The 10 Most Shorted ASX Stocks · Week 18, 2024
29 Apr 2024 — 3 May 2024
Deep Yellow (DYL) delivered the week’s cleanest signal: short interest collapsed from 7.04% to 3.79% (-3.26%), a fast unwind that changes the near-term trading set-up. On the other side of the ledger, Bapcor (BAP) jumped from 2.72% to 4.39% (+1.67%) and Flight Centre (FLT) lifted to 11.98% (+0.66%) as shorts leaned back into the Aussie consumer. Pilbara Minerals (PLS) stayed the market’s biggest short at 21.54% despite a -0.43% trim — lithium remains the go-to crowded trade.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
DYL didn’t drift lower in the rankings — it fell out of bed. A 3.26% drop in short interest in one week (7.04% to 3.79%) is the sound of a crowded trade being cleared, quickly, before it turns nasty.
PLS remains the ASX’s most shorted stock at 21.54% (WoW: -0.43%). The position is still enormous, but the weekly trim matters: shorts aren’t pressing harder here, they’re managing risk. IEL holds #2 at 16.21% (+0.25%). This is the kind of short that sticks around because it’s policy-sensitive: international student flows and visa settings can move the earnings dial fast. SYR sits at 12.87% (-0.46%). Covering came through, but the stock is still heavily shorted — the market keeps a tight leash on anything that can be whipsawed by funding, operations or offtake headlines. FLT is the fresh pressure point in the top end: 11.98% (+0.66%). When shorts add into travel, they’re usually making a simple call — discretionary demand is the first thing to wobble when households feel rates. Lithium keeps dominating the leaderboard beneath PLS: LTR at 11.00% (+0.25%), CXO at 8.24% (-0.03%) and SYA at 8.12% (-0.22%). The weekly moves are mixed, but the message isn’t: shorts still want size in battery materials. The other eye-catchers are WGX at 8.17% (+0.93%) and CHN at 8.13% (+0.91%). That’s meaningful new selling pressure in a gold producer and a development-stage critical minerals story — different commodities, same behaviour: shorts piling into names where expectations can crack on updates. ACL rounds out the top 10 at 7.48% (+0.23%). Pathology remains a battleground stock type: defensive on revenue, but vulnerable on margins and competition.
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 riser: BAP. Short interest jumped from 2.72% to 4.39% (+1.67%). That’s not a rebalance — it’s a view. Auto aftermarket looks “everyday essential” until the consumer starts deferring spend, and shorts are positioning for that squeeze. HLS lifted from 5.70% to 6.88% (+1.17%). Diagnostics can trade like a defensive, but it also gets shorted when the market expects pricing pressure, cost creep or tougher competitive dynamics. WGX rose from 7.24% to 8.17% (+0.93%) and CHN from 7.23% to 8.13% (+0.91%). Two separate stories, same outcome: more scepticism. For CHN, the market keeps leaning on development risk while the Gonneville work program grinds through studies (see the company’s Gonneville Project – Pre-Feasibility Study Presentation: https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf). SDR moved from 0.89% to 1.71% (+0.81%). Still small in absolute terms, but the direction is clear: when yields stay high, long-duration software is where shorts start testing the ice. Biggest faller: DYL. Shorts dropped from 7.04% to 3.79% (-3.26%), the largest move on the sheet by a long way. Whatever the catalyst, the effect is the same — less mechanical selling pressure and a higher bar for the next leg down. EDV also saw a sharp unwind from 3.02% to 1.55% (-1.47%), and LNK effectively went to zero from 0.92% to 0.07% (-0.85%). When shorts disappear that fast, it often means the easy part of the trade is over. INR eased from 4.64% to 3.82% (-0.82%) and OBL from 6.48% to 5.55% (-0.92%), both consistent with selective de-risking rather than a broad market-wide cover.
This week’s tape is two markets. First: Materials is still the centre of gravity. PLS (21.54%), LTR (11.00%), CXO (8.24%) and SYA (8.12%) keep lithium as the default short basket, even with small covers in places. Add SYR (12.87%) and you’ve got a sector where shorts can put on size without hunting for liquidity. Second: the consumer is back on the menu. FLT (+0.66%) and BAP (+1.67%) are the cleanest tells that shorts want exposure to household stress while rates stay restrictive. Zoom out and the contrast is stark: across 689 stocks, average short interest is 1.04% and the period average change is -0.04%. So when you see DYL (-3.26%) or BAP (+1.67%), that’s where the real information is.
Watch BAP next week. A move from 2.72% to 4.39% in one print usually precedes volatility — if there’s a trading update or broker downgrade, the stock will tell you quickly whether shorts were early or right.
PLS is 21.54% short (WoW: -0.43%). The size of the position shows shorts are still anchored to a lithium-downcycle thesis, even though they trimmed slightly this week.
Short interest fell by 3.26% in a week, which reduces the stock’s “crowded short” pressure. It doesn’t remove fundamental risk, but it does change the near-term positioning and squeeze dynamics.
It means shorts added aggressively (+1.67%) and are positioning for weaker conditions in consumer-linked earnings. Moves that large are usually deliberate, not mechanical.
FLT rose by 0.66% to 11.98% short. That fits a macro trade: travel is discretionary, and it’s an easy target when the market wants exposure to household and corporate budget tightening.
No — 1.71% isn’t high in absolute terms. But the move from 0.89% to 1.71% (+0.81%) is a meaningful shift in sentiment for a growth software name.
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.
