The 10 Most Shorted ASX Stocks · Week 46, 2024
11 Nov 2024 — 15 Nov 2024
PLS remains the most shorted name on the ASX at 17.38%, even as shorts trimmed another 0.57% this week. The real action was in consumer-facing stocks: EDV jumped +1.13% to 4.67% short and FLT rose +1.04% to 6.57%. In uranium, the crowd is still heavily positioned, but PDN saw a sharp cover (-0.95% to 14.41%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The week’s loudest message wasn’t at the top of the leaderboard — it was the sudden surge in shorts across consumer names. EDV (+1.13%) and FLT (+1.04%) are big weekly moves by ASX standards, especially in a tape where the period average change was basically flat (-0.03%). That looks like positioning for a softer consumer and margin pressure, not a random rebalance.
PLS is still the market’s favourite short at 17.38%, despite another week of covering (-0.57%). The most likely read is the lithium bear case is still intact (weak pricing and cautious demand expectations), but some shorts are taking profit rather than pressing at the margin. Uranium remains the other crowded trade. BOE sits at 14.97% short (-0.31%), PDN at 14.41% (-0.95%), and DYL at 9.74% (-0.17%). The split matters: PDN’s near-1% cover in a week suggests shorts are less comfortable holding maximum size into company-specific catalysts (integration/execution risk after its Fission acquisition is real, but so is the upside if uranium pricing and contracting stay firm). PDN’s annual report is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. IEL is still heavily shorted at 14.42% (-0.35%). That’s consistent with a thesis around policy and visa settings, student mobility volatility, and earnings sensitivity to FX and volumes — the kind of stock shorts like when visibility is patchy. Among the rest of the top 10, MIN (10.56%, +0.62%) and DMP (9.78%, +0.54%) both saw meaningful increases. MIN’s short build reads like a two-pronged bet: lithium exposure plus broader resources-cycle scepticism. DMP’s rise looks like classic margin/consumer stress positioning into upcoming results cycles, where small changes in same-store sales or franchisee health can swing sentiment quickly. MIN’s latest full-year reporting pack is here: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.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.
EDV was the standout: 3.54% to 4.67% (+1.13%). That’s not a gentle drift — shorts piled in. The likely driver is a view that discretionary spend is slowing and that liquor retail/hospitality margins are vulnerable if volumes soften while costs stay sticky. FLT followed closely: 5.53% to 6.57% (+1.04%). Travel is cyclical, and this looks like a macro bet that higher-for-longer rates and cost-of-living pressure eventually hit leisure demand (and potentially corporate travel budgets). FLT’s recent disclosure set includes its FY2025 Modern Slavery Statement: https://cdn.prod.website-files.com/643e6b4601023f66d9745f21/6931fa8fa456bf4d33db464f_FCTG%20Modern%20Slavery%20Statement%20FY2025.pdf. JLG rose 6.61% to 7.45% (+0.84%). That move fits a market that’s getting pickier about earnings quality and contract timing — especially for operationally geared service businesses. ADT jumped 8.50% to 9.31% (+0.81%), pushing into the top 10. For a developer moving toward production, shorts often lean on execution risk: commissioning timelines, capex discipline, and any permitting/geopolitical noise (ADT’s Balkan footprint gives shorts plenty of angles). On the cover side, SYA fell 8.45% to 7.29% (-1.16%) and BGL dropped 6.70% to 5.61% (-1.09%). That looks like risk being taken off in smaller resources names — either profit-taking after a good run, or a sign the easy money on the downside has been made. PDN’s -0.95% cover was the other big tell: uranium shorts are still there, but they’re getting more tactical.
Two sector stories dominated. First: resources positioning is still crowded, but it’s rotating. Lithium remains heavily shorted (PLS still #1; MIN rising), yet some of the more speculative lithium exposure saw covering (SYA -1.16%). That’s consistent with traders tightening up exposure rather than abandoning the bearish lithium thesis. Second: consumer cyclicals are back in the crosshairs. EDV and FLT both saw >1% weekly short increases — rare moves that usually reflect a macro view (rates and household budgets) rather than a single headline. Add DMP’s +0.54% rise and you’ve got a clear message: shorts are leaning into the idea that the Australian consumer is tiring. Meanwhile uranium is still a high-short sector (BOE, PDN, DYL all elevated), but PDN’s sharp cover suggests the trade is getting crowded enough that any positive catalyst can force shorts to lighten up quickly.
Next week, watch for any macro prints that shift the rates narrative (and by extension the consumer shorts in EDV/FLT/DMP), plus commodity price moves that can squeeze crowded positioning in lithium and uranium.
PLS is the most shorted at 17.38% of shares short, down 0.57% week-on-week.
EDV rose +1.13% to 4.67% short and FLT rose +1.04% to 6.57% short — both unusually large weekly moves.
Yes. BOE (14.97%), PDN (14.41%) and DYL (9.74%) are all heavily shorted, although PDN saw significant covering this week (-0.95%).
Because the average short position across the market is only 1.18% and the period’s average change was -0.03% — a +1% move usually signals a strong, deliberate view rather than noise.
SYR increased to 13.27% (+0.18%), MIN rose to 10.56% (+0.62%), DMP lifted to 9.78% (+0.54%), and ADT climbed to 9.31% (+0.81%).
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.
