The 10 Most Shorted ASX Stocks · Week 31, 2024
29 July 2024 — 2 Aug 2024
Alcoa CDI (AAI) went from 0.78% short to 5.57% in a single week (+4.79%), the cleanest “shorts piled in” move on the board. Lithium is still the market’s favourite punching bag with Pilbara Minerals (PLS) at 22.17% (+0.71%) and Liontown (LTR) at 11.65% (+0.67%). The other loud signal: a coordinated lift in uranium shorts — Paladin (PDN) +2.57% to 8.14%, Deep Yellow (DYL) +1.96% to 7.86% — while covering showed up in Arafura (ARU) -2.62% to 4.42% and BrainChip (BRN) -2.49% to 1.63%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
AAI didn’t creep higher. It jumped: 0.78% short to 5.57% (+4.79%) in a week. That’s the sort of print you see when a new trade gets switched on in size — sometimes macro, sometimes structure — but always with intent.
PLS is still the centre of gravity for ASX shorts at 22.17% and rising again (+0.71%). At this level, it’s not a casual view on lithium — it’s a standing position. The message is blunt: the market still wants to fade lithium pricing and the earnings leverage that comes with it. IEL holds #2 at 13.00% (+0.46%). This is positioning that reads like policy and volume risk: student flows, visa settings, and the timing of enrolments. When shorts sit here, it’s rarely about one bad day — it’s about uncertainty you can’t model cleanly. LTR (11.65%, +0.67%) and CHN (11.16%, +0.25%) keep battery metals developers pinned near the top. Cash burn plus long timelines is a short seller’s comfort zone when commodity prices aren’t doing the heavy lifting. Chalice’s Gonneville work program is laid out in its pre-feasibility material (https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf), and these milestones often become the market’s favourite moments to pressure-test valuation. SYR (10.72%, -0.09%) barely moved, while LYC (10.63%, +0.27%) edged higher — a reminder that “critical minerals” isn’t one trade. Liquidity and index relevance matter: the bigger names stay easier to short. Outside resources, CTT (10.12%, +0.32%) stays a live consumer short, and FLT (9.79%, -0.85%) was the standout cover inside the top 10. That’s a proper trim, not noise — the kind of move you see when shorts bank profit or reduce exposure into reporting risk. (FLT corporate disclosures: https://cdn.prod.website-files.com/643e6b4601023f66d9745f21/6931fa8fa456bf4d33db464f_FCTG%20Modern%20Slavery%20Statement%20FY2025.pdf).
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 week’s biggest riser was AAI: +4.79% to 5.57%. Treat it as a new crowd forming quickly. With CDIs and dual-market pricing, these moves can also reflect hedging and relative-value positioning rather than a pure fundamentals call — but the size of the jump still matters. Then the uranium complex lit up. PDN rose from 5.57% to 8.14% (+2.57%). DYL moved from 5.90% to 7.86% (+1.96%). PEN climbed from 0.47% to 1.91% (+1.44%). When three uranium names lift together like that, it’s a sector view being expressed: equities have run ahead of the commodity, and shorts are leaning on valuation and execution risk at the same time. (PDN annual report pack: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf; DYL annual report: http://www.deepyellow.com.au/wp-content/uploads/2025/10/2025AnnualReport06Oct25NoCoverSheet.pdf). SFR also attracted fresh pressure: 6.40% to 7.58% (+1.17%). That’s a meaningful add for a large copper name — the sort of short that can be part macro (copper tape) and part operational hedge into the reporting cycle. (Sandfire quarterly reporting reference: https://sfr.live.irmau.com/site/pdf/bf714256-b5c0-490d-976f-5a235969b842/December-2025-Quarterly-Report.pdf?Platform=ListPage). On the cover side, ARU led: 7.04% to 4.42% (-2.62%). That’s shorts taking risk off in size. ARU’s project progress and funding narrative has been tightening up, and when that happens the easy short can disappear quickly. (ARU annual report: https://www.arultd.com/wp-content/uploads/2025/09/L10013-Annual-Report-2024-25.pdf). BRN also saw heavy covering: 4.12% to 1.63% (-2.49%). In high-volatility tech, this is often simple position management — get smaller, reduce tail risk. (BrainChip Akida Edge AI Box user guide: https://brainchip.com/wp-content/uploads/2024/11/Akida-Edge-AI-Box-User-Guide.pdf). WGX fell from 9.76% to 8.06% (-1.71%), consistent with gold shorts trimming as the gold price holds up and operational updates land. (WGX quarterly results: https://www.westgold.com.au/pdf/04f3a488-dcae-4b9a-aa1c-b6f627b7bfda/December-2025-Quarterly-Results.pdf?Platform=ListPage).
This was a resources-led week, full stop. Lithium remains the anchor short: PLS (22.17%), LTR (11.65%) and SYA (9.72%, +0.03%) keep the trade alive across producers and developers. The broader market barely changed (period average change: +0.01%; average short: 1.16% across 653 stocks), so the adds in PLS and LTR stand out as active conviction, not drift. The surprise rotation was uranium becoming the marginal short dollar. PDN/DYL/PEN all moved together, which is how sector calls show up in ASIC data. Rare earths were split: ARU saw aggressive covering (-2.62% to 4.42%) while LYC ticked higher (+0.27% to 10.63%). Same theme, different risk profile — and the shorts are treating them differently. Consumer shorts are still there, just quieter. CTT added (+0.32% to 10.12%) while FLT saw a sharp cover (-0.85% to 9.79%). That’s what a market looks like when rates stay restrictive: the shorts pick their spots rather than blanket the sector.
Next week, watch whether the uranium short build continues in PDN (8.14%) and DYL (7.86%). If those percentages lift again, the trade is hardening into a sector-wide valuation call — and the pressure point becomes any move in the uranium spot price that forces a fast cover.
Alcoa CDI (AAI) rose from 0.78% short to 5.57%, a +4.79% week-on-week increase.
Pilbara Minerals (PLS) is the most shorted at 22.17% of shares short, up +0.71% week-on-week.
Paladin (PDN) increased from 5.57% to 8.14% (+2.57%), Deep Yellow (DYL) from 5.90% to 7.86% (+1.96%), and Peninsula Energy (PEN) from 0.47% to 1.91% (+1.44%). Moves in sync like this usually reflect a sector-level trade rather than a single-company issue.
Arafura Rare Earths (ARU) fell from 7.04% to 4.42% (-2.62%) and BrainChip (BRN) fell from 4.12% to 1.63% (-2.49%).
Yes. Pilbara Minerals (PLS) is at 22.17% (+0.71%) and Liontown Resources (LTR) is at 11.65% (+0.67%), keeping lithium as the dominant short theme in the top 10.
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.
