TM editors' note: This article discusses a penny stock and/or microcap. Such stocks are easily manipulated; do your own careful due diligence.

Putting together your list of penny stocks right now? I'm sure you're keeping in mind that major market-moving trends in meme stocks like GameStop (GME), BlackBerry (BB), and Bed, Bath, & Beyond (BBBY). But while the masses are flocking to these potentially crowded trades right now, there's a whole group of other current and former penny stocks to watch that might also fit this mold. What I'm referring to is higher levels of short interest in the stock market today.

I could go on and on about these cheap stocks with high short interest, but there's really one thing to keep in mind. That one thing is whether or not they will attract interest from the social media crowd. If 2021 will go in the record books for something, it will likely be the level of sentiment-based trading we're seeing. Fundamentals for many stocks have been thrown on the window. Even fears of inflation didn't put the brakes on massive moves in some of the top meme stocks this year. Thanks to Reddit and other social media sites, there's been a platform and soapbox created for hyping up different stocks based on the most questionable DD (due diligence). Regardless of the quality of research, the resounding trend originates with "fighting back at the hedgies."

Is Dumb Money Winning The Stock Market Game?

This really doesn't need to be spelled out more than that. The new breed of traders focuses on giving control to "the little guy" that Wall Street's top dogs consider as "dumb money." With control seemingly growing in favor of retail traders, even oversight bodies like the SEC are having difficulty cracking down or identifying manipulation versus unbridled bullish sentiment in certain stocks. Clearly, there's a continued desire to make money in the stock market. How that is being done includes numerous angles. Stocks aren't the only way that "novice" traders are doing so.

Also Check Out My Article On TalkMarkets: Should Meme Stocks Be On Your List Of Stocks To Buy?

More sophistication is in play, including diverse options strategies, cryptocurrency trading, and even establishing short positions in stocks. The latter of these have left the taste of blood in the mouths of herds of Reddit traders globally. Triggering epic short squeezes is now almost like a game, and so far, that game is being won by newbie traders, as it were. With this as the current backdrop to active market trading, here's a list of current and former penny stocks to watch with high short interest. Will they be next to take a Reddit-powered spotlight?

Current & Former Penny Stocks With High Short Interest

Short & OS data retrieved from FinViz Scanner