The 10 Most Shorted ASX Stocks · Week 29, 2025
14 July 2025 — 18 July 2025
The top of the ASX short list is still uranium and lithium: PDN leads at 16.59% (down 0.34% WoW) while BOE sits at 14.40% unchanged. The week’s cleanest signal was outside resources: JBH short interest surged from 2.39% to 4.12% (+1.73%), a big move for a large-cap retailer. In the background, PLS crept higher again to 14.19% (+0.57%) and IEL lifted to 12.37% (+0.41%), keeping the “crowded shorts” theme alive.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The standout this week wasn’t another uranium name topping the table — it was shorts piling into JBH. A +1.73% jump in a single week (2.39% → 4.12%) is unusual for a $9.1b retailer and reads like a deliberate macro bet: higher-for-longer rates squeezing discretionary spend, plus the risk that any margin wobble gets punished hard in a stock that’s often priced for execution.
PDN remains the most shorted stock on the ASX at 16.59%, but the key detail is the drift lower (-0.34% WoW). That looks less like a fresh negative view and more like position management after a strong uranium run — shorts are still there, just not pressing. BOE is next at 14.40% with no weekly change. That “stuck” number matters: it suggests the market is waiting for proof that ramp-up plans translate into steady production and cashflow, rather than trying to trade every uranium headline. BOE’s investor materials (http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf) are the sort of document shorts will comb for ramp assumptions and cost sensitivity. Lithium is still where the crowd is. PLS lifted again to 14.19% (+0.57%), LTR sits at 11.88% (+0.13%), and MIN is still heavily shorted at 13.58% despite easing (-0.45%). The common thesis is straightforward: lithium pricing and demand expectations remain fragile, and the market is sceptical about near-term earnings power. For PLS, the company’s quarterly reporting cadence is a natural catalyst for positioning (see its quarterly activities report advisory: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage). Outside resources, IEL at 12.37% (+0.41%) is a reminder that shorts still like structurally “good” businesses when the earnings risk is hard to model. Student mobility, visa settings and FX can all swing outcomes quickly, and shorts are leaning into that uncertainty.
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 risers were led by JBH (+1.73%). This looks like classic earnings positioning into a consumer tape that’s getting tighter: if rates stay restrictive, big-ticket electronics and appliances are where households pull back first. ILU also saw a sharp lift (4.33% → 5.69%, +1.36%). That reads as a commodity-cycle call: mineral sands pricing and volumes can turn quickly with global industrial demand, and shorts are leaning into that cyclicality. CU6 rose from 8.52% to 9.52% (+1.00%). For a clinical-stage biotech, that’s the market putting a price on binary risk — trial timelines, regulatory pathways and funding needs. The company’s quarterly activity and presentation material (https://www.claritypharmaceuticals.com/wp-content/uploads/2025/10/25-10-31_Clarity-Quarterly-Activity-Report-and-App-4C.pdf) is exactly where shorts will look for cash burn and milestone risk. On the cover side, QETH collapsing from 9.95% to 2.93% (-7.02%) is the week’s biggest mechanical move. With ETFs, these swings often reflect hedges being put on and taken off quickly rather than a fundamental “view” changing. JHX shorts fell hard too (5.39% → 3.06%, -2.33%). That’s a meaningful unwind and suggests the market is less confident in the near-term downside case — potentially a mix of valuation support and reduced appetite to stay short a quality building products name. ZIP (5.05% → 4.05%, -1.00%) and VUL (5.55% → 4.43%, -1.11%) also saw shorts step back. In ZIP’s case, capital structure and security movements can matter at the margin (see cessation/unquoted securities notices: https://yourir.info/ezapi/announcements/dbc6d3e76afbc820/2A1648337/ZIP_Notification_of_cessation_of_securities_ZIP.pdf).
Two sector stories dominate the tape. First: resources shorts are concentrated, not broad. Uranium (PDN 16.59%, BOE 14.40%, SLX 11.21%) is still heavily shorted, but PDN easing suggests the trade is maturing — shorts are staying involved while trimming risk. Lithium remains the more consistent “add” this week via PLS (+0.57%) and the still-elevated positioning in MIN and LTR. That’s the market expressing doubt that the lithium cycle has turned decisively. Second: rate sensitivity is creeping back into short books. JBH’s spike is the loudest example, but it sits alongside ongoing elevated shorts in LIC (11.77%) and CTD (10.05%). Different businesses, same macro pressure point: when funding costs and demand uncertainty rise, the market gets less forgiving on earnings misses. Overall market stats back the idea that this was a selective week: average short interest is only 1.28% across 634 names, and the period average change was slightly negative (-0.03%). The crowd is choosing its spots.
Next week, watch for any macro catalyst that shifts the rates narrative (bond yields and RBA expectations) because JBH-style discretionary shorts are sensitive to that. On the stock-specific front, keep an eye on upcoming quarterly/operational updates in lithium and uranium — the crowded shorts in PLS, PDN and BOE won’t stay static if production or pricing assumptions get challenged.
QETH had the biggest fall, dropping from 9.95% to 2.93% (-7.02%), while JBH had the biggest rise, jumping from 2.39% to 4.12% (+1.73%).
PDN is the most shorted at 16.59% of shares short, down 0.34% week-on-week.
Yes. PLS increased to 14.19% (+0.57%) and LTR remains high at 11.88% (+0.13%), while MIN is still heavily shorted at 13.58% despite a small weekly decline (-0.45%).
A +1.73% weekly jump suggests a macro-driven trade: shorts are likely positioning for weaker discretionary spending and tighter margins if rates stay restrictive.
Not always. It can mean shorts are taking profit or reducing risk (for example, JHX fell from 5.39% to 3.06%), rather than a clear fundamental upgrade.
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.
