The 10 Most Shorted ASX Stocks · Week 6, 2025
3 Feb 2025 — 7 Feb 2025
Short sellers are rotating hard inside resources: Boss Energy (BOE) added +1.02% WoW to 19.98% short and Paladin (PDN) lifted +0.63% to 16.55%, while lithium bellwether Pilbara Minerals (PLS) saw the biggest cover of the week (-1.61% to 11.09%). The other loud signal was outside equities: Treasury Corporation’s 2.00% 2035 line (XVGHAB) jumped from 0.12% to 3.12% short (+3.00%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
For a year, the clean trade was “short lithium”. This week, the tape says funds are cashing that ticket and redeploying into uranium — BOE is now 19.98% short after another +1.02% WoW, and PDN is still being pressed at 16.55% (+0.63%). Rotation, not noise.
Start with the oddity: AUSGOV Treasury Bond TB 3.50% 12-34 6M (GSBW34) sits at 127.94% short (-0.03%). It’s the top line item, but it’s not the equity battleground most readers care about. The equity leader is Boss Energy (BOE): 19.98% short (+1.02%). That’s a near one-fifth-of-the-register bet against a uranium ramp-up story, and the market added to it anyway. Boss is all execution — Honeymoon in South Australia and progress at Alta Mesa — and shorts press these names when expectations are tight and timelines matter. (Company material: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf.) Paladin Energy (PDN) is next in the uranium queue at 16.55% (+0.63%). With PDN having expanded in Canada via the Fission Uranium acquisition, the short case writes itself: integration risk layered on top of uranium price volatility and operational delivery at Langer Heinrich. The key point is positioning: +0.63% WoW on an already 16%+ short stock is active conviction. (Annual report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf.) The rest of the top 10 is a map of where the ASX arguments still live. Syrah (SYR) remains heavily shorted at 12.92% (-0.27%). IDP Education (IEL) is stuck at 12.48% (-0.05%) with shorts barely moving. Mineral Resources (MIN) is 12.24% (+0.04%), still a crowded debate. The Star (SGR) keeps grinding higher on the short side at 11.56% (+0.52%) — casinos don’t wear double-digit shorts because of a slow weekend. Then the tells: Domino’s (DMP) dropped to 11.18% (-1.48%) and Pilbara Minerals (PLS) to 11.09% (-1.61%). Two crowded shorts being covered in the same week is positioning management, plain and simple.
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 biggest riser was Treasury Corporation 2.00% LN 17-SEP-35 (XVGHAB): 0.12% → 3.12% (+3.00%). That’s a chunky new short in a rate-sensitive line, and it fits a market still jumpy about the path of inflation and how long “higher for longer” lasts. In equities, Sigma Healthcare (SIG) jumped 4.27% → 5.86% (+1.59%). The cleanest read is event-driven positioning: SIG is liquid, and shorting often spikes when traders want a hedge into a deal or a catalyst. DroneShield (DRO) lifted 8.11% → 9.37% (+1.25%). That’s meaningful for a stock already heavily shorted: the sceptics are leaning into valuation and the lumpiness of defence procurement and revenue conversion. (Company report: https://www.droneshield.com/s/2025-3q-9acb.pdf.) Mcmillan Shakespeare (MMS) rose 2.30% → 3.48% (+1.18%), a reminder that anything tied to salary packaging, vehicle finance and confidence can attract shorts when rates stay restrictive. Appen (APX) moved 0.44% → 1.55% (+1.12%). Still small in absolute terms, but the direction matters in a competitive AI data services market where customer concentration and margin pressure are perennial short hooks. On the cover side, PLS (-1.61%) and Wildcat Resources (WC8) 4.35% → 3.83% (-0.51%) read as lithium short-covering. Domino’s (DMP) (-1.48%) and Nick Scali (NCK) 5.04% → 4.39% (-0.65%) say the market eased off the consumer discretionary punch-up this week. Magellan (MFG) also saw covering, 2.76% → 2.24% (-0.52%).
Two sector trades did the heavy lifting. 1) Uranium: shorts are building, not fading. BOE (+1.02%), PDN (+0.63%) and Deep Yellow (DYL) sitting at 10.85% (+0.05%) is a cluster. The market is leaning into the idea that uranium equities have priced plenty of good news, while ramp-ups, integration and commodity swings can still ruin a quarter. 2) Lithium/materials: the pressure eased at the margin. PLS was the biggest faller (-1.61%), SYR ticked down (-0.27%), while MIN barely moved (+0.04%). That’s not a bullish stampede — it’s traders trimming a crowded bet. Zoom out and the contrast is stark: the average short across 656 stocks is 1.44%, with a period average change of +0.05%. So when BOE sits at 19.98% and PDN at 16.55%, you’re looking at the ASX’s real disagreement trades — the names where expectations are high and patience is low.
Watch BOE’s next operational update like a hawk. At 19.98% short, any clean execution signal can force a fast cover; any slip gives shorts room to press again.
Because it means close to one-fifth of BOE’s stock is sold short, and it still rose +1.02% WoW. That combination signals active conviction around execution risk in a high-expectations uranium ramp-up story.
It means the short trade is being reduced: PLS fell from 12.69% to 11.09% (-1.61%). That’s consistent with profit-taking or risk reduction in a crowded position, not a guaranteed call on the lithium price.
Shorts increased from 8.11% to 9.37% (+1.25%). The usual driver in defence tech is timing risk: contracts, delivery and revenue conversion can be lumpy, and short sellers target gaps between expectations and near-term numbers.
XVGHAB rose from 0.12% to 3.12% short (+3.00%). It points to a sizeable new position in a rate-sensitive instrument, consistent with traders actively expressing a view on yields and duration risk.
DMP fell from 12.66% to 11.18% (-1.48%) and NCK fell from 5.04% to 4.39% (-0.65%). When multiple discretionary names see covering together, it usually reflects positioning being trimmed rather than a sudden change in the consumer outlook.
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.
