Boss Energy hits 23.68% short — and the lithium bears start taking chips
November 2025
BOSS Energy (BOE) is now the most shorted stock on the ASX at 23.68%, up +2.96% month-on-month, with Paladin (PDN) also higher at 13.15% (+0.96%). The biggest new hit was DroneShield (DRO), where shorts jumped from 4.25% to 8.62% (+4.38%). Meanwhile, shorts ran for the exits in BlueScope (BSL) 5.95% to 0.68% (-5.27%) and covered hard in Pilbara Minerals (PLS) 14.67% to 10.76% (-3.91%).
This Month's Analysis
Uranium is where the crowd is gathering. Boss Energy is sitting at 23.68% short after a +2.96% jump in a month — the highest short position in the market — and Paladin is moving the same way at 13.15% (+0.96%). That’s not a hedge. That’s a view.
1) BOE (23.68%, +2.96%) has taken the crown and then some. Shorts don’t add nearly 3 percentage points to an already-crowded position unless they’re leaning into the ugly part of the story: ramp-up risk, timelines, costs, and what happens if the uranium tape stops doing the heavy lifting. 2) DMP (16.73%, -0.13%) is still a big short, but it barely moved. That reads like a set position: consumer pressure and competitive fast food are still the bear case, but there was no fresh push this month. 3) PDN (13.15%, +0.96%) confirms the uranium pressure isn’t just a single-stock grudge match. Shorts are building exposure across the theme. 4) GYG (12.98%, +0.45%), IEL (12.38%, +0.25%) and FLT (11.39%, +0.73%) keep the consumer/travel complex well represented near the top. Higher-for-longer rates don’t need to break demand to hurt these trades — they just need to keep households cautious and margins tight. 5) PWH (11.23%, +0.70%), PNV (11.12%, +0.61%) and TLX (10.68%, +0.55%) all saw shorts add. Different sectors, same setup: expectations are high, and any stumble in delivery, regulatory timing, or guidance can move the price fast. 6) PLS (10.76%, -3.91%) stays in the top 10, but the direction matters more than the rank. This was meaningful covering, not a trim.
Daily Snapshots
Top Shorted Stocks This Month
Biggest Risers
Stocks with the largest increase in short interest this month.
Biggest Fallers
Stocks with the largest decrease in short interest this month.
Movers Analysis
The month’s cleanest message came from the extremes. Biggest risers: - DRO: 4.25% → 8.62% (+4.38%). Shorts nearly doubled. When a stock is priced for a steady drumbeat of contract wins, the short side shows up the moment the newsflow has to work harder. - CUV: 6.23% → 9.41% (+3.18%). A sharp lift for a company with a flagship product profile — concentration and regulatory risk are exactly what shorts like to press. - LYC: 2.01% → 5.07% (+3.07%). That’s a real change in posture on rare earths. Shorts don’t bother at this size unless they think pricing, demand, or cost curves are about to bite. - BOE: 20.72% → 23.68% (+2.96%). The market’s most crowded short got more crowded. - DVP: 2.23% → 4.95% (+2.72%). A sizeable step-up for a base metals name where execution and commodity pricing can both swing sentiment. Biggest fallers: - BSL: 5.95% → 0.68% (-5.27%). That’s capitulation. Shorts didn’t “reduce”; they left. Whatever the bear case was, it wasn’t worth the risk of staying in front of it. - PLS: 14.67% → 10.76% (-3.91%). The lithium short trade is still there, but the conviction has cooled. - LNW: 3.22% → 0.59% (-2.63%). A decisive cover. - SGR: 4.02% → 1.73% (-2.29%). Shorts backed away materially — a reminder that headline risk cuts both ways. - BRN: 6.31% → 4.51% (-1.80%). Less pressure on the speculative AI end of the market this month, at least on this name. And zoom out: the average short position across 653 stocks is only 1.26%, with a period average change of +0.05%. This wasn’t a market-wide risk-off. It was targeted.
Industry Trends
Resources is where the rotation is loudest. - Uranium: shorts added to BOE (+2.96%) and PDN (+0.96%). That’s a bet against delivery and/or a bet that the uranium narrative has run ahead of what operations can prove in the next few updates. - Lithium: shorts covered hard in PLS (-3.91%). The bear trade hasn’t vanished, but it’s no longer a one-way door. - Rare earths: LYC (+3.07%) is the tell that shorts are shopping for the next commodity disappointment. Outside resources, the short book is still leaning into “expectations vs reality”. DRO (+4.38%) is the cleanest example. In healthcare, the pressure building in CUV (+3.18%), TLX (+0.55%) and PNV (+0.61%) fits the same pattern: high sensitivity to a single update, and shorts positioning for it.
Outlook
Watch BOE’s next operational update like it’s a binary event: at 23.68% short, any clean execution signal can force a scramble. The second tell will be whether PLS short interest keeps falling from 10.76% — if it does, the lithium tape will start reacting to good news again, not just bad.
Frequently Asked Questions
What does 23.68% short interest in BOE mean?
It means 23.68% of BOE’s shares on issue are reported as short sold, making it the most shorted stock in this report.
Which stock had the biggest jump in short interest this month?
DroneShield (DRO) rose from 4.25% to 8.62%, a +4.38% increase.
Why did Pilbara Minerals (PLS) short interest drop so much?
PLS fell from 14.67% to 10.76% (-3.91%), which is consistent with shorts taking profits and reducing exposure after a crowded trade.
Which stock saw the biggest short covering?
BlueScope Steel (BSL) dropped from 5.95% to 0.68%, a -5.27% move.
Does rising short interest mean a stock will fall?
No. Short interest is a positioning measure. High short interest can also amplify rallies if the company delivers better-than-expected news and shorts buy back stock to close positions.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.