XCLWAY hits 43.54% short — while uranium shorts quietly back off
Week 19, 2025 (5 May 2025 — 9 May 2025)
ASIC’s Week 2025-W19 data was hijacked by XCLWAY, which jumped from 0.07% to 43.54% short (+43.47%) in one week — the highest short position in the dataset. Strip that out and the cleaner signal is in resources: shorts trimmed uranium leaders BOE (23.72%, -1.60%) and PDN (15.66%, -0.81%), while gold shorting in NST collapsed to 0.65% (-2.11%). Across 643 names, the period average change was -0.37%.
This Week's Analysis
A bond-like line item just blew up the leaderboard. XCLWAY went from 0.07% short to 43.54% (+43.47%) in a single week, a move so extreme it reads like positioning mechanics — a hedge, a roll, a borrow/settlement quirk — more than a sudden, collective view on fundamentals. Park it for a moment. The real trade this week was quieter: shorts started stepping back from crowded resources bets.
Once you get past XCLWAY, the top 10 is the same battleground: uranium, lithium, and a couple of consumer/health names where earnings certainty is thin. BOE is still the most shorted equity at 23.72%, but the direction matters more than the rank: it fell from 25.32% (-1.60%). Boss is in the messy part of the story — ramping Honeymoon while progressing Alta Mesa — and that’s exactly where shorts usually press (execution risk, timing, cost creep). This week they reduced exposure instead. If you want the company’s framing, start with Boss’ materials here: http://www.bossenergy.com/images/media/2973720.pdf and http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf. PDN (15.66%, -0.81%) and DYL (12.35%, -0.12%) also eased. That’s not a sector-wide surrender, but it is a coordinated de-crowding: uranium shorts are still big, they just weren’t added to this week. Lithium remains heavily shorted in level terms — MIN 13.29% (-0.26%), PLS 11.60% (-0.20%), LTR 11.40% (-0.92%) — but the week’s changes were all covers, not adds. Away from resources, shorts leaned harder into two familiar expressions. IEL rose to 13.01% (+0.77%), a clean way to short policy sensitivity and demand uncertainty in international education. And CTT climbed to 10.52% (+0.76%), the kind of small-cap consumer name that gets leaned on when the market wants margin risk without needing a commodity view. PNV sits at 10.48% (+0.19%). It’s not a big weekly move, but it keeps the stock in the top 10 — a reminder that the market still likes shorting “valuation + execution” even in healthcare.
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
The risers show where fresh conviction went. CU6 lifted from 7.61% to 8.93% (+1.31%). That’s classic clinical-stage biotech positioning: binary catalysts, cash burn scrutiny, and a market that’s happy to fade optimism. The company’s own reporting (including its quarterly activity report and Appendix 4C) is the sort of document shorts pick apart: https://www.claritypharmaceuticals.com/wp-content/uploads/2025/10/25-10-31_Clarity-Quarterly-Activity-Report-and-App-4C.pdf. KLS jumped 2.93% to 4.03% (+1.10%). Transport and tourism operators don’t need a company-specific blow-up to get shorted — cost pressure and discretionary demand do the job. BRN moved 1.41% to 2.32% (+0.90%). Still not “high” short interest, but it’s creeping the wrong way for a stock priced on future commercial traction. IGO rose 7.39% to 8.22% (+0.83%), a reminder that battery materials scepticism hasn’t left the building — it’s just rotating within the complex. The fallers were sharper — and more informative. NST collapsed from 2.75% to 0.65% (-2.11%). That’s not trimming. That’s an exit. Whether it’s a single fund closing out or a broader view that gold is the wrong place to be short, the result is the same: the easy money in that short is gone. BOE’s -1.60% cover sits here too, reinforcing the uranium de-crowding. MP1 fell from 7.36% to 6.29% (-1.07%), consistent with tech shorts reducing risk after key updates (see MP1’s H1 FY25 investor presentation: https://www.megaport.com/pdf/MP1_H1_FY25_Half_Year_Results_Investor_Presentation.pdf). SYR dropped 7.40% to 6.36% (-1.05%), and ASX fell 2.43% to 1.47% (-0.96%). In both cases, it looks like the market parked positions rather than pressed them.
Industry Trends
Two rotations showed up in the numbers. First: uranium shorts are still crowded, but they eased across the leaders (BOE, PDN, DYL all down week-on-week). That’s what risk management looks like when a trade gets busy and the next operational datapoint can hurt. Second: gold became harder to short in a hurry. NST’s move to 0.65% short is the cleanest “get out of the way” print in the whole report. Lithium is the in-between. The big names (MIN, PLS, LTR) saw covering, but IGO saw fresh shorting. The market isn’t done with battery materials — it’s just choosing its targets.
Outlook
Watch whether the uranium cover extends beyond BOE/PDN/DYL next week. If short interest keeps falling while prices hold, that’s a proper unwind. If it snaps back higher, this week was just a quick de-risk into the next company update cycle.
Frequently Asked Questions
What is XCLWAY and why did it jump to 43.54% short?
XCLWAY is listed as “AUSTRALIAN COMM.LOAN 2.50% LN 21-05-30” and it moved from 0.07% to 43.54% short (+43.47%) in one week. A jump that large in a loan/bond-style instrument usually reflects a specific institutional hedge, roll, or technical positioning rather than a fundamentals-driven equity short thesis.
Is BOE still heavily shorted after this week’s covering?
Yes. BOE is 23.72% short, even after falling from 25.32% (-1.60%) week-on-week.
Why did Northern Star (NST) short interest drop so hard?
NST fell from 2.75% short to 0.65% (-2.11%). That’s consistent with shorts closing out positions, often seen when gold exposure becomes an unattractive place to stay short.
Which ASX stocks had the biggest increases in short interest this week?
The biggest risers were XCLWAY (+43.47% to 43.54%), CU6 (+1.31% to 8.93%), KLS (+1.10% to 4.03%), BRN (+0.90% to 2.32%), and IGO (+0.83% to 8.22%).
Are lithium shorts easing or building?
In the top 10 lithium names, shorts eased this week: MIN is 13.29% (-0.26%), PLS is 11.60% (-0.20%), and LTR is 11.40% (-0.92%). But IGO rose to 8.22% (+0.83%), so the bearish positioning is rotating rather than disappearing.
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.