To The Moon

Hello, everyone! I’m back with the latest short interest data.

As the broader market continues to reach new high, investors speculate meme stocks may stage another surprising rally. Let’s look at the most-shorted stocks and guess whether they will experience short squeeze or not.

1. $Allogene Therapeutics Inc.(ALLO)$ float shorted of 49.86%: the next short squeeze target or what?

Allogene Therapeutics continues to attract high short interest, with a percentage level that's nearly 6x that of the Nasdaq Biotechnology Index despite progress with its lead program.

This implies market skepticism at a time when some of these companies are making late-stage pipeline and regulatory progress.

On 11th July, Truist Securities analyst Asthika Goonewardene out the target on Allogene Therapeutics to $18 from $20. Maintains buy rating. New PT implies a 210% increase from last price.

As of 30th June, 49.86% of its float shares was sold short.

In the past month, ALLO rose +1.75%.

2. $Carvana Co.(CVNA)$ float shorted of 49.21%: is the short squeeze over or not?

In June, the prices of used cars in the United States dropped by 4.2%, marking the largest monthly decline since the early stages of the pandemic. The decline of used car prices drives CVNA shares up as lower used car prices make them more appealing to buyers.

At the same time, Carvana stock's rally may be at least partially fueled by short covering.

As of 30th June, 49.21% of its float shares was sold short, making Carvana one of the market's most heavily shorted stocks.

In the past month, CVNA rose +65.42%.

3. $Novavax(NVAX)$ float shorted of 42.39%

Novavax, a biotech company based in Maryland, experienced a significant increase in its stock price after announcing that Canada agreed to pay $350 million for forfeited Covid vaccine doses.

The payment is part of an amended purchase agreement between Novavax and the Canadian government, providing hope for investors and boosting confidence in the company's future.

As of 30th June, 42.39% of its float shares was sold short.

In the past month, NVAX rose +16.17%.

4. $Lucid Group Inc(LCID)$ float shorted of 42.08%: stocks fell amid peers’ rally

Lucid Group said its second-quarter production dropped from the previous three months, sending the shares of the luxury electric-vehicle maker down about 12% on Wednesday.

Lucid also trimmed its 2023 production forecast and reported a lower-than-expected first-quarter revenue in May as it took a hit from Tesla's price war and rising interest rates.

Lucid would report financial results for the second quarter on Aug. 7 after markets close.

As of 30th June, 42.08% of its float shares was sold short.

In the past month, LCID rose +9.31%.

5. $Beyond Meat, Inc.(BYND)$ float shorted of 41.45%: best performer in the sector

Beyond Meat Inc. rose 16%. Trading in the company's call options was double the average.

The company said Tuesday that its steak product would expand to now be sold at about 14,000 stores across the U.S., including Whole Foods and Wegmans.

The stock was the best performer among its peers. The Russell 3000 Food Products Subsector rose 0.5%, while the Russell 3000 gained 0.9%

As of 30th June, 41.45% of its float shares was sold short.

In the past month, BYND rose +25.90%.