The 10 Most Shorted ASX Stocks · Week 39, 2025
22 Sept 2025 — 26 Sept 2025
The standout this week was a sharp short-covering move across uranium: PDN fell from 14.04% to 11.26% (-2.78%) and BOE from 19.30% to 16.73% (-2.58%). Meanwhile PLS stayed the ASX’s most shorted name at 17.84% (+0.19%), and the biggest new short attack landed on microcap LKY, up +4.12% to 4.45%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
Shorts didn’t just trim uranium exposure this week — they ran for the exits. PDN (-2.78%) and BOE (-2.58%) were two of the five biggest fallers, a meaningful reversal given both still sit in the top 10 most shorted. When you see multi-percentage-point moves like that in a single week, it usually screams positioning: either the uranium price tape improved, or traders decided the risk/reward of staying short into upcoming operational updates wasn’t worth it.
PLS remains the market’s favourite short at 17.84% (+0.19%). The thesis hasn’t changed: lithium pricing and demand expectations are still the swing factor, and PLS is the liquid way to express that view on the ASX. The small uptick says shorts are still comfortable leaning on it. BOE is still heavily shorted at 16.73%, but the -2.58% weekly drop is big. With Boss ramping Honeymoon and progressing Alta Mesa, this looks like shorts reducing exposure to execution risk going the other way (a clean ramp can force a fast cover). The company’s quarterly materials are the kind of catalyst that can punish crowded shorts (see BOE investor materials: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). IEL barely moved (-0.09% to 13.21%). That’s consistent with a steady, structural debate around student flows, regulation and currency sensitivity rather than a one-week catalyst. DMP pushed higher to 11.76% (+0.47%). That’s a decent weekly build and reads like earnings positioning: cost pressures and competitive intensity are the usual ingredients for a short case in quick-service retail. GYG also crept up to 11.43% (+0.26%). Shorts are treating it like a growth valuation test: if consumer spending softens, high-multiple restaurant rollouts can de-rate quickly. ILU was the biggest riser inside the top 10, up +0.86% to 11.03%. Mineral sands are cyclical and China-facing; when the macro gets shaky, shorts tend to lean into that operating leverage. MIN is still a crowded short at 10.47% (+0.03%). The unchanged number suggests the market is waiting for the next commodity leg (iron ore/lithium) rather than reacting to company-specific news. For context on the business mix and risks, MIN’s FY25 results pack is here: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf. PWH (10.42%, +0.01%) and PNV (9.99%, +0.06%) were basically flat — still watched, but no fresh conviction this week.
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.
LKY was the week’s headline riser: 0.33% to 4.45% (+4.12%). That’s an aggressive jump for a $61m explorer and looks like traders pressing liquidity and funding risk — the classic short playbook in small-cap resources where sentiment can turn on a single drilling update. NST jumped from 1.36% to 4.12% (+2.77%). That’s a real move in a $39bn gold name. The most likely read is macro hedging: if gold cools or AUD strengthens, margins can compress, and NST is liquid enough for funds to express that view. MYR rose from 0.56% to 2.82% (+2.26%). That’s a clear vote that discretionary retail is vulnerable if rates stay restrictive and households keep trading down. Myer’s own reporting highlights the push into online and partnerships, but shorts are betting that doesn’t fully offset a tougher spend environment (MYR annual report: https://www.myer.com.au/FormBuilder/_Resource/_module/8Ui4A1yDKkySwNHUlaYfCQ/file/AGM/2025/Myer_Annual_Report_2025.pdf). TLX climbed to 8.33% (+1.68%). In biotech, short builds often cluster around trial readouts, reimbursement debates, or valuation resets after strong runs. With Telix running a broad clinical program, this looks like traders leaning into event risk. SOL moving from 0.01% to 1.18% (+1.17%) is unusual simply because SOL is typically treated as a defensive, long-duration compounder. A jump like that suggests a relative-value trade (short SOL vs long something else) rather than a pure fundamental call. On the cover side, CUV fell from 9.17% to 6.40% (-2.77%). That’s a big unwind and suggests shorts are less confident pressing a single-asset/pipeline story right now (CUV FY25 report: https://www.clinuvel.com/wp-content/uploads/2025/08/clinuvel-ar25-digital-20250828.pdf). BGL (-1.16% to 3.38%) and CTT (-1.11% to 4.42%) also saw meaningful covers, consistent with traders taking profit in smaller, more volatile names.
Two sector messages came through clearly. First: uranium shorts are de-risking. PDN and BOE both saw heavy covering, and that matters because these were already crowded shorts. When crowded shorts start to unwind together, it often reflects a change in the commodity tape or a shift in perceived operational risk (ramp-ups and production updates can flip sentiment fast). Second: the market is leaning back into consumer sensitivity. Shorts added to DMP and GYG at the top end, and hit MYR hard in the movers list. That’s the same macro bet expressed three ways: if rates and cost-of-living pressure persist, discretionary spend and “growth at a price” retail can disappoint. Resources positioning is split. Lithium remains the big, liquid short via PLS (still #1 at 17.84%), while gold saw a surprise short build in NST. That combination reads like funds running a barbell: fade battery materials, hedge gold exposure, and keep powder dry for the next macro print.
Watch for the next uranium production/ramp updates from BOE and PDN — after a week of heavy covering, any stumble can bring shorts straight back. On the macro side, the next RBA and key inflation prints will keep driving the consumer shorts (DMP/GYG/MYR) and the AUD-sensitive miners.
PLS is #1 at 17.84% short, up slightly by +0.19% week-on-week.
PDN had the largest fall in short interest, down -2.78% (14.04% to 11.26%), followed closely by CUV (-2.77%) and BOE (-2.58%).
Because it’s large relative to the market’s average weekly change (+0.07% this period) and often signals a catalyst-driven repositioning rather than normal noise.
LKY surged from 0.33% to 4.45%, a +4.12% jump — the biggest riser in the report.
Yes. PLS remains extremely crowded at 17.84% short, and MIN is also heavily shorted at 10.47%, even though MIN was basically flat week-on-week (+0.03%).
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.
