The 10 Most Shorted ASX Stocks · Week 10, 2025
3 Mar 2025 — 7 Mar 2025
Boss Energy (BOE) is now 22.22% short after a 20.93% → 22.22% jump (+1.29%) — the biggest move in the top end of the market. Uranium dominates the leaderboard with PDN at 18.02% (+0.35%) and DYL at 12.16% (+0.38%), while shorts also added to DMP (10.93%, +0.51%). The cleanest covers were in BGL (6.61% → 5.21%, -1.40%) and CHN (6.00% → 4.85%, -1.14%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
BOE just printed 22.22% short. That’s not a “watchlist” position — it’s a statement. Shorts didn’t just sit there either: they added +1.29% in a week, taking BOE from 20.93% to 22.22% and cementing it as the most shorted stock in the market this week.
1) BOE (22.22%, +1.29%) The market’s biggest short is a uranium ramp-up story, and ramp-ups are where timelines slip and unit costs bite. BOE’s own materials lean into the build-out narrative (Dec24 quarterly results presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). Shorts are positioned for the moment the story meets the spreadsheet. 2) PDN (18.02%, +0.35%) Still the other anchor of the uranium short book. PDN’s scale and corporate activity give shorts plenty to interrogate on execution and integration risk (Paladin 2025 Annual Report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). 3) IEL (12.50%, -0.26%) A rare easing inside the top 10, but don’t confuse trimming with capitulation: 12.50% is still a heavy position. The bear case remains tied to policy sensitivity and the fragility of student mobility. 4) PLS (12.50%, +0.12%) and 7) MIN (10.94%, +0.28%) Lithium scepticism hasn’t left the building — it’s just not the loudest trade this week. PLS and MIN both ticked higher on short interest, consistent with a market still fading earnings durability and cost/price assumptions (PLS quarterly advisory: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf; MIN FY results: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). 5) DYL (12.16%, +0.38%) Uranium again. DYL’s short interest rising alongside BOE and PDN tells you this is sector positioning, not a one-off company call (DYL annual report: http://www.deepyellow.com.au/wp-content/uploads/2025AnnualReport06Oct25NoCoverSheet.pdf). 8) DMP (10.93%, +0.51%) and 9) CTT (10.47%, +0.04%) Consumer shorts are sticky. DMP’s +0.51% move reads like traders leaning into margin risk — wages, discounting, and food input costs — while CTT stays elevated at 10.47% with barely any weekly change. 10) KAR (10.47%, +0.43%) Shorts added into Karoon as well, taking it to 10.47%. Oil and gas names can look calm until the tape turns; short interest rising here is a reminder that commodity-linked cashflows are still being treated as fair game (KAR Q4 results: https://www.karoonenergy.com.au/wp-content/uploads/260127-2025-fourth-quarter-results.pdf).
Key financial metrics from recent company reports for the most shorted stocks.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
Biggest risers — where the shorts piled in - BOE: 20.93% → 22.22% (+1.29%). The combination of “already extreme” plus “still rising” is what creates violent moves. - CU6: 3.09% → 4.20% (+1.10%). Clinical-stage biotech is a natural hunting ground when the market starts caring about timelines and cash. CU6’s quarterly activity report/App 4C is the sort of document shorts read line-by-line (https://www.claritypharmaceuticals.com/wp-content/uploads/2025/10/25-10-31_Clarity-Quarterly-Activity-Report-and-App-4C.pdf). - MSB: 2.95% → 3.87% (+0.92%). Same playbook: binary outcomes, funding risk, and headline-driven gaps. - LOT: 6.13% → 6.88% (+0.75%). Uranium shorts aren’t just concentrated in the big two; they’re spreading across the complex. - DRR: 2.00% → 2.70% (+0.71%). A royalty model doesn’t immunise you from commodity nerves; it just changes the transmission mechanism (DRR CEO update: https://www.deterraroyalties.com/wp-content/uploads/2025/12/6A1300360.pdf). Biggest fallers — where shorts backed off - BGL: 6.61% → 5.21% (-1.40%). That’s real covering, not noise. - XVGHY: 2.31% → 1.16% (-1.15%). - CHN: 6.00% → 4.85% (-1.14%). Any progress that tightens the pathway on Gonneville can force risk reduction (PFS presentation: https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf). - XYZ: 2.03% → 1.00% (-1.03%). Shorts stepping back in a large, liquid name is often just book management. - XVGHAB: 1.36% → 0.41% (-0.95%).
This week’s tape is dominated by one trade: uranium. BOE (22.22%, +1.29%), PDN (18.02%, +0.35%), and DYL (12.16%, +0.38%) are all heavily shorted and all moved higher week-on-week, with LOT (6.88%, +0.75%) joining the party. That’s coordinated positioning across multiple names — a sector call built around execution risk and a less forgiving commodity backdrop. Materials is split. Lithium-linked shorts stayed on (PLS +0.12%, MIN +0.28%), while gold-related pressure eased via BGL’s cover (-1.40%). Outside resources, the consumer short book remains alive: DMP added (+0.51%) and CTT is still sitting at 10.47%.
Watch BOE’s next operational update for anything that touches ramp-up timing and costs. With 22.22% of the register short, BOE doesn’t need a blockbuster headline — it just needs to be clean enough to force covering.
Boss Energy (BOE) at 22.22% short, up from 20.93% the prior week (+1.29%).
BOE (+1.29% to 22.22%), CU6 (+1.10% to 4.20%), MSB (+0.92% to 3.87%), LOT (+0.75% to 6.88%), and DRR (+0.71% to 2.70%).
BGL (-1.40% to 5.21%), XVGHY (-1.15% to 1.16%), CHN (-1.14% to 4.85%), XYZ (-1.03% to 1.00%), and XVGHAB (-0.95% to 0.41%).
Yes. Uranium names dominate both the top of the table and the weekly risers: BOE (22.22%, +1.29%), PDN (18.02%, +0.35%), DYL (12.16%, +0.38%), and LOT (6.88%, +0.75%).
No. High short interest means a lot of investors are positioned for downside, but it can also amplify upside if news forces shorts to buy back stock.
Track the live rankings on the most shorted ASX stocks page, watch short squeeze candidates, or see market-wide totals in the ASX short selling statistics.
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.
