NanoVibronix Inc (NASDAQ:NAOV) jumped 34%, which was significant considering it was a red market day. The little-known company manufactures non-invasive biological response-activating devices that target pain therapy and wound healing.
Its current market cap is around $90 million, and considering the nature of its market cap and low share price, NAOV has drawn significant interest from retail traders in recent times. The stock has a short interest of approximately 24%, which is why most retail investors are jumping aboard. NAOV’s small market capitalization, high short interest, low float, and growing visibility in social media all position the stock as a potential short squeeze candidate.
Another reason for the interest in the stock is a key short squeeze report released that pegs NAOV as a potential short squeeze candidate because of the metrics mentioned above. In addition, Fintel’s Short Squeeze Opportunities list also focuses on the high borrow fee rate of around 118%, which makes borrowing costs very high. As a result, this is another metric investor might be looking at to pick a shorty squeeze candidate. Therefore in the coming weeks, NAOV is a stock to watch.
Market Reaction:
On Monday, NAOV stock soared 34% at $3.37 with more than 248.15 million shares, compared to its average volume of 15.96 million shares. The stock has moved within a range of $3.1401 – 4.0800 after opening the trade at $3.18.
