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%).
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.
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
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.
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.
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.
It means 23.68% of BOE’s shares on issue are reported as short sold, making it the most shorted stock in this report.
DroneShield (DRO) rose from 4.25% to 8.62%, a +4.38% increase.
PLS fell from 14.67% to 10.76% (-3.91%), which is consistent with shorts taking profits and reducing exposure after a crowded trade.
BlueScope Steel (BSL) dropped from 5.95% to 0.68%, a -5.27% move.
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.