The 10 Most Shorted ASX Stocks · Week 38, 2025
15 Sept 2025 — 19 Sept 2025
The biggest message in week 2025-W38 was aggressive short covering in uranium: BOE fell 2.50% to 19.30% short and PDN dropped 2.33% to 14.04%. Meanwhile, shorts leaned into growth/valuation risk in consumer names, with GYG up 1.36% to 11.17% and DMP up 0.64% to 11.29%. The wildest single move was SOL collapsing from 4.49% short to 0.01% in one week.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
Uranium was the standout — not because shorts piled in, but because they ran for the exits. BOE is still the most shorted name on the ASX at 19.30%, yet it saw a chunky -2.50% WoW drop in short interest, and PDN followed with -2.33% to 14.04%. When you see multi-point short covering like that, it usually means the easy money in the “production ramp risk” trade has been made, and the next leg is more binary: either operations deliver, or the shorts reload at higher prices.
BOE (19.30%, -2.50%) remains the market’s favourite battleground. The short case has always been about execution risk at Honeymoon and the usual uranium volatility, but this week’s covering suggests positioning is being trimmed rather than pressed. PDN (14.04%, -2.33%) saw similar covering — consistent with the market getting less comfortable being heavily short uranium producers into operational updates and sector sentiment swings (Paladin’s reporting pack is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). PLS (17.65%, -0.46%) is still heavily shorted, but the move was small — more “hold the line” than panic. The lithium thesis hasn’t disappeared; it’s just not accelerating this week. If you want the company’s own framing on operations and market conditions, PLS’ quarterly advisory is the key document (https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage). On the consumer side, shorts are getting louder. DMP (11.29%, +0.64%) and GYG (11.17%, +1.36%) are now both sitting above 11% short. That’s a clear statement that the market wants to fade premium multiples and discretionary demand into a still-tight cost-of-living backdrop. For GYG in particular, the short build looks like classic “newer growth stock meets reality” positioning: any wobble in like-for-like sales or margin assumptions can hurt when expectations are high. IEL (13.30%, -1.08%) eased, which reads like some shorts taking profit after a rough period for the international education trade. But at 13% short, the market is still signalling concern around policy risk and student mobility sensitivity (and the AUD can matter here too).
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 risers were punchy and very stock-specific. CYL jumped from 0.18% to 3.69% (+3.51%). That’s not a drift — that’s shorts establishing a position. Without a single catalyst provided in the dataset, the most likely read is valuation and liquidity: when a name goes from “ignored” to “crowded short” in a week, someone has decided the near-term newsflow is skewed negative. RMS lifted from 1.59% to 4.75% (+3.16%) and GGP from 0.93% to 2.84% (+1.91%). Two gold-linked moves in the same week points to a broader trade: fade recent strength, or position for cost/grade/production risk rather than gold price direction. If bond yields are rising, that can also pressure gold sentiment and encourage these shorts. VUL rose from 6.80% to 8.77% (+1.97%). That fits the broader “energy transition project risk” template: capital intensity, timelines, and funding assumptions get stress-tested quickly when markets turn less forgiving. DRO climbed from 2.98% to 4.77% (+1.79%). That’s a meaningful shift for a defence-tech name where contract wins can drive sharp rallies. The short build looks like a bet that expectations have run ahead of delivery, even though the company has been talking up momentum (see DRO’s financial report: https://www.droneshield.com/s/2025-3q-9acb.pdf). On the fallers, SOL was the eye-opener: 4.49% to 0.01% (-4.48%). That’s effectively a full exit, and it’s so extreme it smells like a corporate action, stock loan change, or a position being forcibly closed rather than a gentle change of mind. SGR also saw heavy covering (7.37% to 3.83%, -3.54%), which could reflect shorts banking gains after a bruising run of regulatory and operating uncertainty — or simply reducing exposure into any potential catalyst. HCW (-3.26%) looks like rate-sensitivity positioning being unwound, while MVF (-2.72%) and CUV (-2.62%) suggest healthcare shorts taking profit rather than pressing (Clinuvel’s annual report is here: https://www.clinuvel.com/wp-content/uploads/2025/08/clinuvel-ar25-digital-20250828.pdf).
Zooming out, the tape is sending two messages. First: the uranium short trade is being de-risked. BOE and PDN both saw multi-point short covering, and that’s happening while they remain heavily shorted — a sign the sector is still controversial, but the marginal short seller is less confident. Second: shorts are rotating toward “expectations risk” — consumer growth (GYG, DMP) and thematic/long-duration stories (VUL, DRO). That’s what you see when the market is less willing to pay up for future earnings and more focused on near-term proof. Meanwhile, lithium remains structurally shorted (PLS still 17.65%), but this week didn’t add fresh fuel — it was more consolidation than escalation. At the market level, the average short across 657 stocks was 1.21% and the period average change was -0.11%, so the overall market wasn’t piling on risk. The action was concentrated in a handful of names — exactly where retail investors tend to get surprised by volatility.
Next week, watch for any commodity price shocks (uranium, lithium, gold) because the short positioning is already primed for sharp squeezes or reloads. Also keep an eye on upcoming company updates in the high-short cohort — BOE/PDN operational progress and any trading commentary from DMP/GYG are the kind of catalysts that can move these percentages quickly.
Because 19.30% short is still enormous — the -2.50% WoW move just means some shorts covered. The market is still pricing meaningful execution and commodity-risk around BOE’s uranium production ramp.
Yes. CYL rose +3.51% (0.18% to 3.69%) and RMS rose +3.16% (1.59% to 4.75%) in a single week — that’s typically new positions being put on, not day-to-day noise.
It means the reported short position was basically wiped out in a week (4.49% to 0.01%). Moves that large often reflect a position closure driven by stock loan availability, corporate activity, or a fund exiting rather than a gradual change in sentiment.
Both are consumer-facing growth stories, and their short interest rose this week (DMP +0.64% to 11.29%, GYG +1.36% to 11.17%). The common thread is expectations risk: if sales or margins disappoint, high-multiple stocks can re-rate fast.
No — it just means some traders took profit or reduced risk. PDN is still 14.04% short and BOE is 19.30% short, so the sector remains one of the ASX’s most contested trades.
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.
