The 10 Most Shorted ASX Stocks · Week 37, 2024
MinRes cops a +1.99% short hit — and REIT shorts wake up
9 Sept 2024 — 13 Sept 2024
Mineral Resources (MIN) was the week’s cleanest signal: short interest jumped from 8.61% to 10.60% (+1.99%), a big move for a $10.7b stock. Pilbara Minerals (PLS) still wears the crown at 20.39% short (+0.18%), while uranium names stayed crowded with Paladin (PDN) up to 11.02% (+0.91%) and Boss Energy (BOE) to 9.93% (+0.58%). The violent covers were Australian Clinical Labs (ACL) 7.39% → 0.87% (-6.52%) and PointsBet (PBH) 5.46% → 1.01% (-4.44%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
PLS at 20.39% short is old news. MIN adding +1.99% in a single week isn’t. When a $10.7b name goes from 8.61% to 10.60% short, that’s the market moving from “concerned” to “positioned”.
PLS remains the ASX’s most shorted stock at 20.39% (+0.18%). The lithium trade is still the market’s favourite punching bag, and the size of the position says plenty about how comfortable shorts are staying there. IEL sits second at 14.13% (+0.13%). This reads like a structural short: policy risk around international student flows, plus the sensitivity to currency moves. SYR eased to 12.41% (-0.44%). That’s trimming, not capitulation — the stock is still heavily shorted. LTR crept higher to 11.25% (+0.25%), keeping lithium firmly in the top-end of the list. Uranium is where the list turns into a proper two-way market. PDN lifted to 11.02% (+0.91%) and BOE to 9.93% (+0.58%). Bulls have the nuclear supply story; shorts have execution risk and ramp-up risk. That tension is exactly how you get outsized moves on operational updates. LYC was basically unchanged at 11.00% (+0.01%). STX slipped to 9.70% (-0.26%), while CTT held high at 10.26% (+0.13%).
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
MIN was the standout riser: 8.61% → 10.60% (+1.99%). That’s a pile-on. The simplest read is that shorts are leaning into commodity-linked earnings risk and balance sheet scrutiny when the market’s tolerance for capex and funding questions is low. If you want the company’s framing, MIN’s reporting pack is here: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf. Then came the rates-sensitive sneak attack: National Storage REIT (NSR) jumped 0.50% → 1.82% (+1.32%) and GDI Property Group (GDI) rose 0.72% → 1.87% (+1.15%). Two REITs lifting together in the same week is a tell — shorts are dusting off the “higher-for-longer” playbook. Lovisa (LOV) also copped fresh pressure, 2.58% → 3.72% (+1.14%). That’s the consumer discretionary angle: margins and demand get questioned when households are squeezed. LOV’s AGM trading update is here: https://cdn.shopify.com/s/files/1/0257/8130/5424/files/AGM_Trading_Update_November_2025.pdf?v=1764026957. On the other side of the ledger, the covers were savage. ACL collapsed 7.39% → 0.87% (-6.52%) and PBH fell 5.46% → 1.01% (-4.44%). Moves that big usually mean a fund has shut the book, or a catalyst has forced the trade out. Either way, it’s a reminder: when shorts leave in a rush, the easy downside is often already behind you. CXO (6.00% → 4.65%, -1.35%) and CHN (10.50% → 9.32%, -1.18%) also saw shorts trim — selective de-risking across speculative materials rather than a broad “risk-on” flip.
Industry Positioning
This week’s tape had two clear clusters. First, Materials stayed crowded — especially the battery metals complex. PLS (20.39%), LTR (11.25%) and MIN (10.60%) are the headline numbers, with SYR still high at 12.41% even after a -0.44% trim. The trade is simple: commodity prices fall faster than costs, and shorts don’t need a disaster — they just need earnings downgrades to keep coming. Second, rate sensitivity crept back into focus. NSR and GDI both saw meaningful short builds from low bases, consistent with a market that’s quick to punish property vehicles when the discount rate moves the wrong way. Uranium sits in the middle as the week’s best battleground: PDN and BOE shorts rose together, which is what you see when the sector has momentum longs on one side and execution sceptics on the other.
Outlook
Next week, watch whether the REIT short build continues: NSR (1.82% short) and GDI (1.87%) are the early tells. If those numbers keep rising again, the market is making a rates call — and it’s not a friendly one.
Frequently Asked Questions
What is the most shorted stock on the ASX this week?
Pilbara Minerals (PLS) at 20.39% short, up +0.18% week-on-week.
Which stock had the biggest weekly rise in short interest?
Mineral Resources (MIN): 8.61% → 10.60% short (+1.99%).
Why are REITs showing up as big short-interest risers?
National Storage REIT (NSR) rose 0.50% → 1.82% (+1.32%) and GDI (GDI) rose 0.72% → 1.87% (+1.15%), consistent with renewed positioning against rate-sensitive property vehicles.
Why did Australian Clinical Labs (ACL) short interest fall so sharply?
ACL dropped from 7.39% to 0.87% (-6.52%), which typically reflects aggressive short covering or a position being closed rather than a small shift in sentiment.
Are uranium stocks heavily shorted right now?
Yes. Paladin (PDN) is 11.02% short (+0.91% WoW) and Boss Energy (BOE) is 9.93% short (+0.58% WoW).
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.