The 10 Most Shorted ASX Stocks · Week 52, 2025
BOE still leads at 20.41% — but the cover trade hit uranium
22 Dec 2025 — 26 Dec 2025
Boss Energy (BOE) stayed the ASX’s most shorted stock at 20.41%, yet it also saw one of the biggest weekly covers, down from 21.49% (−1.08%). The other clean signal was fresh positioning away from the mega-crowded names: Alpha HPA (A4N) jumped from 3.13% to 4.28% (+1.15%), while Champion Iron (CIA) slid from 6.39% to 5.17% (−1.22%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
The loudest message in this week’s ASIC tape wasn’t a new short raid. It was shorts quietly backing away from the market’s favourite uranium punching bag. BOE is still #1 at 20.41%, but it fell from 21.49% (−1.08%) into Christmas week. That’s not noise — that’s risk being taken off. 1
The top 10 remains a rollcall of crowded trades, led by BOE (20.41%) and Domino’s Pizza Enterprises (DMP) at 17.90%. Then comes Guzman y Gomez (GYG) at 13.85%, Paladin Energy (PDN) at 13.13%, and IDP Education (IEL) at 12.60%. 1 Inside the top 10, the tells were in the direction rather than the magnitude. Shorts added to PWR Holdings (PWH) to 11.84% (+0.51%), DroneShield (DRO) to 10.54% (+0.49%), and Telix Pharmaceuticals (TLX) to 11.02% (+0.24%). Meanwhile DMP barely moved at 17.90% (−0.01%), and Flight Centre (FLT) eased to 10.38% (−0.15%). 1 GYG’s grind higher in short interest — up to 13.85% (+0.22%) — stands out because the business is still printing growth: global network sales of $1,180.7 million (+23.0%) and NPAT of $14.5 million (+151.8%) sit right there in the FY25 result. Shorts aren’t arguing the direction. They’re arguing the price. 1 2
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
Outside the leaderboard is where the real aggression showed. Alpha HPA (A4N) was the week’s biggest riser: 3.13% → 4.28% (+1.15%). That’s a decisive pile-in, the kind that usually turns a quiet stock into a headline stock the moment liquidity thins. 1 On the other side, Champion Iron (CIA) was the biggest faller: 6.39% → 5.17% (−1.22%). Shorts don’t cover like that for fun. CIA’s half-year numbers included net income of $80.578 million for the 6 months ended Sep 2025 and EBITDA of $232.576 million — enough to make leaning short feel less comfortable into year-end. 1 3 Two more valuation-flavoured moves: Pinnacle Investment Management (PNI) lifted from 3.95% to 4.62% (+0.67%) even after FY25 NPAT of $134.4 million and a FY25 dividend per share of 60.0 cents. That’s the classic “great business, tight multiple” short. 1 4 Iluka Resources (ILU) also ticked up from 6.85% to 7.37% (+0.52%) after reporting revenue from ordinary activities of $577.8 million (down 8%) and net profit after tax of $92 million (down 31%) for H1 FY2025. 1 5 And don’t miss the resource covers beyond BOE: Elevate Uranium (EL8) dropped from 1.75% to 0.60% (−1.15%), and Pilbara Minerals (PLS) eased from 9.15% to 8.44% (−0.71%). 1
Industry Positioning
At the index level, nothing is blowing up: 674 stocks are shorted, the average short position is 1.26%, and the average week-on-week change is −0.01%. Flat tape. Sharp skirmishes. 1 Those skirmishes had a theme. Energy and Materials saw meaningful covering in BOE (−1.08%), EL8 (−1.15%), CIA (−1.22%) and PLS (−0.71%) — while shorts were more willing to press in high-multiple or sentiment-driven names like GYG (+0.22%), PWH (+0.51%) and DRO (+0.49%). 1
Outlook
Watch BOE’s next print: if the unwind continues from 20.41%, the most crowded short on the board can turn into the fastest cover. Second, keep A4N on alert — after a one-week jump to 4.28%, the next ASIC update will tell you whether that was a hit-and-run or the start of a campaign. 1
Frequently Asked Questions
What was the most shorted ASX stock this week?
Boss Energy (BOE) was the most shorted at 20.41%, down from 21.49% (−1.08% week-on-week). [ref-1]
Which ASX stock had the biggest weekly rise in short interest?
Alpha HPA (A4N) rose from 3.13% to 4.28% (+1.15%). [ref-1]
Which ASX stock had the biggest weekly fall in short interest?
Champion Iron (CIA) fell from 6.39% to 5.17% (−1.22%). [ref-1]
Why are shorts still building in PWR Holdings (PWH)?
PWH is 11.84% short after a +0.51% weekly lift. In its FY2025 result, PWH reported revenue of $130.1 million (−6.7%) and statutory NPAT of $9.8 million (−60.6%). [ref-1] [ref-6]
Why would shorts add to Guzman y Gomez (GYG) after a strong FY25 result?
GYG short interest increased to 13.85% (+0.22%). In FY25, GYG reported global network sales of $1,180.7 million (+23.0%) and NPAT of $14.5 million (+151.8%), which can still attract shorts if the market is focused on valuation risk rather than growth. [ref-1] [ref-2]
Sources
- Shorted.com.au weekly short interest report data (Week: 2025-W52, Report Date: 2025-12-24, Previous Date: 2025-12-19)(2025-12-24) [asic data]
- Guzman y Gomez (GYG) 2025 Full Year Results ASX Announcement(2025-08-22) [announcement]
- Champion Iron (CIA) Half-Year Report(2025-10-30) [financial report]
- Pinnacle Investment Management (PNI) Annual Report to shareholders(2025-08-05) [financial report]
- Iluka Resources (ILU) Iluka 2025 Interim Report (4D)(2025-08-20) [financial report]
- PWR Holdings (PWH) Preliminary Final Report and 2025 Annual Report(2025-08-21) [financial report]
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.