Gogo Inc provides inflight internet. Below is minimal DD based on 3 hours of work - markets are moving fast so we have to as well. I've chosen this because of short interest relative to recent performance (most other high shorts have moved too much for me to be comfortable).

We’re all looking for the next GME (see FT articles today) and Gogo has loads in common. It’s a business that is in structural decline due to a changing consumer patterns following COVID. It is a great reopening stock play, with VERY HIGH SHORT INTEREST OF 44.59% and decent momentum (up 50% in 2020) with potentially much more to go.

This is about 1/3 of GME short interest at reporting date, yet is up less than 1/10 of the returns this year. It is in fact the 6th most shorted stock on NASDAQ as per https://www.highshortinterest.com/

I think you are going to see many hedge close all of their shorts in highly shorted names, solely to reduce the risk of GME-esque events. This ironically will create a GME-esque event.

Grew its revenue from $500m to $835m in 2019, and although it lost its Delta contract this seems quite Delta specific to me. The main problem with Delta is they wanted to provide online internet for free to everyone, which was not possible with GOGO; however are most of the other low cost airlines going to do that? Ryanair, Easyjet for example don’t offer anything for free. I think there are many potential contracts up for grabs which would be great catalysts in the short term.

Summary:

• 6th most shorted NASDAQ stock, big potential for short squeeze
• Geared to pick up in air travel/reopening
• Short squeeze potential as hedge funds aim to avoid being last out in case of GME scenario

See some spots from a while ago:

https://www.reddit.com/r/pennystocks/comments/ika97n/gogoa_relatively_unknown_play_with_very_high/