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Thursday, June 1, 2023

Short Squeeze Stocks: CVNA MULN GNS UPST

While the markets are tepid there are a lot of stocks making big moves, many of them with huge shot interests:

Carvana (NYSE: CVNA) has an enormous short interest of 51% of the float or around 48.8 million shares short. Carvana is the fastest growing online used car dealer in the United States and is known for its multi-story car vending machines and was named to the 2021 Fortune 500 list (Carvana.com). Carvana has a storied history on the Nasdaq skyrocketing to over $350 per share in summer 2021. The stock began its collapse at the end of 2021 and in 2022 when the Company was forced to lay off part of its workforce and reported a small drop in sales. From current levels there is a lot of room for growth, CVNA trades at a just a fraction of its previous highs and has an enormous base of investors that are accumulating. Both Morgan Stanley and Adam Jonas reinstated coverage of the Company with Morgan Stanley stating: “Carvana has adequate capital and a now proven diligence around SG&A cost-cutting, CVNA is on track to re-establish an execution track-record and visibility with investors. Notably, Carvana’s liquidity is seen being sufficient for the company to continue its operations without the need to tap equity or debt raises in the very short term.


Mullen Automotive, Inc (NASDAQ: MULN) also has an enormous short interest that has been growing steadily since the Company recently performed the 25 for 1 reverse split to stay on the Nasdaq and the Russel. While there was considerable worry that Mullen would fall below $1 before Wednesday that clearly is not happening meaning Mullen’s listing on the Nasdaq is secured. Currently there are 24.5 million share short. Cost to borrow rates have skyrocketed over the last few days as short sellers have exhausted the available shares to sell. While trading just over $1 Mullen has over $100 million in the treasury and is entering mass production later this summer. To date, the Company has received $279 million in purchase orders for Mullen Class 1 and Class 3 EV Vans and Trucks from Randy Marion Automotive Group. The stock has an enormous base of investors, many of whom are accumulating at current levels. The Company is positioning itself as a leader in EV battery technology and recently formed a new subsidiary MAEO with Investor Mr. Lawrence Hardge. Mullen recently took affirmative steps to address the extraordinary trading volume and unusually high levels of failure to deliver on short sales hiring Shareholder Intelligence Services LLC to conduct a thorough analysis of data. 

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Genius Group Ltd (NYSEAMERICAN: GNS) is a world leading entrepreneur Edtech and education group that has a user base of 4.3 million users in 200 countries, ranging from ages 0 to 100. The stock has an enormous short interest and skyrocketed earlier this year from 0.30 to $8 per share. The Company is led by vocal CEO Roger Hamilton who announced earlier this year that the Company had formed an “Illegal Trading Task Force” to investigate market manipulation and naked short selling. The team will be led by former FBI Deputy Director Timothy Murphy, who is also a Director of Genius. Shareholders just approved the Spin Off of Entrepreneur Resorts Ltd. This clears the next step towards a full share count, exposure of #nakedshorts and distribution of $ERL shares in addition to $GNS shares for all bona fide shareholders. The spinoff of Entrepreneur Resorts Limited will continue as planned with a court approval in Singapore and the NYSE process and is expected to be completed in Q3 of this year. Currently trading back under $1 GNS has an enormous investor base who is looking for a return to recent highs. 


Upstart Holdings Inc (NASDAQ: UPST) is another one with an enormous short position of over 40% of the public float sold short. Upstart started off with an Income Share Agreement (ISA) product, however pivoted towards the personal loan marketplace in 2021 and began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well. The stock has a storied history; after going public in late 2020, UPST ran hard in 2021 skyrocketing up to $400 per share before the whole thing collapsed. The Company’s original funders included Kleiner Perkins Caufield & Byers, and Mark Cuban among others. Recently, Castlelake, together with a co-investor and minority partner Eltura Capital Management, reached an agreement to purchase up to $4 billion of consumer installment loans from Upstart. The Company is led by Dave Girouard, formerly President of Google Cloud who is looking to guide Upstart to profitability. 


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Disclosure: we hold no position in MULN either long or short and we have not been compensated for this article.

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