When this was written — On 30 June 2026. The figures are as at that date or earlier and have not been updated since.
Uranium was meant to be the easiest trade on the ASX, backed by a global nuclear renaissance that suddenly looks a little sluggish. Paladin Energy has become the focal point for the sceptics, with short sellers quietly accumulating a position that now sits at 11.43%.
The operational story is mixed. Paladin's half-year revenue jumped 79% to US$138.35 million R1, but the bottom line remains stubbornly thin. A tiny US$0.9 million profit in the first half R1 gave way to a US$3.13 million loss after tax in the third quarter R2. It is this inability to convert high prices into stable earnings that likely attracted the bears. Directors have tried to push back; Anne Templeman-Jones bought A$37,395.29 in shares on March 31 3, followed by more buying on April 7 3 and April 10 4. The market has largely ignored the gesture.
The numbers suggest a coordinated sector-wide bet, but Paladin is carrying the heaviest load among the majors. At 11.43% short, it sits comfortably above the 6.58% peer average, even if Boss Energy remains the outright target at 14.24%. Over the past month, Paladin's share price fell 15.7% to A$9.35, moving in almost perfect lockstep with a rising short position, reflected in a negative 30-day price-to-short correlation of -0.268. The short interest is up 1.71 percentage points over the past 90 days, hovering just below its peak of 11.44%.
With losses resuming in the third quarter R2, the short sellers are unlikely to abandon their positions. The nuclear narrative has cooled, and Paladin's margins are bearing the brunt.