The 10 Most Shorted ASX Stocks · Week 13, 2024
25 Mar 2024 — 29 Mar 2024
Pilbara Minerals (PLS) stays the most shorted stock on the ASX at 20.59%, up +0.34% WoW — a slow grind higher, not a capitulation. IDP Education (IEL) wore the biggest top-10 hit, jumping +0.65% to 14.05%, while the cleanest cover was Aura Energy (AEE) collapsing from 3.16% to 0.66% (-2.50%). Across 675 stocks, average short interest was 1.02% and the period average change was -0.02%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
It takes real conviction to keep 20.59% of a $13.4B company sold short — and then add more. PLS didn’t just hold the crown this week; it tightened its grip (+0.34% WoW). No drama. Just pressure.
PLS (20.59%, +0.34%) remains the market’s cleanest, most liquid way to lean against lithium. The key signal isn’t the level — it’s the refusal to cover. Shorts are sitting in the trade and topping up. IEL (14.05%, +0.65%) was the loudest move inside the top 10. A +0.65% weekly lift at this starting point is a proper shove. The positioning lines up with the market’s core worry: international student settings and mobility risk. When policy tightens, volume is the first domino. SYR (13.65%, +0.17%) stays heavily shorted, a reminder that higher-risk materials stories still attract scepticism when execution, pricing and funding can all bite. The lithium cluster still dominates the leaderboard: LTR (10.08%, +0.06%), CXO (8.45%, +0.16%) and SYA (7.18%, -0.55%). The split matters. Shorts added to the liquid expressions (PLS, CXO) while taking meaningful risk off SYA. Outside resources, FLT (9.90%, +0.28%) remains a near-10% short. That’s the consumer-cyclical tell: if you want a single-stock way to fade discretionary demand, travel is where the borrow goes. ACL (7.06%, -0.11%) drifted lower, while GMD (7.74%, +0.00%) and WBT (7.19%, +0.01%) barely moved — crowded, but stable.
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.
The week’s biggest short build came from a standing start: Toro Energy (TOE) went 0.00% to 0.81% (+0.81%). When a microcap goes from nothing to something in one week, it usually means borrow has appeared and someone decided the risk/reward finally lined up. 29Metals (29M) lifted from 2.57% to 3.34% (+0.77%). That reads like base-metals scepticism creeping back in — the kind that shows up when the market starts questioning demand and cost control at the same time. Calidus Resources (CAI) jumped 0.25% to 1.01% (+0.76%), and HUMM Group (HUM) rose 1.57% to 2.27% (+0.70%). Both are classic “prove it” shorts: smaller balance sheets, less room for mistakes. On the cover side, Aura Energy (AEE) was the standout unwind: 3.16% to 0.66% (-2.50%). That’s not trimming — that’s getting out of the way. Bellevue Gold (BGL) also saw real covering, 5.59% to 3.88% (-1.72%). In gold, when shorts cover like this, it’s usually because the trade stops paying and the risk of being caught wrong-footed rises. Rate-sensitive and consumer names also saw shorts ease: HCW fell 3.45% to 2.51% (-0.94%), and DMP slipped 3.87% to 3.09% (-0.78%).
This week’s tape is still resources-led, but it’s not one-way traffic. Lithium remains the centre of gravity: PLS, LTR, CXO and SYA sit in the top 10, and the net message is simple — shorts are still happiest leaning on the bigger, more liquid names. The cover in SYA (-0.55%) looks like position management, not a sector turn. Uranium positioning split down the middle. LOT rose from 1.15% to 1.83% (+0.68%) and TOE popped from 0.00% to 0.81% (+0.81%), while AEE was aggressively covered (-2.50%). That’s stock-picking, not a clean “uranium up/down” call. Consumer Services is the other pressure point. IEL (+0.65%) and FLT (+0.28%) both attracted fresh shorts, while DMP saw covering (-0.78%). Same sector, different exposures: travel and education are being leaned on; quick-service is getting a breather.
Watch whether IEL keeps climbing from 14.05% next week. If shorts keep piling in at that level, it’s a straight read-through that the market expects a policy-driven hit to volumes — and it’ll show up in positioning before it shows up in guidance.
PLS is 20.59% short because it’s the most liquid way to express a bearish lithium view on the ASX, and short interest increased again this week (+0.34% WoW) rather than being covered.
Yes. IEL rose from 13.40% to 14.05% in a week (+0.65%), the largest WoW increase inside the top 10 most shorted stocks.
It means shorts covered aggressively: AEE fell -2.50% WoW, the biggest decrease in short interest across the market this week.
The biggest risers were TOE (+0.81% to 0.81%), 29M (+0.77% to 3.34%), CAI (+0.76% to 1.01%), HUM (+0.70% to 2.27%) and LOT (+0.68% to 1.83%).
Across 675 stocks, average short interest was 1.02% and the period average change was -0.02%.
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.
