5 Best Short Squeeze Stocks To Buy Now

In this piece, we will take a look at the five best short squeeze stocks to buy now. To find out more about why short squeeze stocks can be a dangerous endeavor, check out 13 Best Short Squeeze Stocks To Buy Now.

5. Encore Wire Corporation (NASDAQ:WIRE)

Year to Date Share Price Performance: 15.02%

Float Short: 22.76%

Number of Hedge Fund Investors In Q4 2023: 30

Encore Wire Corporation (NASDAQ:WIRE) is an industrial equipment company, which, as the name suggests, makes and sells wires. The firm has managed to hold the financial front as of late since it has beaten analyst EPS estimates in three out of its four latest quarters.

During Q4 2023, 30 out of the 933 hedge funds surveyed by Insider Monkey were Encore Wire Corporation (NASDAQ:WIRE)’s shareholders. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital was the largest stakeholder through its $67 million stake.

3. Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)

Year to Date Share Price Performance: 22.39%

Float Short: 21.01%

Number of Hedge Fund Investors In Q4 2023: 34

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA) is an American company developing cancer treatments. It’s one of the top rated stocks on our list, as the shares are rated Strong Buy on average and analysts have set an average share price target of $20.50.

By the end of last year’s fourth quarter, 34 out of the 933 hedge funds polled by Insider Monkey had invested in Iovance Biotherapeutics, Inc. (NASDAQ:IOVA). Michael Rachesky’s MHR Fund Management was the largest stakeholder due to its $162 million stake.

2. Carvana Co. (NYSE:CVNA)

Year to Date Share Price Performance: 4.42%

Float Short: 35.55%

Number of Hedge Fund Investors In Q4 2023: 40

Carvana Co. (NYSE:CVNA) is an eCommerce company that enables customers to buy and sell cars online. There seems to be some merit to its high percentage of float being sold short as the shares are rated Hold on average. However, Carvana Co. (NYSE:CVNA) has beaten analyst EPS estimates in all four latest quarters, and its fate also depends on the recovery of the used car market.

40 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database had bought Carvana Co. (NYSE:CVNA)’s shares during the period. Out of these, the largest shareholder was Zachary Sternberg, and Benjamin Stein’s Spruce House Investment Management courtesy of its $502 million stake.

1. Celsius Holdings, Inc. (NASDAQ:CELH)

Year to Date Share Price Performance: 8.68%

Float Short: 24.84%

Number of Hedge Fund Investors In Q4 2023: 42

Celsius Holdings, Inc. (NASDAQ:CELH) is an American energy drink company headquartered in Boca Raton, Florida. The firm capitalized on the hype surrounding Formula 1 these days after it announced in February 2024 that it has entered into a partnership with Scuderia Ferrari.

As of December 2023 end, 42 out of the 933 hedge funds covered by Insider Monkey’s research had held a stake in the firm. Celsius Holdings, Inc. (NASDAQ:CELH)’s biggest investor among these was Paul Marshall and Ian Wace’s Marshall Wace LLP as it owned $142 million worth of shares.

Disclosure: None. You can also take a look at 15 Countries With the Best Coffee According to Reddit and 13 Biggest Stocks That Benefit From High Interest Rates.

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