short interest as much as renewable energy EV charging specialist Beam Global (NASDAQ: BEEM) has in the last two years. Beam’s stock price more than doubled to as high as $75.90 in December 2020 when the company announced Montebello, California, would be installing two of Beam’s solar-powered EV charging terminals to power city electric transit vans.

Danimer Scientific

Danimer Scientific (NASDAQ: DNMR) is a publicly listed biodegradable and compostable plastic company in the US markets. It has been one of the most successful short sellers on the market over the past few years, but since its very first day on the public market, it has had a lot of drama surrounding it.

When Danimer went public in December 2020, it was trading at around $30 per share. However, less than two years later, Danimer has now fallen under $2.50 per share!

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Erica Fluer

Erica Fluer

With over a decade of experience in the finance sector, having started my career as a Financial Analyst, my transition into financial journalism was fueled by my desire to make finance more accessible and understandable.

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