The stock market crash continues this week, with shares of companies retreating on Monday morning. Investors are taking bearish bets that inflation may not have peaked. Meanwhile, supply chain issues remain a factor, and headwinds persist from last week’s Fed meeting. Whether it’s penny stocks or mega-cap names like Microsoft (NASDAQ: MSFT), selling pressure is taking most stocks lower. However, something else this bearish sentiment has done is put a heavy focus on stocks with short interest.
Those of you who’ve traded since the beginning of the pandemic know this scenario all too well. Companies like AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) were already experiencing significant selling pressure. The global pandemic heightened this pressure allowing Wall Street Firms to lean into already beaten-down names. Retail traders saw this as a high sign to teach a lesson for “hitting the little guy when they’re down,” and some of the most significant short squeezes in recent history would ensue.
Fast-forward to 2022, and a similar situation is unfolding. The stock market crash has taken countless stocks lower and led to higher levels of short interest. Despite the current market conditions, some traders are already on the hunt for potential short squeeze stocks to add to their list when the stock market rebounds. Today we look at a handful of penny stocks with high short interest.
Penny Stocks To Buy [or avoid]
- PAVMed Inc. (NASDAQ: PAVM)
- Medavail Holdings Inc. (NASDAQ: MDVL)
- Blue Apron Holdings Inc. (NYSE: APRN)
1. PAVMed Inc. (NASDAQ: PAVM)
PAVMed has experienced a steep decline in a shorter period. At the start of Q4, 2021, PAVM stock traded north of $8 per share. This quarter, its shares hit new 52-week lows of $0.94. Much of the focus has been on PAVMed’s Lucid Diagnostics (NASDAQ: LUCD) subsidiary. Large capital raises and a class action suit have outshined even the brightest spots over the last few months. Nevertheless, PAVMed and Lucid continue to press on, and this week has already become one of interest for the market.
PAVM Stock News
Both Lucid and PAVMed are set to hold back-to-back business update calls this week. Lucid hosts its on May 11th, followed by PAVMed’s on May 12th. The two will discuss their near-term milestones and growth strategies in addition to Q1 2022 financial results. These presentations will come shortly after Lucid’s LucidDx Labs secured a participating provider agreement with MediNcrease Health Plans, a provider network with more than 8 million lives covered.
Those covered by MediNcrease clients and payers will have access to Lucid’s EsoGuard® DNA test. This is the company’s tool to prevent esophageal cancer deaths through early detection of esophageal precancer.
Is PAVM A Short Squeeze Stock?
Shares of PAVM stock are down significantly since last September. Has that amounted to a sizeable short position? According to Fintel.IO data, the current PAVM stock short float percentage is 9.13%.
2. Medavail Holdings Inc. (NASDAQ: MDVL)
Unlike PAVMed, Medavail has enjoyed a bullish move in the stock market this quarter. You might recall this company being mentioned back in April on one of our penny stocks watch lists. At the time, MDVL stock was on the radar thanks to strong insider buying activity from one of its 10% owners, Ally Bridge Group. The company is a technology-enabled pharmacy organization that offers in-clinic pharmacy services through robotic dispensing platforms.
MDVL Stock News
As far as recent MDVL stock news, the market appears to be focused on what’s coming this week. Medavail delivers its next round of earnings results on Thursday after the market closes. Traders will likely be paying attention to see if the company was able to continue growing during the quarter. In Q4 of 2021, Medavail recorded a 170% increase in retail pharmacy services revenue and a total revenue figure of $7.3 million. MedAvail also said that it expects total revenue for Q1 2022 to be “in excess” of $8.8 million. That would be more than double its total revenue in the same period in 2021.
Stock Market Crash: 4 Penny Stocks To Watch As Dow Slides
Is MDVL A Short Squeeze Stock?
The volatility in MDVL stock has been apparent over the last month. But can that be attributed to traders playing the short? According to data from Fintel, the short float percentage sits at 21.86%.
3. Blue Apron Holdings Inc. (NYSE: APRN)
Meal-kit company Blue Apron has experienced a whirlwind last few quarters. Traders have seen this stock rise to highs of over $12.70 and plummet to fresh 52-week lows of $2.85 within months. The latest slide comes after a $70.5 million debt and equity arrangement from investors, including Blue Apron CEO Linda Findley. The aim is to have enough capital to continue executing the turnaround strategies that the company previously outlined.
Recent APRN Stock News
Once again, the news is acting as a catalyst during today’s stock market crash. Shares have promptly bounced from premarket lows of $2.80 to intra-day highs of over $3.30 after Blue Apron’s latest earnings results were posted. The company missed earnings per share and sales. However, the company highlighted that it expects a return to positive year-over-year net revenue growth starting this quarter.
“When we complete the expected remaining $20.0 million private placement transaction at the end of this month, we expect to have approximately $80 million in cash, and we expect positive operating cash flow this quarter. Proceeds from the transactions are expected to support our continued turnaround as we drive towards long-term sustainable growth.”
Randy Greben, Blue Apron’s Chief Financial Officer
Is APRN A Short Squeeze Stock?
With such a sharp decline in a short period, the chances were high for APRN to have amassed higher short interest. However, a more direct look at data from Fintel shows the bigger picture. The APRN short float percentage sits at 33.99%.
Top Penny Stocks To Buy Now?
If you’re looking for the top penny stocks to buy now, you’ve got your work cut out for you. Higher levels of stock market volatility have given way to massive price fluctuations. Current conditions in the stock market today aren’t for the timid especially if penny stocks are your focus.
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