LOT short interest jumps +3.66% to 13.53% as uranium shorts heat up
April 2026
April’s shorting story is uranium: LOT surged from 9.87% to 13.53% (+3.66%) and BOE lifted to 13.22% (+1.25%). DMP stayed the most shorted name at 15.91% (+0.51%), while the cleanest unwind was IEL, collapsing from 9.98% to 4.27% (-5.71%).
This Month's Analysis
The biggest move this month wasn’t a crowded mega-cap — it was LOT. Short interest jumped from 9.87% to 13.53% (+3.66%), a sharp re-rating in positioning that puts it straight into the ASX’s top 10 most shorted list [ref-1]. When a stock moves that far in a month, it’s usually not “noise”; it’s a view.
At the top, DMP remains the market’s favourite short at 15.91% (+0.51%) [ref-1]. The bear case is easy to understand: the company’s FY2025 result showed revenue from ordinary activities down -3.1% to 2,303.7 and profit from ordinary activities after tax from continuing operations down -104.0% to -3.7 [ref-2]. TLX is right behind at 15.81% (+1.12%) [ref-1]. That’s a meaningful lift given Telix’s scale, and it sits awkwardly alongside its H1 FY2025 revenue from contracts with customers of 390.359 (+63%) — but also a (loss)/profit after income tax of -2.292 [ref-3]. Shorts are basically saying: great top line, but show us the quality and durability of earnings. PNV (14.38%, +0.19%) is still heavily shorted [ref-1] even after FY25 profit from ordinary activities after tax attributable to owners up 151.2% to 13.214 [ref-4]. That’s the tell: this isn’t about last year’s numbers — it’s about what the market thinks comes next at a P/E of 101.0.
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 risers were punchy. GDG climbed from 5.27% to 9.90% (+4.63%) [ref-1], and that’s a big vote of scepticism given FY2025 profit from ordinary activities after income tax attributable to members up 555% to 38.247 [ref-5]. CAR also saw shorts pile in, rising from 6.83% to 10.28% (+3.46%) [ref-1]. But the standout cluster is uranium. LOT’s +3.66% move was backed up by BOE lifting to 13.22% (+1.25%) [ref-1]. BOE’s FY2025 numbers explain why the stock can attract both bulls and bears: total revenue 75.596, positive operating net cash from operating activities of 17.381, but a net loss after tax of -34.168 [ref-6]. On the other side, IEL’s short interest was smashed from 9.98% to 4.27% (-5.71%) [ref-1]. That’s not a trim — that’s capitulation. IFL also de-crowded hard, dropping from 2.38% to 0.28% (-2.10%) [ref-1], after its half-year reporting cycle [ref-7].
Industry Trends
Zooming out, the market’s short book is still concentrated: the maximum short % is 15.91% (DMP), versus an average short % of 1.45% across 702 stocks [ref-1]. In other words, the action is in a handful of battleground names. Sector-wise, April looked like a rotation into “story risk” and cyclicals: uranium developers/producers (LOT, BOE) saw shorts increase, while consumer-facing names were mixed — DMP edged higher, but GYG eased to 13.66% (-0.43%) and FLT fell to 10.98% (-0.67%) [ref-1]. In defence tech, DRO barely moved (11.66%, -0.10%) [ref-1] despite its quarterly update cadence [ref-8].
Outlook
Watch whether LOT and BOE keep climbing from 13.53% and 13.22% — if shorts keep adding after this month’s jump, the uranium trade is turning into a genuine ASX battleground [ref-1]. Also keep an eye on whether IEL’s unwind to 4.27% continues, because that kind of covering can change the price action fast [ref-1].
Frequently Asked Questions
What was the single biggest short-interest increase in April?
GDG rose from 5.27% to 9.90%, a +4.63% increase in short interest.
Which stock had the biggest short covering this month?
IEL fell from 9.98% to 4.27%, a -5.71% move — the largest decrease in the data.
Which stocks are now above 13% short interest?
DMP (15.91%), TLX (15.81%), PNV (14.38%), GYG (13.66%), LOT (13.53%) and BOE (13.22%).
Is shorting broad-based across the ASX right now?
No. The average short % is 1.45% across 702 stocks, while the maximum is 15.91% (DMP).
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.