The 10 Most Shorted ASX Stocks · Week 28, 2024
8 July 2024 — 12 July 2024
PLS stays the ASX’s most crowded short at 21.06% (+0.28% WoW), with lithium names still dominating the top 10. This week’s new aggression landed elsewhere: FLT jumped to 11.47% (+1.06%) and ACL to 11.04% (+1.00%), while uranium shorts surged in BOE to 7.40% (+1.09%) and DYL to 5.74% (+1.02%). The cleanest covers were NAN down to 5.52% (-1.01%) and MRM effectively wiped from 0.07% (-1.00%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
21.06%. That’s PLS short interest — one-fifth of a $13.4b lithium bellwether sold short. Crowded. Then the market did something louder: it piled fresh shorts into FLT and ACL in a single week, the kind of move that screams “positioning into a catalyst”, not a slow valuation debate.
PLS (21.06%, +0.28%) remains the market’s go-to expression for “lithium pain isn’t done”. And it’s not alone. LTR sits at 10.82% (+0.36%), SYR at 10.56% (+0.41%), SYA at 9.43% (+0.50%) and LYC at 9.24% (+0.84%). When that many battery-materials names cluster in the top 10, shorts aren’t picking winners — they’re leaning on the whole earnings tape. IEL (13.09%, +0.25%) stays heavily shorted, a reminder that international education still wears policy/visa risk and FX volatility. Shorts don’t need a blow-up; they need growth to miss. The standout change inside the top 10 was FLT (11.47%, +1.06%) charging into third place. That’s a big weekly add for a $3.3b travel name. High rates don’t have to crush demand to hurt a stock — they just need to take the shine off forward bookings and margins. ACL (11.04%, +1.00%) also took a full-percent hit. Pathology reads defensive until you remember the pressure points: regulation, competition and the post-COVID revenue hangover. A +1.00% week says the market is questioning near-term earnings quality.
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.
The biggest riser was ZIP: 1.78% → 2.89% (+1.11%). That’s a sharp turn for a lender/payments name and it fits the macro tape: higher-for-longer rates keep investors focused on funding costs and credit performance. ZIP has also had capital-structure related notices (for example, “Notification of cessation of securities - ZIP”: https://yourir.info/ezapi/announcements/dbc6d3e76afbc820/2A1648337/ZIP_Notification_of_cessation_of_securities_ZIP.pdf), which can pull in hedging and short-term positioning. Uranium got hit hard. BOE rose 6.31% → 7.40% (+1.09%) and DYL 4.72% → 5.74% (+1.02%). Shorts love ramp-ups because execution risk is measurable and the market punishes slippage. BOE is in production ramp-up mode at Honeymoon and progressing Alta Mesa per its own materials (http://www.bossenergy.com/images/media/2973720.pdf; http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). On the cover side, NAN fell 6.53% → 5.52% (-1.01%), consistent with shorts banking wins or stepping away after results-related volatility (see NAN’s “2025 Half Year Financial Results”: http://www.nanosonics.com/media/jvyleegn/2025-half-year-financial-results.pdf). MRM dropping 1.07% → 0.07% (-1.00%) is an exit, full stop — borrow, thesis, or positioning changed fast. BAP (4.88% → 4.25%, -0.63%) and DHG (2.41% → 2.01%, -0.41%) also saw shorts ease, a small sign the market is less keen to press consumer and property-adjacent trades right here.
The market-level backdrop matters because it shows what’s signal and what’s noise. Across 649 stocks, average short interest is 1.16% and the period average change is +0.05%. So when you see +1% moves (ZIP +1.11%, BOE +1.09%, FLT +1.06%, DYL +1.02%, ACL +1.00%), that’s real money moving. Sector-wise, lithium and battery materials still own the leaderboard: PLS, LTR, SYR, SYA and LYC are all top-10 shorts, with CHN parked at 10.38% (flat). But the momentum this week broadened into two new buckets: uranium (BOE, DYL) and the Australian consumer (FLT, ZIP). That’s a neat read-through on positioning: commodities execution risk on one side, household sensitivity to rates on the other.
Watch whether FLT and ACL keep taking weekly adds. If either prints another ~+1% move next week, the market is building a proper pre-results position — and that’s when price moves get sharp.
Pilbara Minerals (PLS) at 21.06% short interest, up +0.28% week-on-week.
Zip Co (ZIP): 1.78% to 2.89%, a +1.11% increase.
Because the short book is concentrated across multiple lithium and battery-materials names at once: PLS 21.06%, LTR 10.82%, SYR 10.56%, SYA 9.43% and LYC 9.24%, pointing to a sector-wide earnings and pricing trade.
Nanosonics (NAN) fell from 6.53% to 5.52% (-1.01%) and MMA Offshore (MRM) fell from 1.07% to 0.07% (-1.00%).
Yes. The average short interest is 1.16% across 649 stocks and the period average change is +0.05%, so +1% weekly jumps are outsized moves.
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.
