The 10 Most Shorted ASX Stocks · Week 23, 2024
3 June 2024 — 7 June 2024
Short interest was broadly steady (average +0.05%), but a few moves were loud. XRO jumped from 0.65% to 1.63% (+0.97%) and uranium shorts lifted hard (DYL +0.96% to 3.20%, BOE +0.89% to 4.68%). Lithium stays the ASX’s favourite short: PLS sits at 21.55% and LTR at 10.39%, both higher on the week.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The week’s cleanest signal wasn’t in the usual lithium suspects — it was the sudden re-rating in short interest for XRO. A near-1% jump in a large-cap software name (0.65% → 1.63%) is a deliberate trade, and it reads like positioning into the “rates stay higher for longer” tape where long-duration growth gets sold first.
BSUB remains the outlier at 30.84% short (flat WoW). With no weekly change, it looks more like a structural hedge/arb position than a fresh view. In single names, the lithium complex is still where shorts feel most comfortable. PLS is 21.55% short (+0.17%) — that’s an enormous number for a $13.4b stock and tells you the market is still leaning into weak lithium pricing and the risk of downgrades as producers defend margins. LTR is 10.39% (+0.40%), another clear vote that the market wants to fade development risk and funding/valuation questions while the commodity is under pressure. IEL (13.12%, +0.34%) stays heavily shorted. The most likely read is macro: anything tied to discretionary spending and cross-border demand gets questioned when growth wobbles and currency moves matter. SYR is the one lithium-adjacent name going the other way: 10.15% short, down -0.58%. That’s a meaningful cover and suggests shorts are taking profit or reducing exposure into a crowded trade. Outside resources, FLT is 10.04% (+0.18%). Travel is a classic “consumer cracks if rates don’t fall” short, and this positioning says the market still wants protection against softer discretionary demand. Gold exposure is split: WGX is 9.96% (+0.26%), while BC8 saw a sharp new build (see movers). Shorts are clearly willing to fade parts of the gold trade even with the metal holding up — that’s usually a company-specific execution call rather than a gold price call.
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.
TLG was the biggest riser: 2.25% → 3.29% (+1.04%). That’s a big weekly move for a $199m name and fits the broader battery-materials scepticism: when lithium/EV sentiment is weak, the market tends to punish anything pre-scale or capex-heavy. BC8 went from basically unshorted to real positioning: 0.02% → 1.04% (+1.02%). That’s not “noise”. It looks like shorts are challenging the near-term delivery story and cost/grade execution risk that often comes with ramp-ups in smaller gold producers. XRO’s jump (0.65% → 1.63%, +0.97%) stands out because it’s a liquid, widely-owned growth stock. This looks like valuation/rates positioning: if bond yields push up, the market typically leans short the expensive software cohort. Uranium shorts also lifted hard. DYL rose 2.25% → 3.20% (+0.96%) and BOE rose 3.78% → 4.68% (+0.89%). That pairing matters: it suggests a sector trade, likely driven by uranium price volatility and the market questioning timelines and ramp-up risk (BOE is in production ramp mode at Honeymoon; DYL has been expanding its portfolio). On the cover side, CIA fell 3.22% → 2.06% (-1.16%). That’s a decisive reduction and reads like shorts banking gains after iron ore volatility rather than pressing the bet. WTC also saw meaningful covering: 1.87% → 0.93% (-0.94%). That’s the mirror image of XRO — shorts are trimming one software name while adding to another, which points to stock-specific valuation and earnings preference rather than a blanket “short tech” call. HLS eased from 8.34% → 7.55% (-0.79%), a decent cover in a heavily shorted healthcare services name. That suggests the market is less confident pressing the downside right now, even if the structural pressures (competition and regulation risk) haven’t disappeared.
Two sector stories dominated. First: lithium remains the ASX short trade. PLS (21.55%), LTR (10.39%) and SYA (9.67%, +0.25%) keep the complex crowded. The thesis is simple: lithium pricing weakness squeezes cashflows, and the market doesn’t want to pay up for growth projects when funding costs are still high. Second: uranium is back on the radar, but from the short side this week. BOE and DYL both saw near-1% jumps in short interest, which looks like traders fading the recent optimism and focusing on execution risk and commodity price swings. Meanwhile, software shorts are getting more selective. XRO is being leaned on (+0.97%), while WTC is being covered (-0.94%). That’s a reminder that in 2024, “tech” isn’t one trade — it’s a stock-by-stock fight over valuation, growth durability and earnings risk.
Watch for macro catalysts that hit duration and cyclicals: any shift in rate expectations will feed straight into XRO/WTC-style positioning, while commodity price moves will keep lithium and uranium shorts active. Also keep an eye on upcoming company updates — these short levels mean even a small guidance surprise can force a fast cover.
That’s a sector call: shorts are betting lithium prices stay weak and that earnings and margins across producers remain under pressure. At 21.55%, it’s also a crowded trade, so sharp rallies can happen if the commodity turns.
Yes. Moving from 0.65% to 1.63% in a large-cap software stock is a deliberate build, and it usually reflects valuation/rates positioning or traders leaning into an upcoming catalyst like results.
It typically means shorts are taking profit or reducing risk because the downside is less attractive. It doesn’t automatically mean the stock is “safe”, but it does mean bearish conviction has eased.
When two uranium stocks jump together (DYL +0.96% to 3.20%, BOE +0.89% to 4.68%), it usually signals a sector trade. The likely driver is uranium price volatility plus execution risk around project ramp-ups and delivery timelines.
At those levels, news flow matters more: earnings/guidance, operational updates, and any macro shock to the sector. High short interest can amplify moves both ways — bad news accelerates falls, but good news can trigger a squeeze.
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.
