The 10 Most Shorted ASX Stocks · Week 17, 2025
21 Apr 2025 — 25 Apr 2025
Mayne Pharma (MYX) was the week’s cleanest tell: short interest jumped from 1.02% to 2.71% (+1.69%). Meanwhile the crowded uranium shorts eased without breaking — Boss Energy (BOE) is still 25.58% short (-0.14%), Paladin (PDN) 16.35% (-0.58%) and Deep Yellow (DYL) 12.63% (-0.24%). Across the market, 661 names are shorted with an average short position of 1.50% (period average change +0.17%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The loudest move this week wasn’t a mega-cap or a macro proxy. It was MYX. A one-week jump of +1.69% to 2.71% is shorts piling in, not a register drifting on noise.
Start with the number that breaks your brain: VANECK INDIA LEADERS ETF UNITS (GRIN) at 104.50% short (flat WoW). That’s plumbing — lending, hedging and settlement mechanics — not a clean directional signal the way an operating company’s short register is. The real battleground is still resources. Boss Energy (BOE) remains the most shorted operating company in the top 10 at 25.58% (WoW -0.14%). Shorts are still leaning hard into the ramp-up/execution risk at Honeymoon versus the uranium spot-price narrative. BOE’s own materials are here: http://www.bossenergy.com/images/media/2973720.pdf and http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf. Paladin (PDN) eased to 16.35% (WoW -0.58%) and Deep Yellow (DYL) to 12.63% (WoW -0.24%). That’s not capitulation — the positions are still huge — but it is the first sign of traders taking some risk off a crowded uranium book. PDN’s reporting pack is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. Lithium shorts haven’t moved on. Mineral Resources (MIN) climbed to 13.74% (+0.29%), Pilbara Minerals (PLS) is 12.04% (+0.01%) and Liontown (LTR) is 11.98% (-0.18%). MIN is the tell in that group: shorts added, not trimmed, even with the stock already a lightning rod for commodity-cycle and balance-sheet debates (MIN results: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). Outside resources, IDP Education (IEL) is still a heavyweight short at 11.68% despite covering this week (-0.69%). The market’s still pricing policy and student-flow risk, just with slightly less aggression than last week.
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.
MYX: 1.02% → 2.71% (+1.69%). For a $219m stock, that’s a fresh position being built. When shorts move that fast in a small cap, it usually means someone thinks the next company update matters more than the last one. Clarity Pharmaceuticals (CU6): 6.77% → 7.60% (+0.83%). This is classic biotech positioning — shorts building into clinical/regulatory and funding risk. CU6’s quarterly activity/App 4C is here: https://www.claritypharmaceuticals.com/wp-content/uploads/2025/10/25-10-31_Clarity-Quarterly-Activity-Report-and-App-4C.pdf. Treasury Wine Estates (TWE): 6.60% → 7.17% (+0.57%). Shorts crept higher in a consumer-facing name that lives and dies by global demand and currency swings. TWE’s own risk framing (including climate and agricultural variability) sits in its 2025 sustainability report: https://a.storyblok.com/f/171317/x/c3d39083c7/2025_twe_sustainability_report.pdf. Generation Development Group (GDG): 1.05% → 1.54% (+0.50%) and Iperionx (IPX): 4.06% → 4.47% (+0.41%) were quieter adds, but still directional. On the cover side, the biggest moves were mechanical: BETA ARMR ETF ETF UNITS (ARMR) collapsed from 3.34% to 0.47% (-2.87%) and ISH FTSE GBL IFRA ETF UNITS (GLIN) fell from 1.57% to 0.07% (-1.50%). That’s hedges coming off. Brainchip (BRN) also saw real covering: 2.78% → 1.84% (-0.94%). In speculative tech, that often reads as shorts banking a win or stepping back when the borrow/reward balance shifts. Brainchip’s recent product documentation is here: https://brainchip.com/wp-content/uploads/2024/11/Akida-Edge-AI-Box-User-Guide.pdf.
This week’s tape splits into three clean buckets. 1) Uranium: still crowded, but no longer tightening. BOE (25.58%), PDN (16.35%) and DYL (12.63%) all fell WoW. The trade is still on, just less one-way. 2) Lithium and “green metals”: entrenched shorts, with MIN the one that actually attracted more selling pressure (+0.29% to 13.74%) while PLS stayed pinned at 12.04% (+0.01%) and LTR eased to 11.98% (-0.18%). 3) Consumer and policy risk: TWE shorts rose to 7.17% (+0.57%) and IEL remains heavily shorted at 11.68% even after a -0.69% WoW fall. Different industries, same behaviour: traders paying up for downside protection where earnings narratives can turn quickly.
Watch TWE and MIN next week: if short interest keeps rising from 7.17% and 13.74% respectively, it confirms the market is rotating its bearish bets from “pure resources” into earnings-sensitive cyclicals.
ETF short percentages can be distorted by market structure (stock lending, hedging and settlement mechanics). It’s not directly comparable to an operating company’s short interest as a directional signal.
Yes. A +1.69% one-week jump is a sharp step-up that usually reflects new short positions being established, especially in a $219m market cap stock.
The core bear case is execution and ramp-up risk plus uranium price sensitivity. This week looks like trimming risk in a crowded trade, not a reversal, with BOE still at 25.58% short.
ETFs are often shorted as quick hedges. Large one-week drops like ARMR (3.34% to 0.47%) and GLIN (1.57% to 0.07%) usually reflect hedge unwinds rather than a fundamental view change.
No. It’s still 11.68% short, which is a large position. The covering (-0.69% WoW) reduces pressure at the margin but doesn’t remove the policy and demand risks shorts are targeting.
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.
