The 10 Most Shorted ASX Stocks · Week 18, 2026
BPT shorts unwind hard: 8.58% to 4.89% in a week
27 Apr 2026 — 1 May 2026
The big move this week was Beach Energy (BPT), where short interest collapsed from 8.58% to 4.89% (change: -3.69%). At the top end, V5AH stayed pinned at 18.67% short (+0.00%), while Guzman y Gomez (GYG) saw a sharp de-risking from 14.05% to 12.08% (change: -1.97%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
Shorts didn’t just trim Beach Energy (BPT) this week — they ran for the exits. BPT short interest fell from 8.58% to 4.89% (change: -3.69%), the biggest move on the board and miles larger than the market’s WoW average change of -0.06% 1.
At the top of the leaderboard, VANG S&P 500 HG ETF (V5AH) remains the most shorted name at 18.67% (+0.00%) 1. Telix (TLX) is still heavily targeted at 16.10% (+0.03%) 1, while Domino’s (DMP) sits at 15.48% (-0.06%) 1 — a reminder that the market hasn’t forgiven the FY2025 net loss after tax of -$3.7m and revenue from ordinary activities of $2,303.7m 6. PolyNovo (PNV) holds 14.29% (+0.03%) 1 despite FY25 net profit after tax of $13.2m and total revenue of $129.2m 5. Treasury Wine (TWE) is steady at 13.24% (-0.00%) 1 even with FY2025 profit attributable to shareholders of $436.9m and revenue from ordinary activities of $2,990.1m 7. The standout change inside the top 10 is GYG, down from 14.05% to 12.08% (change: -1.97%) 1 after reporting FY25 NPAT of $14.5m and EBITDA of $65.119m 8.
Daily Snapshots
Top Shorted Stocks This Week
Financial Snapshot
Key financial metrics from recent company reports for the most shorted stocks.
Biggest Risers
Stocks with the largest increase in short interest this week.
Biggest Fallers
Stocks with the largest decrease in short interest this week.
Movers Analysis
The risers were smaller in magnitude, but the message is clear: shorts are adding to big, liquid cyclicals. Rio Tinto (RIO) lifted from 7.18% to 7.48% (change: +0.29%) 1 despite H1 FY2025 underlying EBITDA of $11,547m and operating cash flow of $6,924m 9. BHP moved from 1.02% to 1.23% (change: +0.21%) 1 after its 2026-04-22 Quarterly Activities Report reiterated FY26 production guidance ranges including 258-269 Mt for iron ore production 10. On the unwind side, BPT wasn’t alone. Genesis Minerals (GMD) dropped from 5.57% to 2.93% (change: -2.65%) 1 with FY2025 NPAT of $454.1m and operating cash flow of $420.7m sitting in the background 11. Pilbara (PLS) also saw shorts ease from 6.83% to 5.49% (change: -1.34%) 1 after FY25 revenue of $769m and statutory loss after tax of $196m — the kind of mix that keeps both bulls and bears active 12.
Industry Positioning
Zooming out, this week looks like a rotation away from energy shorts and into diversified miners. Energy names were the biggest de-grossing: BPT (-3.69%) and even small-cap IVZ went the other way, rising from 0.34% to 0.68% (change: +0.35%) 1. Meanwhile, materials heavyweights BHP (+0.21%) and RIO (+0.29%) both attracted fresh shorting 1. Uranium remains a crowded trade: Lotus (LOT) is at 11.54% (+0.01%) and Boss (BOE) at 11.45% (+0.20%) 1. That’s a lot of scepticism sitting on two names in the same thematic, and it doesn’t take much newsflow to force a scramble either way.
Outlook
Watch whether the BPT unwind continues or snaps back — a -3.69% weekly move often signals positioning stress rather than a gentle change of mind 1. Also keep an eye on whether the incremental build in BHP and RIO shorts accelerates from here, because those trades can quickly become macro proxies 1.
Frequently Asked Questions
What was the single biggest short-interest move this week?
Beach Energy (BPT) fell from 8.58% short to 4.89% (change: -3.69%) [ref-1].
Which stock is the most shorted on the ASX right now?
V5AH is the most shorted at 18.67% (WoW change: +0.00%) [ref-1].
Did shorts add to the big miners this week?
Yes. RIO rose from 7.18% to 7.48% (change: +0.29%) and BHP rose from 1.02% to 1.23% (change: +0.21%) [ref-1].
Why are TLX and PNV still heavily shorted despite strong-looking business momentum?
The data shows TLX at 16.10% and PNV at 14.29% short [ref-1]; high short interest can persist even with improving fundamentals, especially when valuation and expectations are doing the heavy lifting.
What does the market-wide shorting backdrop look like this week?
Total stocks shorted were 706, the average short % was 1.44%, and the WoW average change was -0.06% [ref-1].
Sources
- Shorted.com.au weekly short interest report data (Week 2026-W18, Report Date 2026-04-27)(2026-04-27) [asic data]
- PolyNovo (PNV) FY25 Annual Report / Appendix 4E and FY25 Financial Statements (extracted financial data: NPAT $13.2m; total revenue $129.2m)(2025-09-08) [financial report]
- Domino's Pizza Enterprises (DMP) FY25 Appendix 4E / Annual Report (extracted financial data: net loss after tax -$3.7m; revenue from ordinary activities $2,303.7m)(2025-08-27) [financial report]
- Treasury Wine Estates (TWE) 2025 Annual Report (extracted financial data: profit attributable to shareholders $436.9m; revenue from ordinary activities $2,990.1m)(2025-08-13) [financial report]
- Guzman y Gomez (GYG) 2025 Full Year Report and Appendix 4E (extracted financial data: NPAT $14.5m; EBITDA $65.119m)(2025-08-22) [financial report]
- Rio Tinto (RIO) 2025 half year results (extracted financial data: underlying EBITDA $11,547m; operating cash flow $6,924m)(2025-07-30) [financial report]
- BHP Quarterly Activities Report (guidance ranges including iron ore production 258-269 Mt for FY26)(2026-04-22) [announcement]
- Genesis Minerals (GMD) FY2025 Annual Report (extracted financial data: NPAT $454.1m; operating cash flow $420.7m)(2025-08-21) [financial report]
- Pilbara Minerals (PLS) FY25 Full Year Results / Presentation (extracted financial data: revenue $769m; statutory loss after tax $196m)(2025-08-25) [financial report]
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.