The 10 Most Shorted ASX Stocks · Week 29, 2024
ACL shorts hit the trapdoor (-8.88%) while PLS stays the 21.08% whale
15 July 2024 — 19 July 2024
Australian Clinical Labs (ACL) delivered the week’s cleanest shock: short interest collapsed from 11.04% to 2.16% (-8.88%), a full unwind in a market where the average move was -0.04%. Pilbara Minerals (PLS) still wears the crown at 21.08% short (+0.02%), while shorts pressed harder into consumer names — Cettire (CTT) lifted to 9.47% (+0.63%) and Nick Scali (NCK) to 2.61% (+0.76%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
ACL didn’t drift. It dropped through the floor: 11.04% short to 2.16% in a week (-8.88%). That’s not a tweak — it’s a crowded trade being emptied, fast, while the rest of the market barely moved (period average change: -0.04%).
PLS remains the market’s favourite punching bag at 21.08% short (+0.02%). One-fifth of a $13.4B name sitting on the short book tells you the lithium trade is still the easiest macro expression on the ASX: stay short the commodity, stay short the proxies. Behind it, the list keeps the same flavour. IDP Education (IEL) is still heavily shorted at 12.73% despite a trim (-0.36%). Liontown (LTR) climbed to 11.11% (+0.29%), Syrah (SYR) to 10.82% (+0.26%), Chalice (CHN) to 10.56% (+0.18%) and Sayona (SYA) to 9.58% (+0.15%). Lynas (LYC) also edged higher to 9.49% (+0.25%). The outlier in the top 10 is consumer: Cettire (CTT) is now 9.47% short (+0.63%). That’s not passive positioning — that’s shorts piling in.
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
Start with the air pocket: ACL’s 11.04% to 2.16% (-8.88%). Moves that large usually come from one of three things — a big fund closing, borrow changing, or a catalyst risk shorts don’t want to wear. Whatever the driver, the practical result is simple: ACL is no longer crowded. On the build side, Adriatic Metals (ADT) led the risers: 1.70% to 2.64% (+0.94%). For a developer pushing the Vares Project towards production, that reads as execution-risk positioning. Uranium shorts also thickened. Lotus Resources (LOT) rose 3.06% to 3.87% (+0.81%) and Paladin (PDN) 4.58% to 5.16% (+0.58%). That’s the classic fade of a hot thematic: lean against the higher-beta restart story (LOT) and the big liquid proxy (PDN). Then the consumer hit list: Nick Scali (NCK) jumped 1.85% to 2.61% (+0.76%) and CTT added another +0.63% on top of an already-high base. Furniture and discretionary retail are where shorts go when they want a clean read-through from household pressure. Covers elsewhere were more orderly: Flight Centre (FLT) eased to 10.95% (-0.52%) and IEL to 12.73% (-0.36%) — trims, not capitulations. IPH (IPH) fell 3.13% to 2.12% (-1.01%) after company updates including its CEO retirement announcement (https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf) and FY25 results pack (https://www.iphlimited.com/wp-content/uploads/2025/08/2932588.pdf). Megaport (MP1) also saw covering, 3.61% to 2.76% (-0.85%).
Industry Positioning
This week’s positioning splits into two trades. Trade one: Materials remains the comfort zone for size. Lithium stays crowded (PLS, LTR, SYR, SYA) and even rare earths kept firming on the short side (LYC +0.25%). The message is consistent: the market still wants to be short the parts of resources most sensitive to commodity price and funding sentiment. Trade two: consumer discretionary is where shorts are getting more aggressive at the margin. CTT’s move to 9.47% (+0.63%) and NCK’s lift to 2.61% (+0.76%) sit neatly with a higher-for-longer rates mindset — pressure shows up first in sofas and luxury baskets. Gold offered a small contrast: Westgold (WGX) slipped to 9.36% (-0.16%), a modest ease compared with the battery-metals crowding above it.
Outlook
Watch CTT’s short interest next week: another rise of similar size would put 10% in play and confirm the trade is still being built, not just maintained. Second, keep an eye on whether ACL stays near 2.16% or snaps back — that will tell you if last week was a one-off exit or the start of a new, less-shorted regime.
Frequently Asked Questions
Why is Pilbara Minerals (PLS) still the most shorted ASX stock?
PLS is 21.08% short because it’s a large, liquid proxy for lithium pricing; this week the position barely changed (+0.02%), which shows the trade is entrenched rather than being actively covered.
What does ACL’s -8.88% short interest move actually mean?
ACL fell from 11.04% short to 2.16% (-8.88%) in a week, which is consistent with a major unwind (for example a large fund closing or borrow changing) rather than a normal week-to-week shift in sentiment.
Why are shorts increasing in Cettire (CTT) and Nick Scali (NCK)?
CTT rose from 8.84% to 9.47% (+0.63%) and NCK from 1.85% to 2.61% (+0.76%), which fits a rates-and-household-pressure trade where discretionary spending is the first place shorts look for earnings risk.
Why did uranium names LOT and PDN see higher short interest at the same time?
LOT increased from 3.06% to 3.87% (+0.81%) and PDN from 4.58% to 5.16% (+0.58%), suggesting shorts are leaning against uranium exposure across both a restart/developer story (LOT) and a liquid sector proxy (PDN).
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.