The 10 Most Shorted ASX Stocks · Week 25, 2024
17 June 2024 — 21 June 2024
PLS stayed the ASX’s most shorted stock at 20.83% (-0.20% WoW), but the real action was in the weekly moves: FLT jumped to 10.33% (+0.75%) and ACL to 9.15% (+0.78%). The biggest spike was DYL, where shorts surged from 3.38% to 5.31% (+1.93%), while GLDN’s short interest collapsed from 13.75% to 0.15% (-13.61%) in what looks like a positioning unwind rather than a fundamental call.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The week’s loudest message wasn’t PLS sitting at a hefty 20.83% short (down a touch, -0.20%). It was the sudden aggression in a few names: FLT (+0.75% to 10.33%) and ACL (+0.78% to 9.15%) both saw meaningful fresh shorting, while DYL’s jump (+1.93% to 5.31%) screams “crowded trade forming”. When shorts move that quickly, it’s usually about timing — positioning into a catalyst — not a slow-burn valuation debate.
PLS (20.83%, -0.20%) remains the market’s favourite short because the lithium tape still sets the tone. Even with a small trim this week, the position size says the bear case hasn’t gone away: margins and realised pricing sensitivity are the core risk when lithium sentiment turns. IEL (13.21%, -0.24%) also saw a small cover. The standing short is still big, and the likely thesis stays the same: policy and visa settings can change quickly, and currency moves can bite a global education business (company risk list flags regulatory and FX volatility). FLT (10.33%, +0.75%) is the standout in the top 10. Shorts piled in hard. The most likely read is earnings positioning: travel is cyclical, and any wobble in consumer confidence or corporate travel budgets can hit volumes fast. FLT has been active (including the Iglu Cruise acquisition), which can add integration risk and give shorts a clean narrative if the market starts to price in softer demand. LTR (11.31%, flat) and SYA (9.91%, +0.16%) show lithium shorts are still sticky. No big weekly change, but the persistence across multiple lithium tickers tells you the sector is still being used as a macro hedge. ACL (9.15%, +0.78%) is a proper move. Pathology is defensive, so when shorts lift this quickly it’s usually about micro issues: pricing pressure, competition, or margin concerns rather than macro. The company has been pushing digital services, but the market will still care most about volumes and reimbursement dynamics. WGX (9.89%, -0.51%) and SYR (9.63%, -0.14%) both saw shorts ease. That’s consistent with traders taking some risk off in crowded resources shorts rather than a full change of mind.
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: DYL (3.38% → 5.31%, +1.93%). That’s a sharp one-week jump. DYL is leveraged to uranium sentiment, and the clean explanation is traders leaning into commodity volatility and project execution risk. DYL has also been busy on the corporate front (it completed the Vimy Resources acquisition), and M&A integration plus development timelines are exactly the sort of uncertainty shorts like to press. PMT (0.43% → 2.21%, +1.78%) also saw shorts arrive in size. In early-stage battery materials, shorting often follows big price moves or sector-wide derating — it’s less about next quarter’s earnings and more about funding risk and sentiment. BGL (2.75% → 4.22%, +1.47%) is another meaningful jump. Gold names can attract shorts when costs, grade control, or ramp-up risk are in focus. A move like this suggests the market is questioning execution more than the gold price itself. JDO (1.38% → 2.72%, +1.35%) looks like a rates-and-credit call. Regional lenders get punished when investors worry about funding costs, deposit competition, or credit quality. Shorts lifting here fits a “higher-for-longer” mindset. On the cover side, GLDN (13.75% → 0.15%, -13.61%) is the outlier of the week. That’s not normal trading — it reads like a technical unwind (position closure, rebalance, or borrow dynamics) rather than a sudden change in views on gold. DMP (5.31% → 3.03%, -2.28%) saw a solid short cover. That suggests the easy money on the downside may have been made, or shorts are reducing risk ahead of a potential update cycle. In consumer discretionary, sentiment can turn quickly if cost pressures ease. CXO (8.06% → 6.81%, -1.25%) is a rare bit of relief in lithium. It doesn’t mean the lithium bear case is dead — it just says some traders are banking profits after a heavy run of negativity.
Resources still dominate the short report. Lithium remains the structural theme (PLS, LTR, SYA, SYR all heavily shorted), but this week added a second thread: uranium and gold shorts are getting more active (DYL and BGL both spiking). That mix usually shows hedge funds aren’t just making a single commodity call — they’re trading volatility and balance-sheet risk across the complex. Outside resources, the market is leaning into cyclicals and margin pressure stories. FLT’s jump says travel is back on the chopping block as a discretionary exposure, while ACL’s rise shows even “defensive” healthcare services aren’t immune if pricing or competition becomes the narrative. Meanwhile, JDO’s move fits the broader bank funding/credit sensitivity trade. At the index level, the average short interest was 1.08% and the period average change was slightly negative (-0.03%), so this wasn’t a market-wide rush into shorts. It was targeted — and that’s usually where the best signals are.
Next week, watch for any macro catalyst that shifts rates expectations (which will matter for JDO and other cyclicals) and commodity price swings that can force fast covering in crowded resources shorts like PLS, LTR and the new uranium/gold movers (DYL, BGL).
PLS is still number one at 20.83% short interest, down slightly by 0.20% week-on-week.
DYL had the biggest rise: 3.38% to 5.31%, a +1.93% move in a single week.
Because FLT is already heavily shorted; pushing it to 10.33% suggests fresh conviction and likely positioning into a near-term catalyst around travel demand and earnings risk.
GLDN collapsed from 13.75% short to 0.15% (-13.61%), which looks like a technical unwind rather than a gradual change in fundamentals.
No — CXO’s short interest fell from 8.06% to 6.81% (-1.25%), which is more consistent with profit-taking or risk reduction than a full sector reversal.
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.
