Updated from 8:36 a.m. EDTThe past month or so has seen a significant increase in the number of Nasdaq stocks with high short ratios, creating some interesting short-squeeze opportunities. A short squeeze takes place when a stock's short-sellers scramble to cover their positions on good news, driving the price of the stock up sharply. The metric for measuring short-squeeze plays is the short ratio, which represents the number of days it would take a stock's short-sellers to cover their positions, based on recent volume. Stockpickr has come up with a list of the Top Nasdaq Short-Squeeze Plays for May. One Nasdaq stock with a high short ratio is Steiner Leisure ( STNR), a provider of spa services to cruise ship and resort customers, which has a short ratio of 33.9. This provider of massages, aromatherapy treatments, seaweed wraps and Pilates recently reported a 10.5% increase in quarterly revenue but a 1-cent drop in quarterly earnings per share. The stock has a P/E of 14 and a PEG of 1.2. Steiner is part of the Stockpickr portfolio High ROIC, No Debt, Low P/S, which features stocks with a high return on invested capital, no debt and a low price-to-sales ratio. Other stocks in the portfolio include Natco Group ( NTG), which has a short ratio of 6.5; Aaon ( AAON), with a short ratio of 27; and American Eagle Outfitters ( AEO), with a 2.5 ratio. Another high short-ratio Nasdaq stock is Sinclair Broadcast Group ( SBGI), a television broadcasting company, which has a short ratio of 33.1. The company just announced that it had quarterly earnings of 19 cents per share, compared with a loss of 3 cents per share for the same quarter a year ago. Revenue increased by 13% for the quarter. The stock has a P/E of 20 and a PEG of 1.47. The yield is 8.6%. Sinclair is part of the Stockpickr portfolio Barron's Interview Hedge Fund Manager Steve Tananbaum, which includes the holdings of Tananbaum's company, GoldenTree Asset Management. Other stocks that GoldenTree owns include Time Warner ( TWX), with a 2.1 short ratio; Liberty Global ( LBTYA), with a short ratio of 8.2; and MGM Mirage ( MGM), with a 5.1 ratio. MGE Energy ( MGEE), another Nasdaq stock with a high short ratio, is a public utility based in Madison, Wis. It has a short ratio of 32.5. The company recently reported its first-quarter financials, with a 16.5% increase in earnings compared with the first quarter of 2007. Revenue was up 12.9%. The stock has a P/E of 15 and a yield of 4.1%. MGE is in the Stockpickr portfolio Top Dividend Raisers with Lowest P/Es. It also lists Cincinnati Financial ( CINF), at a 3.2 short ratio, State Auto Financial ( STFC), with a 18.4 ratio, and ParkerHannifin ( PH), with a 3.8 ratio. For more Nasdaq short-squeeze opportunities, check out the Top Nasdaq Short-Squeeze Plays for May portfolio at Stockpickr.com.