Shorts unwind BOE hard (-1.82%) as EVN cops a +3.76% hit
Week 22, 2025 (26 May 2025 — 30 May 2025)
BOE is still the most shorted name on the ASX at 19.75%, but shorts pulled back sharply this week (-1.82%). The real action was in the movers: EVN’s short interest jumped from 1.34% to 5.11% (+3.76%), while TWE saw a big cover from 8.41% to 4.66% (-3.76%). Average short interest across 638 stocks was steady at 1.35% (period average change +0.01%).
This Week's Analysis
The week’s cleanest signal is that shorts are taking money off the table in uranium — and doing it aggressively in BOE. BOE remains the most shorted stock at 19.75%, but a -1.82% WoW drop is a meaningful cover in a name this crowded. At the same time, shorts suddenly piled into EVN (+3.76%), which looks like a fast rotation: de-risk some crowded thematic trades, and lean into large-cap resources where the next catalyst (gold price, costs, guidance) can bite.
BOE (19.75%, -1.82%) is still the poster child for a crowded short, but this week’s cover suggests the trade is getting uncomfortable. Boss is in ramp-up mode at Honeymoon and progressing Alta Mesa; when a producer is moving from story to execution, the risk for shorts is operational updates that are “good enough” to force a squeeze. If you want the company’s framing, see BOE’s investor material (http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). PDN (15.15%, -0.43%) and DYL (10.89%, -0.57%) also saw shorts ease. That’s consistent with a uranium complex where the easy money has been made on the short side and positioning is being trimmed rather than pressed. MIN (14.31%, +0.44%) is going the other way. Shorts are leaning harder into the lithium/iron ore/services mix, which is exactly where earnings risk tends to show up: commodity price volatility plus project execution. MIN’s own reporting pack is the place to sanity-check the balance sheet and assumptions (https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). PLS (12.95%, +0.93%) is the standout in the top 10 on weekly change. Shorts are pressing the lithium thesis again — weaker realised pricing and demand uncertainty is usually enough to keep the trade alive. LTR (12.66%, flat) looks like a stalemate: plenty of sceptics, but no fresh conviction this week. Outside resources, IEL (11.90%, -0.16%) remains heavily shorted, which fits the ongoing debate around student mobility, visa settings and conversion rates. PNV (10.62%, -0.12%) is still crowded too — medtech shorts typically target valuation and execution risk rather than macro.
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
EVN (+3.76% to 5.11%) is the week’s loudest move. A near-4% jump in short interest in one week is unusual. The most likely read is positioning into a catalyst window: gold equities can get punished quickly if the gold price softens, the AUD lifts, or cost guidance disappoints. EVN is also big and liquid — an easy place for funds to express a view fast. SIG (+2.05% to 3.35%) is another sharp move. With a $36.5B market cap, this looks less like a retail-driven wobble and more like institutions putting on a hedge or leaning into a valuation/earnings debate. DGT (+1.59% to 3.60%) smells like rates. REIT-like vehicles get shorted when bond yields rise or when the market starts questioning funding costs and asset values. DGT’s acquisition ambitions add another layer: growth plus leverage is great when money is cheap, less fun when it isn’t. NUF (+1.21% to 3.92%) and IGO (+1.21% to 8.94%) both fit the “cyclical uncertainty” bucket. For NUF it’s input costs, weather and ag demand; for IGO it’s the battery materials cycle and the market’s patience for turnarounds. On the cover side, TWE (-3.76% to 4.66%) is a decisive unwind. That kind of move usually means the short thesis has either played out or the risk/reward has flipped (often ahead of a result or after a big share price move). If you want the company’s broader narrative, TWE’s sustainability report is here: https://a.storyblok.com/f/171317/x/c3d39083c7/2025_twe_sustainability_report.pdf. GPT (-2.25% to 0.57%) is another big cover and reinforces the rates angle: if the market is getting more comfortable on the interest-rate path, the easy REIT shorts get closed. CU6 (-2.02% to 6.87%) and JLG (-1.63% to 6.53%) also saw meaningful covering — classic signs of traders taking profit in higher-beta names.
Industry Trends
Two sector stories dominate the tape. First: uranium shorts are easing across the board (BOE, PDN, DYL all down WoW). That doesn’t mean the bears have disappeared — BOE at 19.75% is still extreme — but it does suggest the trade is crowded enough that any positive operational update can force covering. Second: lithium remains a magnet for shorts. PLS added +0.93% and MIN added +0.44%, while IGO rose +1.21% outside the top 10. That cluster matters: when multiple battery-material names see shorts rise together, it’s usually a sector call (pricing/demand) rather than company-specific drama. Meanwhile, rate sensitivity is back in focus. DGT shorts rose while GPT shorts collapsed — a reminder that the market is differentiating between vehicles, balance sheets and perceived asset quality rather than shorting “property” as one blob.
Outlook
Next week, watch for macro triggers that hit these trades directly: bond yield moves (REIT shorts), AUD swings (gold and offshore earners), and any commodity price volatility that re-energises the lithium vs uranium positioning.
Frequently Asked Questions
Why is BOE still #1 most shorted even after a big weekly fall?
Because it started from an extremely crowded position (21.56% last week) and even after -1.82% it’s still 19.75% short — the highest in the dataset.
Is a +3.76% jump in EVN short interest in one week a big deal?
Yes. EVN moved from 1.34% to 5.11% short in a single week, which is a sharp repositioning and usually signals funds are leaning into a near-term catalyst or hedging risk.
What’s the clearest sector signal in this week’s numbers?
Lithium shorts are building (PLS +0.93%, MIN +0.44%, IGO +1.21%), while uranium shorts are being trimmed (BOE -1.82%, PDN -0.43%, DYL -0.57%).
Why would shorts cover GPT so aggressively?
GPT fell from 2.82% to 0.57% short (-2.25%), which fits a rates-driven unwind: when the market gets more comfortable on funding costs and yields, the incentive to hold REIT shorts drops.
Does high short interest automatically mean a stock will rally on a short squeeze?
No. High short interest (like BOE at 19.75%) increases squeeze risk, but a squeeze usually needs a catalyst (earnings, guidance, operational update) and enough buying pressure to force covering.
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.