The 10 Most Shorted ASX Stocks · Week 3, 2025
Boss Energy hits 18.84% short as the uranium trade splits in two
13 Jan 2025 — 17 Jan 2025
Shorts added hard to Boss Energy (BOE), up +0.57% to 18.84% — the biggest rise on the week and the most crowded equity short on the board. The consumer squeeze trade also firmed: Domino’s (DMP) rose +0.43% to 13.55% and Cettire (CTT) +0.43% to 7.89%. The strangest line item, the Treasury bond GSBW34, stayed extreme at 127.97% short but saw a sharp unwind (-4.57%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
Uranium didn’t move as a pack this week. It split. While Paladin (PDN) and Deep Yellow (DYL) saw shorts trim, Boss Energy (BOE) wore fresh selling: 18.27% → 18.84% (+0.57%). When a stock is already near 20% short, that’s not “rebalancing”. That’s a call on execution — specifically the Honeymoon ramp-up and the timing risk that comes with it.
GSBW34 remains the table-topper at 127.97% short (down from 132.54%, -4.57%). It’s an outlier instrument and not comparable to ordinary equities, but the direction matters: this week was about covering, not piling in. For equities, the top 10 is still dominated by energy transition and rate-sensitive earnings: - BOE: 18.84% (+0.57%). The market is leaning against the production story. Boss’s own ramp narrative is laid out in its quarterly materials (Dec24 quarterly results presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). - PDN: 15.55% (-0.44%). Still crowded, but shorts took some risk off after a big period of corporate activity (Paladin 2025 annual report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). - PLS: 13.60% (-0.10%) and MIN: 12.54% (-0.34%). Lithium shorts are entrenched; this was trimming at the edges, not a change of mind. PLS’s December quarterly advisory is the kind of document shorts live in for costs and pricing tone (https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage). - DMP: 13.55% (+0.43%). A clean rates-and-discretionary short: margins, franchisee economics, and any wobble in demand get punished when the market’s still pricing “higher for longer”. - IEL: 12.84% (+0.27%). Policy risk remains the magnet — student flows and visa settings can change fast. - MP1: 10.91% (+0.27%). Long-duration growth remains a battleground when bond yields drive the tape. Megaport’s half-year investor presentation is dated for 20 February (https://www.megaport.com/pdf/MP1_H1_FY25_Half_Year_Results_Investor_Presentation.pdf).
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
The risers told a simple story: shorts pressed what was already working. - BOE: 18.27% → 18.84% (+0.57%). The biggest move, and it’s in a name already set up for violent price action either way. - WHC: 2.65% → 3.12% (+0.47%). Shorts nudged back into coal exposure as a liquid way to express scepticism on thermal coal pricing. - NHF: 3.00% → 3.47% (+0.47%). Claims inflation and margin pressure is the obvious angle when shorts lift in a health insurer. - DMP: 13.12% → 13.55% (+0.43%) and CTT: 7.46% → 7.89% (+0.43%). Same trade, different price point: discretionary spending sensitivity. The fallers were just as revealing: some crowded shorts got lightened. - KAR: 10.31% → 9.50% (-0.81%). That’s a real cover. Karoon’s latest quarterly reporting (2025 fourth quarter results: https://www.karoonenergy.com.au/wp-content/uploads/260127-2025-fourth-quarter-results.pdf) is exactly the kind of catalyst shorts trade around. - JLG: 9.09% → 8.59% (-0.50%). A tidy de-risking move. - PDN: 16.00% → 15.55% (-0.44%). Still heavy, just less one-way than BOE. - CSC: 1.89% → 1.40% (-0.48%). A small-cap cover that reads like housekeeping rather than a new thesis.
Industry Positioning
Two themes ran through the tape. First: uranium is crowded, but it’s becoming stock-specific. BOE shorts built (+0.57%) while PDN (-0.44%) and DYL (-0.28% to 10.64%) eased. That’s execution risk being priced into one name, not a sector-wide unwind. Second: the consumer/rates trade is back in the data. Shorts added to DMP (+0.43%) and CTT (+0.43%), and kept leaning on IEL (+0.27%). When the market’s still anchored to restrictive rates, anything with demand elasticity or valuation duration becomes a target. Meanwhile, lithium stayed a grind. PLS (13.60%), SYR (13.05%) and MIN (12.54%) remain heavily shorted even after small week-on-week declines — the bear case is still “commodity price leverage plus capex”.
Outlook
One thing to watch next week: BOE’s short interest versus any operational update cadence around Honeymoon. At 18.84% short, a clean ramp datapoint forces covering fast; a stumble invites another push.
Frequently Asked Questions
Why is BOE’s short interest rising when it’s already 18.84%?
Because the trade is about near-term execution risk, not the long-term uranium thesis. BOE’s +0.57% weekly lift (18.27% → 18.84%) signals funds are pressing the view that ramp-up timelines and operating performance at Honeymoon can disappoint.
Does PDN falling to 15.55% short mean the bearish view is over?
No. PDN is still heavily shorted at 15.55%; the move was a trim (-0.44%), not a capitulation.
Why is GSBW34 shorted at 127.97% — can short interest be over 100%?
Yes. Instruments like Treasury bonds can show short interest above 100% due to borrowing and lending chains used for hedging and liquidity management. The key signal this week is the unwind: 132.54% → 127.97% (-4.57%).
Which consumer stocks saw shorts add this week?
Domino’s (DMP) rose from 13.12% to 13.55% (+0.43%) and Cettire (CTT) rose from 7.46% to 7.89% (+0.43%).
What does WHC moving to 3.12% short suggest?
Whitehaven Coal’s short interest rose from 2.65% to 3.12% (+0.47%), which fits a positioning shift back toward scepticism on thermal coal pricing using a liquid large-cap proxy.
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.