The 10 Most Shorted ASX Stocks · Week 30, 2025
21 July 2025 — 25 July 2025
Paladin (PDN) stays the ASX’s most shorted at 17.07% (+0.48%), but the real action was in lithium: Pilbara (PLS) jumped to 15.26% (+1.07%) and Liontown (LTR) to 12.89% (+1.01%). Boss Energy (BOE) saw a sharp unwind, down to 13.00% (-1.40%), while the broader market was flat (average short 1.28%, period average change +0.00%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This week was a tale of two trades: shorts piled into lithium again, while they took money off the table in uranium. PLS and LTR both posted ~1% week-on-week jumps in short interest — big moves at already-elevated levels — while BOE’s short fell 1.40% in a single week. That’s not noise; it’s positioning.
PDN remains the most shorted name on the ASX at 17.07% (+0.48%). The likely read is the uranium trade is getting crowded and volatile: PDN has been a momentum favourite, and when a stock is this heavily shorted, any operational update or uranium price swing can force fast covering. PDN’s own reporting (Paladin 2025 Annual Report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf) underlines the operational complexity across multiple jurisdictions — exactly the kind of setup shorts like when expectations are high. PLS is now second-most shorted at 15.26% (+1.07%), and this is the standout move in the top 10. A 1%+ weekly lift at this level screams “sector thesis” rather than stock-specific trivia: shorts are leaning into weaker lithium pricing and the risk that producers keep supplying into a softer demand tape. PLS’s own quarterly materials (December quarterly advisory: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage) are the kind of document shorts will comb for unit costs, realised pricing and any hint of capex creep. BOE is still heavily shorted at 13.00%, but the -1.40% weekly drop is a meaningful unwind. That looks like shorts banking profits or reducing risk around production/ramp-up headlines at Honeymoon and Alta Mesa. BOE’s investor materials (e.g., quarterly presentation: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf) keep the market focused on execution milestones — and when execution risk is the core short thesis, any sign of delivery can force covering. MIN (12.91%, -0.67%) continues to bleed shorts, consistent with a market that’s already priced in plenty of bad news across lithium/iron ore exposure. MIN’s FY results pack (https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf) is where shorts will anchor their view on balance sheet pressure and commodity sensitivity. LTR (12.89%, +1.01%) is the other big lithium tell. Shorts are treating the developers/second-tier producers as higher beta to lithium price weakness — and LTR’s move says the market still wants to fade any rallies. Outside resources, IEL (11.77%, -0.60%) is seeing shorts ease, suggesting the market is less convinced the worst-case student mobility/regulatory fears are imminent right now. LIC (11.64%, -0.14%) remains a rates-sensitive short, but the lack of movement suggests no fresh catalyst this week. PNV (10.97%, +0.30%) ticking up fits the classic healthcare growth setup: valuation and execution risk attract shorts when the tape gets picky.
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 ELD: 3.28% to 4.44% (+1.16%). That’s a large weekly jump for an agribusiness and reads like a macro bet on tougher farm economics — whether from weather volatility, softer livestock/crop conditions, or margin pressure as costs bite. ELD is cyclical, and shorts tend to show up when the outlook can turn quickly. ILU also saw a chunky lift: 5.69% to 6.64% (+0.95%). Mineral sands pricing and demand are tightly linked to industrial activity; if the market is getting more cautious on global growth (and by extension construction/industrial demand), ILU is an easy target. BGL rose from 5.98% to 6.71% (+0.73%). Gold names can attract shorts when costs, grade variability, or ramp-up risk dominate the story — especially if the gold price isn’t doing enough heavy lifting. On the unwind side, IMU collapsed from 5.05% to 2.98% (-2.07%). That’s the kind of move you see when liquidity is thin and shorts decide the risk/reward has flipped — often around trial/newsflow risk where being short can be dangerous. INR fell 2.71% to 1.47% (-1.24%), and CHN dropped 4.85% to 3.88% (-0.96%). Both moves suggest shorts are trimming exposure to earlier-stage development risk. For CHN, the market has plenty of public material to model against (Gonneville PFS presentation: https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf); when a story becomes well-telegraphed, the easy short can be over.
The sector pattern is clear: resources dominate the crowded shorts list, and lithium is where the marginal short is going. PLS and LTR both added ~1% in a week, while MIN is still heavily shorted despite a modest cover. That’s a coherent trade: fade lithium on price and demand uncertainty, and target the names with the most earnings torque. Uranium is more nuanced. PDN is still the most shorted stock on the ASX, but BOE’s sharp cover says the market is differentiating between “valuation/momentum short” and “execution short”. If uranium prices stay firm, the risk shifts from fundamentals to positioning — and with PDN at 17.07%, positioning risk is already high. Outside commodities, the shorts in IEL, LIC and CTD (10.10%, +0.06%) are the familiar Australia 2025 themes: rates sensitivity, discretionary/corporate spend risk, and any sign the consumer or business travel cycle is rolling over. CTD’s debt facility documentation (https://investor.travelctm.com.au/wp-content/uploads/2025/12/Agreement-to-Amend-Debt-Facilities.pdf) is the sort of thing shorts watch for balance sheet flexibility if conditions tighten.
Watch for commodity price swings first — lithium and uranium will drive the next leg in PLS/LTR and PDN/BOE positioning. Also keep an eye on upcoming company updates: with shorts this elevated, even a small operational beat (or miss) can move these stocks violently.
Paladin Energy (PDN) is the most shorted at 17.07% of shares short, up +0.48% week-on-week.
Elders (ELD) had the biggest rise, up +1.16% to 4.44% short.
PLS (+1.07% to 15.26%) and LTR (+1.01% to 12.89%) both saw large weekly increases, consistent with shorts leaning into lithium price/demand uncertainty and high earnings sensitivity across the sector.
Imugene (IMU) had the largest fall in short interest, down -2.07% to 2.98%.
No. High short interest can reflect genuine fundamental concerns, but it can also create squeeze risk if news surprises positively — especially in crowded names like PDN (17.07%) and PLS (15.26%).
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.
