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Best Penny Stocks? 5 Short Squeeze Stocks To Watch This Week

Short squeeze stocks to watch this week.
The post Best Penny Stocks? 5 Short Squeeze Stocks To Watch This Week appeared first on Penny Stocks to Buy, Picks,…

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Penny stocks are known for their volatility and potential to skyrocket at a moment’s notice. They’re also known to break down just as quickly. But if you’re a risk-on trader, this volatility is what you’re looking for the make money trading in the stock market.

Today we look at a unique list of penny stocks where price fluctuations can be even more extreme. I’m talking about stocks with higher short interest. These are the companies that Wall Street has taken big bets against. Under the right conditions, however, bearish bets can lead to bullish explosions, as recent history suggests.

The record moves that AMC Entertainment and GameStop made early in the pandemic are proof that short squeezes can happen to astronomical proportions. Since the stock market is down in 2022, some traders think that a short squeeze paired with a market rally could be a perfect storm for bullish opportunities. Here’s a list of short interest stocks to watch this week.

Penny Stocks To Watch

SymbolCompany Name
TNXPTonix Pharmaceuticals Holding Corp.
VRMVroom Inc.
EOSEEos Energy Enterprises Inc.
MMATMeta Materials Inc.
APRNBlue Apron Holdings Inc.

Tonix Pharmaceuticals Holding Corp. (TNXP)

It isn’t always about finding beaten-down penny stocks when it comes to short squeeze stocks. However, there’s a good chance that companies trading near lows have bearish bets on them. Tonix Pharmaceuticals fits the mold as shares have imploded over the last year. But after hitting fresh lows a few weeks ago, TNXP stock has managed to rebound.

[Read more] Penny Stocks To Buy Now? 4 To Watch This Week

Significant volume has also accompanied the move with some of the highest levels in its public history. Global health concerns stemming from the monkeypox virus have placed attention on companies with potential exposure to a vaccine or treatment. In our article “Penny Stocks To Buy Now? Hot Monkeypox Stocks To Watch Today,” we discussed Tonix along with a few other names.

The company’s infectious disease pipeline consists of a vaccine in development to prevent smallpox and monkeypox called TNX-801. TNXP stock has been put on the radar, with more cases popping up globally.

TNXP Stock Short Interest

We looked at short data from Fintel.IO and TD Ameritrade today. As of this article, both platforms show the short interest for TNXP stock sitting above 250%. This is the penny stock with the highest short interest on this list based on data from these outlets.

Vroom Inc. (VRM)

best penny stocks Vroom Inc. VRM stock chart

Shares of Vroom Inc., as well as other automotive retail stocks, have popped recently. In Vroom’s case, the penny stock has bounced back 40 cents from its recent 52-week lows. Even though it’s small in dollar value, the move equates to roughly 37%. This, of course, is one of the high points of penny stocks. Even small moves can mean big percentage changes.

VRM stock is in focus after beating Q1 earnings. The company reported a loss per share of 71 cents, better than Wall Street’s expected loss per share of over $1. In addition, Vroom reported sales of more than $900 million for the quarter, exceeding estimates of $878.13 million.

VRM Stock Short Interest

VRM could be another short interest stock to watch. As of this article, Fintel data shows a short float percentage of 35.63%. Meanwhile, TD Ameritrade has a figure slightly lower at 32.11%.

Eos Energy Enterprises Inc. (EOSE)

best penny stocks Eos Energy Enterprises EOSE stock chart

Energy penny stocks have been a favorite amid the global supply disruption. However, Eos isn’t a typical oil and gas stock. The company focuses on energy storage systems based on sustainable zinc. Its Znyth zinc battery was made to outperform conventional lithium-ion technology.

Since sustainable energy stocks haven’t been in the biggest favor this year, shares of many companies, including EOSE stock, are down for the year. Throw in some missed quarterly expectations, and it makes sense that the penny stock hit new 52-week lows in May.

EOSE Stock Short Interest

Nevertheless, Eos could be in focus among those looking for short squeeze stocks. Fintel and TD Ameritrade show the EOSE stock short float between 28.21% and 29.66%.

Meta Materials Inc. (MMAT)

best penny stocks Meta Materials Inc. MMAT stock chart

Like sustainable energy stocks, tech stocks haven’t been in favor either this year. However, that hasn’t been the case lately, and many, including Meta Materials, have experienced a strong rebound. Meta develops functional materials and nanocomposites.

This week the company announced a deal with paint and coating company PPG (NYSE: PPG). The two inked a memorandum of understanding to create new ophthalmic smart devices for extended reality applications. Thanks to the uptick of interest in things like the metaverse, hardware is becoming as important as software. The new Meta & PPG collaboration focuses on creating a dynamic dimming function for Meta’s NANOWEB conductive film. It will also include PPG’s electrochromic gels.

“A key challenge for XR eyewear developers is to overcome high-brightness ambient lighting, such as outdoors on a sunny day…Ramping up display power in these settings greatly shortens battery life. Dynamic dimming should enable a more readable display with more efficient power use.”

Jonathan Waldern, CTO of META

MMAT Stock Short Interest

MMAT stock doesn’t have the highest short interest compared to other names on this list of penny stocks. But it doesn’t discount that both Fintel and TD show a short float percentage in the double digits. Fintel puts this figure around 17.5%, while TD has it higher at nearly 22%.

[Read more] Penny Stocks to Add to Your Watchlist This Week, 3 to Watch

Blue Apron Holdings Inc. (APRN)

best penny stocks Blue Apron APRN stock chart

If you’ve traded penny stocks for at least a year, you’re familiar with the “saga” that is Blue Apron. Shares surged in 2021 thanks to growing interest in “stay at home stocks.” APRN stock climbed to highs of over $12. Things are much different now as the world continues reopening.

Some missed earnings for the first quarter have put pressure on the penny stock. In its latest quarter, revenue dropped 9% from a year ago while earnings per share missed expectations by a wide margin.

Even with this case, some investors remain bullish on the penny stock. Historically bearish, Citron Research is bullish on the penny stock. In a May 10th tweet, the firm said, “$APRN Just signed off investor day…either management are group of lying sociopaths on profitability or this stock going right back to $10.”

In late May, Blue Apron also added new strategic partnerships helping boost optimism in the penny stock. It signed Blue Cross Blue Shield and Planet Fitness for its Wellness360 platform.

APRN Stock Short Interest

What is the APRN short float percentage? Based on the latest data from TD Ameritrade and Fintel, the figure sits between 29.05% and 33.18%.

Penny Stocks To Watch This Week

Whether you’re looking for short squeeze stocks or something else, a plan is important. Outlining your profit targets, stop losses, and potential reentry points will help. Today, we looked at a handful of stocks with higher short interest. Whether or not they actually “squeeze” is something only time will tell. For now, they could be some of the top penny stocks to watch as the stock market attempts to continue rallying.

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The post Best Penny Stocks? 5 Short Squeeze Stocks To Watch This Week appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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Bitcoin price must break $31K to avoid 2023 ‘bearish fractal’

BTC price needs to recoup some more key levels before ditching longer-term bearish risk, the latest Bitcoin analysis says.
Bitcoin…

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October 23, 2023

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BTC price needs to recoup some more key levels before ditching longer-term bearish risk, the latest Bitcoin analysis says.

Bitcoin (BTC) held above $30,000 at the Oct. 23 Wall Street open as analysis said BTC price strength could cancel its “bearish fractal.”

BTC/USD 1-hour chart. Source: TradingView

BTC price preserves majority of early upside

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hovered near $30,700, still up 2.5% on Oct. 23.

The largest cryptocurrency made snap gains after the Oct. 22 weekly close, stopping just shy of $31,000 in what became its highest levels since July. 

Now, popular trader and analyst Rekt Capital is keen to see the $31,000 level break. 

“Bitcoin has Weekly Closed above the Lower High resistance to confirm the breakout,” he commented alongside the weekly chart.

BTC/USD annotated chart. Source: Rekt Capital/X

Rekt Capital argued that BTC/USD could disregard the bearish chart fractal in play throughout 2023 next. This had involved the two year-to-date highs near $32,000 forming a doubletop formation, with downside due as a result.

Specifically, Bitcoin requires a “breach” of $31,000 in order to do so. 

More encouraging cues came from the True Market Deviation indicator from on-chain analytics firm Glassnode.

As noted by its lead analyst, Checkmate, on Oct. 23, the metric, also known as the Average Active Investor (AVIV) profit ratio, has crossed a key level.

Bitcoin’s True Mean Market price (TMM) — the level that BTC/USD spends exactly 50% above or below — is now below its spot price, at $29,780. 

“Have we now paid our bear market dues?” Checkmate queried, describing TMM as Bitcoin’s “most accurate cost basis model.”

Bitcoin True Market Deviation (AVIV) chart. Source: Checkmate/X

Institutions awaken in “Uptober"

Analyzing the potential drivers of the rally, meanwhile, James Van Straten, research and data analyst at crypto insights firm CryptoSlate, flagged the potential approval of the United States’ first Bitcoin spot-price-based exchange-traded fund (ETF).

Related: BTC price nears 2023 highs — 5 things to know in Bitcoin this week

While not yet awarded the green light, a U.S. spot ETF is being treated as an inevitability after legal battles resulted in regulators losing sway.

“The potential approval of a spot ETF for Bitcoin has spurred a significant increase in bullish inflows in the crypto market,” Van Straten wrote in an update published on Oct. 23.

He noted that Glassnode data shows inflows via over-the-counter (OTC) trading desks spiking since late September.

“In addition, the Purpose Bitcoin ETF, with its holdings of approximately 25,000 Bitcoin, has observed consistent inflow throughout the past month. Even though these inflows might not be termed as ‘large,’ they denote a positive market sentiment,” he continued.

“This uptick in inflows across various platforms indicates an optimistic market response to the potential approval of a Bitcoin ETF, bolstering the overall landscape of digital assets.”
Bitcoin transfers to OTC desk wallets. Source: CryptoSlate/Glassnode

The largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC), continues to see a lower discount to the Bitcoin spot price, having already seen its smallest negative margin since December 2021.

This stood at -13.12% as of Oct. 23, per data from monitoring resource CoinGlass.

GBTC premium vs. asset holdings vs. BTC/USD chart (screenshot). Source: CoinGlass

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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California bill aims to cap crypto ATM withdrawals at $1K per day to combat scams

A new legislative investigation found some crypto ATMs charging a premium as high as 33%, while a few ATMs had limits of up to $50,000.
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A new legislative investigation found some crypto ATMs charging a premium as high as 33%, while a few ATMs had limits of up to $50,000. California legislators have proposed a new bill titled “Digital financial asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in light of growing scams. Additionally, starting in 2025, the law would limit operators’ fees to $5 or 15% (whichever is higher). The bill, if approved, would come into effect on Jan. 1, 2024. The bill was introduced after legislative members visited a crypto ATM in Sacramento and found markups as high as 33% on some crypto assets compared with their prices on crypto exchanges. On average, a crypto ATM charges fees between 12% and 25%, according to a legislative analysis. Government officials also found ATMs with limits as high as $50,000, prompting them to take regulatory measures to curb such high premiums and withdrawal limits. There are more than 3,200 Bitcoin ATMs in California, according to Coin ATM Radar. Democratic State Senator Monique Limón, who co-authored the proposed legislation, said the “new bill is about ensuring that people who have been frauded in our communities don’t continue to watch our state step aside” when there are real issues happening. Another provision of the bill would require digital financial asset businesses to obtain a license from the California Department of Financial Protection and Innovation by July 2025 Crypto ATMs are a popular way for people to exchange cash for their choice of cryptocurrency but have become a hub for scams and exploits because of the nature of transactions (i.e., hard cash). Unlike bank and wire transfers, each transaction leaves less of a trail. Related: CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US Some residents have recently been caught up in such scams, where the scammer persuades the victim to go to a nearby crypto ATM and deposit cash for the crypto of their choice. Some of those affected by ATM scams have lauded the bill and said the low transaction limit would give victims time to realize if they are being duped, reported the LA Times. On the other hand, crypto ATM businesses said the new bill would harm the small operators who must pay rent on their ATMs. The operators noted that the bill fails to address the core issue of the fraud and instead takes a punitive path focused on a specific technology. They warned such a move would shudder the industry and hurt consumers while doing nothing to stop bad actors. Magazine: Bitcoin is on a collision course with ‘Net Zero’ promises

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Fighting the Surveillance State Begins with the Individual

It’s a well-known fact at this point that in the United States and most of the so-called free countries that there is a robust surveillance state in…

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October 23, 2023

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It’s a well-known fact at this point that in the United States and most of the so-called free countries that there is a robust surveillance state in place, collecting data on the entire populace. This has been proven beyond a shadow of a doubt by people like Edward Snowden, a National Security Agency (NSA) whistleblower who exposed that the NSA was conducting mass surveillance on US citizens and the world as a whole. The NSA used applications like those from Prism Systems to piggyback on corporations and the data collection their users had agreed to in the terms of service. Google would scan all emails sent to a Gmail address to use for personalized advertising. The government then went to these companies and demanded the data, and this is what makes the surveillance state so interesting. Neo-Marxists like Shoshana Zuboff have dubbed this “surveillance capitalism.” In China, the mass surveillance is conducted at a loss. Setting up closed-circuit television cameras and hiring government workers to be a mandatory editorial staff for blogs and social media can get quite expensive. But if you parasitically leech off a profitable business practice it means that the surveillance state will turn a profit, which is a great asset and an even greater weakness for the system. You see, when that is what your surveillance state is predicated on you’ve effectively given your subjects an opt-out button. They stop using services that spy on them. There is software and online services that are called “open source,” which refers to software whose code is publicly available and can be viewed by anyone so that you can see exactly what that software does. The opposite of this, and what you’re likely already familiar with, is proprietary software. Open-source software generally markets itself as privacy respecting and doesn’t participate in data collection. Services like that can really undo the tricky situation we’ve found ourselves in. It’s a simple fact of life that when the government is given a power—whether that be to regulate, surveil, tax, or plunder—it is nigh impossible to wrestle it away from the state outside somehow disposing of the state entirely. This is why the issue of undoing mass surveillance is of the utmost importance. If the government has the power to spy on its populace, it will. There are people, like the creators of The Social Dilemma, who think that the solution to these privacy invasions isn’t less government but more government, arguing that data collection should be taxed to dissuade the practice or that regulation needs to be put into place to actively prevent abuses. This is silly to anyone who understands the effect regulations have and how the internet really works. You see, data collection is necessary. You can’t have email without some elements of data collection because it’s simply how the protocol functions. The issue is how that data is stored and used. A tax on data collection itself will simply become another cost of doing business. A large company like Google can afford to pay a tax. But a company like Proton Mail, a smaller, more privacy-respecting business, likely couldn’t. Proton Mail’s business model is based on paid subscriptions. If there were additional taxes imposed on them, it’s possible that they would not be able to afford the cost and would be forced out of the market. To reiterate, if one really cares about the destruction of the surveillance state, the first step is to personally make changes to how you interact with online services and to whom you choose to give your data.

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