The 10 Most Shorted ASX Stocks · Week 15, 2025
7 Apr 2025 — 11 Apr 2025
BOE stayed the ASX’s most shorted stock at 25.66% (+0.28% WoW), with uranium names still clogging the top end alongside PDN at 16.26% (+0.14%) and DYL at 13.18% (-0.29%). The week’s cleanest new message was PNV: shorts jumped from 9.15% to 10.17% (+1.02%) to enter the top 10. Meanwhile, shorts headed for the exits in SDR (3.04% to 1.81%, -1.23%) and WEB (6.74% to 5.54%, -1.20%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
BOE sitting at 25.66% short is no longer a headline — it’s the background noise. The real tell this week was PolyNovo (PNV): shorts piled in by +1.02% to 10.17% and dragged it into the top 10. That’s not portfolio housekeeping. That’s a bet.
The top of the board is still a tug-of-war between “future-facing commodities” and the reality of delivery. BOE (25.66%, +0.28%) remains the most crowded short on the ASX. When a ramp-up story gets shorted this hard, the market is pricing execution risk first and narrative second. BOE’s own materials keep the growth pitch front and centre (Dec quarterly results presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf); the short book is positioned for the messy version of that story. PDN (16.26%, +0.14%) is still heavily shorted, keeping uranium as the market’s favourite battleground. PDN’s annual report lays out the broader asset footprint (https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf), but the short interest says traders are focused on uranium price sensitivity and operational delivery. MIN (13.25%, +0.24%) stays glued near the top because it’s leveraged to volatile commodities and big project execution. The ambition is clear in MIN’s full year results pack (https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). Shorts keep leaning into the gap between “plan” and “cycle”. The lithium complex is less one-trade-fits-all than it used to be. PLS (12.47%) saw a chunky weekly ease (-0.56%) while LTR (11.98%) went the other way (+0.45%). Same commodity. Different targets.
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.
This week’s biggest increases were a mix of healthcare risk and resources momentum getting faded. BOT jumped from 2.04% to 3.24% (+1.20%) and CU6 from 4.63% to 5.81% (+1.17%). That’s classic clinical-stage shorting: traders leaning against trial risk and the funding treadmill. CU6’s quarterly activity report and Appendix 4C is exactly the sort of document shorts interrogate for cash burn and runway (https://www.claritypharmaceuticals.com/wp-content/uploads/2025/10/25-10-31_Clarity-Quarterly-Activity-Report-and-App-4C.pdf). PNV moved from 9.15% to 10.17% (+1.02%) — the loudest signal on the tape. When a medtech name cops a +1% short jump in a week, someone is challenging the durability of the growth story. WA1 rose from 2.64% to 3.54% (+0.90%), while AAI lifted from 0.32% to 1.18% (+0.86%). On the other side, the covering was decisive in travel/tech and consumer. SDR fell from 3.04% to 1.81% (-1.23%) and WEB from 6.74% to 5.54% (-1.20%). That’s a proper unwind. For SDR, the company’s recent filings around holdings and securities provide plenty of reasons for positioning to get cleaned up (e.g. change in substantial holding: https://www.siteminder.com/wp-content/uploads/2026/01/251223_Change-in-Substantial-Holding_-BlackRock-Group.pdf). BRG dropped from 4.72% to 3.71% (-1.00%), DMP from 10.62% to 9.84% (-0.78%), and TPW from 2.04% to 1.33% (-0.71%). That’s shorts taking money off the table in names that can punish you quickly if sentiment turns.
Zoom out and the message is simple: the market’s short book is concentrated, not broad. Average short interest across 656 stocks is 1.34%, and the period average change is only +0.03%. Yet the big single-name swings were over 1%. Sector-wise, uranium remains the most crowded fight. BOE (25.66%), PDN (16.26%), DYL (13.18%) and LOT (10.87%) sit high on the list, even with DYL easing (-0.29%) and LOT barely moving (-0.04%). Crowded trades don’t need bad news to move — they just need a surprise. Lithium is turning into a stock-picker’s short market: MIN up (+0.24%), LTR up (+0.45%), PLS down (-0.56%). And outside resources, healthcare is where shorts added risk at the margin (PNV, BOT, CU6) while consumer/travel shorts were cut back (SDR, WEB, BRG, DMP, TPW).
Watch PNV next week: after a +1.02% jump to 10.17%, any update that touches sales momentum or margins is the obvious pressure point. In resources, BOE at 25.66% is the tripwire — the next operational datapoint out of Honeymoon is where this week’s positioning gets tested.
Because it’s a production ramp-up story with execution risk, and short sellers are positioned for timelines, costs or output to disappoint. BOE’s short interest also increased week-on-week by +0.28%.
Yes. PNV’s short interest rose from 9.15% to 10.17% in a week (+1.02%), which is a large move by ASX standards and usually reflects deliberate positioning rather than passive hedging.
Short interest fell from 3.04% to 1.81% (-1.23%), which indicates a significant unwind of bearish positions — often profit-taking or risk reduction when the downside trade stops paying.
PLS short interest fell from 13.03% to 12.47% (-0.56%) while LTR rose from 11.53% to 11.98% (+0.45%), suggesting traders are differentiating company-specific balance sheet and execution risk rather than running a single “lithium” short.
The average short interest across 656 stocks is 1.34% and the period average change is +0.03%, so the action is concentrated in a handful of names rather than spread across the market.
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.
