In this article, we discuss the 5 most shorted stocks right now. If you want to read our detailed analysis of these stocks, go directly to the 10 Most Shorted Stocks Right Now.
5. Beam Global (NASDAQ:BEEM)
Number of Hedge Fund Holders: 4
Float Shorted: 34.65%
Beam Global (NASDAQ:BEEM) makes and sells products that power electric vehicle charging infrastructure. Hedge funds have been shedding the stock from their portfolios. At the end of the third quarter of 2021, 4 hedge funds in the database of Insider Monkey held stakes worth $2.9 million in Beam Global (NASDAQ:BEEM), compared to 5 in the previous quarter worth $5.3 million.
Beam Global (NASDAQ:BEEM) has missed earnings expectations in the past two quarters and the stock has lost value amid a broader lull around growth offerings. Even a multi-billion government plan to support clean energy tech has failed to restore investor confidence in the stock.
4. Arcimoto, Inc. (NASDAQ:FUV)
Number of Hedge Fund Holders: 3
Float Shorted: 35.65%
Arcimoto, Inc. (NASDAQ:FUV) markets three-wheeled electric vehicles. As worries rise over US President Biden trying to fund a new plan to support clean energy tech, investors have been dumping firms like Arcimoto, Inc. (NASDAQ:FUV). Inflation pressures are adding to the negative sentiment around the company. The earnings results of Arcimoto, Inc. (NASDAQ:FUV) over the past few months have not turned any heads either.
These are some of the reasons why there is muted hedge fund interest in Arcimoto, Inc. (NASDAQ:FUV). At the end of the third quarter of 2021, 3 hedge funds in the database of Insider Monkey held stakes worth $3 million in Arcimoto, Inc. (NASDAQ: FUV), compared to 4 in the previous quarter worth $5 million.
3. Cassava Sciences, Inc. (NASDAQ:SAVA)
Number of Hedge Fund Holders: 10
Float Shorted: 37.44%
Cassava Sciences, Inc. (NASDAQ:SAVA) is a clinical-stage biotech firm. Major hedge funds hold large stakes in the company. Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Cassava Sciences, Inc. (NASDAQ:SAVA) with 1.1 million shares worth more than $70 million.
Cassava Sciences, Inc. (NASDAQ:SAVA) stock had lost value in the past few weeks amid a citizen complaint against the quality of studies that the company conducted in clinical trials for simufilam, an experimental Alzheimer’s drug. The petition has been dismissed by the FDA and investment advisors have turned constructive on Cassava Sciences, Inc. (NASDAQ:SAVA).
2. Gogo Inc. (NASDAQ:GOGO)
Number of Hedge Fund Holders: 19
Float Shorted: 39.10%
Gogo Inc. (NASDAQ:GOGO) provides in-flight connectivity and entertainment services. The stock has lost value in the past few weeks amid reports that regulators in the United States will start cautioning airline operators about the use of 5G connectivity on planes. The concerns related to possible interference with cockpit safety systems. However, Gogo Inc. (NASDAQ:GOGO) has dismissed the reports as baseless.
Hedge funds have also been offloading Gogo Inc. (NASDAQ:GOGO) stock. At the end of the third quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $286 million in Gogo Inc. (NASDAQ:GOGO), compared to 22 the preceding quarter worth $180 million.
1. Blink Charging Co. (NASDAQ:BLNK)
Number of Hedge Fund Holders: 6
Float Shorted: 40.90%
Blink Charging Co. (NASDAQ:BLNK) provides electric vehicle charging equipment. At the end of the third quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $4 million in Blink Charging Co. (NASDAQ:BLNK), compared to 7 in the previous quarter worth $14 million.
Ahead of the earnings season for EV stocks, Bank of America has cautioned that the EV sector will remain volatile in the coming months amid the macro-economic environment. Blink Charging Co. (NASDAQ:BLNK) could be one of the biggest losers of this crisis as the short interest on the stock is the highest in the EV sector.
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