LOT short interest spikes to 18.51% as shorts lean into uranium
May 2026
Short positioning stayed broadly flat at the market level (average short %: 1.47%, WoW average change: +0.02%), but the stock-level moves were anything but quiet. LOT jumped from 13.53% to 18.51% (+4.98%), while PNV saw a sharp unwind from 14.38% to 11.15% (-3.23%).
This Month's Analysis
The month’s loudest message from the shorts: they’re pressing LOT hard. Short interest in LOT ripped from 13.53% to 18.51% (+4.98%), a move that stands out even in a market where the average WoW change was only +0.02% [ref-1].
CPPR remains in a different universe at 48.67% short (+0.00%), still the maximum short % in the dataset [ref-1]. Behind it, the real battleground is in single-name equities: LOT is now 18.51% short (+4.98%), while DMP sits at 15.28% (-0.63%) and TLX at 14.49% (-1.32%) [ref-1]. BOE is also firmly in the crosshairs at 14.02% (+0.79%), and TWE is being leaned on at 13.71% (+1.16%) [ref-1]. The takeaway for retail investors: the top 10 isn’t just “high short interest” — it’s a mix of crowded thematic trades (uranium, growth healthcare) and mature cyclicals where the market is arguing about earnings durability.
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
LOT’s +4.98% jump is the kind of step-change you usually see when a narrative turns from “execution risk” to “timing risk”. The company has been pushing the Kayelekera Restart Project, and the market is clearly split on whether the economics and permitting path will land cleanly [ref-2]. In healthcare, shorts also piled into 4DX, up from 5.75% to 9.25% (+3.50%) [ref-1]. That’s a big move for a stock where the story is still heavily tied to product progress and commercial traction, and it comes after the company’s quarterly update [ref-3]. On the unwind side, PNV was the cleanest de-risk: 14.38% down to 11.15% (-3.23%) [ref-1]. That’s a meaningful cover given PNV’s FY25 profitability profile (NPAT $13.2m, up +151.2%, and total revenue $129.2m, up +23.3%) [ref-4]. NAN also saw shorts back off (10.50% to 8.94%, -1.56%) [ref-1], after a period where the company has been guiding to FY26 revenue of $215m to $223m and gross margin of 75-77% [ref-5].
Industry Trends
Resources is where the aggression is. Uranium has two names in the top 10 — LOT at 18.51% (+4.98%) and BOE at 14.02% (+0.79%) [ref-1] — and the shorts are effectively saying “prove it” on ramp-ups and restart plans. BOE’s own disclosures show why the market can argue both sides: FY2025 total revenue of $75.596 million, operating cash flow of $17.4 million, but a net loss after tax of $34.168 million [ref-6]. Lithium, by contrast, looks like a trade being abandoned rather than pressed. ELV fell from 5.28% to 3.39% (-1.89%) and CXO from 1.90% to 0.49% (-1.41%) [ref-1]. That’s consistent with shorts taking profit or simply moving on to cleaner, more liquid battlegrounds. Consumer and cyclicals are mixed: TPW rose from 5.68% to 8.05% (+2.36%) [ref-1] after its half-year update [ref-7], while FLT remains heavily shorted at 11.35% (+0.37%) [ref-1] despite reporting FY2025 revenue of 2,783.944 and EBITDA of 398.654 [ref-8].
Outlook
Watch whether LOT holds above 18.51% short or keeps climbing — another leg up would signal the shorts think a catalyst is close. Also keep an eye on whether the PNV unwind continues after the drop to 11.15%, because that’s often how a crowded short quietly stops being crowded [ref-1].
Frequently Asked Questions
Which ASX stock had the biggest increase in short interest this month?
LOT rose from 13.53% to 18.51%, an increase of +4.98% [ref-1].
Which stock saw the biggest short covering (largest fall in short interest)?
PNV fell from 14.38% to 11.15%, a decrease of -3.23% [ref-1].
Why are uranium names showing up so heavily in the short data?
LOT is 18.51% short (+4.98%) and BOE is 14.02% short (+0.79%), suggesting the market is demanding proof on restart/ramp-up execution and economics [ref-1] [ref-2] [ref-6].
Is the overall ASX short market heating up?
Not really: the average short % is 1.47% and the WoW average change is +0.02%, even though individual stocks moved sharply [ref-1].
What’s the single most shorted name in the dataset?
CPPR is 48.67% short with a WoW change of +0.00%, and it’s also the maximum short % reported [ref-1].
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.