Uranium shorts tighten the screws: BOE hits 18.47%, PDN jumps again
Week 24, 2025 (9 June 2025 — 13 June 2025)
Shorts kept leaning into uranium this week, with BOE rising to 18.47% (+0.40%) and PDN to 15.96% (+0.64%). The other big message: some crowded consumer shorts were unwound hard, led by CTT collapsing from 10.65% to 5.66% (-4.98%) and SGR from 6.68% to 3.49% (-3.20%).
This Week's Analysis
The most striking thing in W24 is how relentless the uranium trade has become on the short side. BOE is now the most shorted name on the ASX at 18.47% (+0.40% WoW), and PDN added another chunky +0.64% to 15.96%. When shorts keep adding at already-elevated levels, it usually says the market is questioning execution and valuation at the same time — not just taking a quick macro view on the commodity.
BOE (18.47%, +0.40%) remains the epicentre. Boss is in ramp-up mode at Honeymoon and progressing Alta Mesa, which is exactly where shorts like to press: commissioning risk, ramp-up timelines, and the gap between investor expectations and what operations can deliver quarter-to-quarter. The company’s investor materials (e.g., http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf) frame the growth path; the short interest says plenty of traders are betting the path won’t be smooth. PDN (15.96%, +0.64%) is the other uranium lightning rod. After its late-2024 Fission acquisition, Paladin has more moving parts across jurisdictions, and shorts look like they’re positioning for integration/production delivery risk rather than a simple “uranium down” call. If you want the company’s own framing, its annual report is here: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf. MIN (15.37%, +0.44%) is still a heavyweight short. The thesis writes itself: lithium and iron ore exposure plus services margins equals earnings sensitivity to commodity prices and volumes. MIN’s own FY results pack (https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf) is where the market will keep going back to test assumptions. PLS (13.30%, +0.49%) continues to attract shorts as a clean, liquid way to express a lithium view. Even without fresh company news in this dataset, the steady build suggests the market still doesn’t trust the lithium price to hold up long enough to protect margins and guidance. LIC (10.55%, +0.32%) is a reminder that rate sensitivity hasn’t gone away. Lifestyle Communities sits in that awkward spot where higher-for-longer rates can pressure housing turnover, affordability and sentiment — and shorts are keeping it on the list.
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
MVF was the week’s standout riser: 1.82% to 2.86% (+1.04%). That’s a big weekly move for a small-cap healthcare services name, and it reads like event positioning — either ahead of a catalyst (results, regulatory headlines, operating update) or a reassessment of earnings quality. With no specific MVF document provided here, the only honest conclusion is that the size of the move is the signal. PWH climbed from 6.53% to 7.36% (+0.83%). For a niche manufacturer tied to motorsport and high-performance auto demand, shorts typically show up when they think growth is peaking or margins are vulnerable to input costs/supply chain noise. The company’s historical reporting (e.g., https://www.pwr.com.au/app/uploads/2022/08/PWRAR22-final.pdf) gives context on end-markets and capacity; the short build says the market is less convinced the next leg of growth is as clean as the last. LOT (8.58% to 9.27%, +0.69%) adds to the uranium pattern: developers/restart stories are magnets for shorts because timelines, permitting and funding can slip. On the unwind side, CTT was extreme: 10.65% to 5.66% (-4.98%). That’s not a gentle trim — that’s shorts getting out of the way, either because the downside has largely played out or because there’s a catalyst risk (a trading update, corporate action, or simply a lack of borrow/poor risk-reward). SGR also saw a sharp cover from 6.68% to 3.49% (-3.20%), consistent with traders taking profit after a bruising period for casino operators. KAR fell from 9.14% to 7.49% (-1.66%). That looks like oil-price/beta management: when energy sentiment improves even a little, crowded shorts in E&Ps can get reduced quickly. KAR’s quarterly reporting (https://www.karoonenergy.com.au/wp-content/uploads/260127-2025-fourth-quarter-results.pdf) is the anchor for how the company wants investors to think about production and cashflow; the short covering suggests less appetite to fight the tape right now. DBI going from 1.78% to 0.00% (-1.78%) is clean: whatever the short thesis was, it’s been closed.
Industry Trends
Two sector stories dominate the tape. First: uranium is crowded, and getting more crowded. BOE, PDN, SLX (10.28%, +0.37%), and LOT (+0.69%) all moved higher on short interest, while DYL (10.28%) actually eased (-0.25%). That split matters: shorts are discriminating between names where the risk is operational execution (producers/ramp-ups, technology/regulatory complexity) versus names where the market may feel the risk is already priced. Second: lithium shorts are still sticky. PLS (+0.49%) and MIN (+0.44%) both rose, while LTR (12.35%) barely moved (-0.09%). That’s consistent with a sector view rather than a single-stock blow-up — traders are using the liquid bellwethers to express the thesis. Zooming out, the market’s average short position was basically flat (period average change -0.05%, average short 1.30% across 652 stocks). So the action is concentrated: a handful of crowded resource shorts building further, while a couple of consumer names saw violent covering.
Outlook
Next week, watch for any uranium price volatility and company updates that touch ramp-up timelines — that’s what can force a squeeze when BOE is already at 18.47%. On the domestic side, any shift in rate expectations will matter for LIC and other rate-sensitive shorts that are still being held, not covered.
Frequently Asked Questions
Why does BOE staying above 18% short matter for retail investors?
At 18.47% short, BOE is a crowded trade: good news can trigger sharp short-covering rallies, but any operational slip can get amplified because so many investors are positioned for downside.
Is the uranium short build a call that uranium prices will fall?
Not necessarily. The pattern (BOE/PDN/LOT/SLX higher shorts) looks more like execution and valuation pressure on specific companies than a pure commodity bet, especially for ramp-up and restart stories.
What does CTT dropping nearly 5% in short interest in one week usually mean?
A move from 10.65% to 5.66% typically signals shorts are closing positions quickly — either the trade worked and they’re taking profit, or there’s a catalyst risk that makes staying short unattractive.
Why are MIN and PLS still seeing shorts added at high levels?
Both are liquid ways to express a lithium/commodities earnings risk view. This week MIN rose to 15.37% (+0.44%) and PLS to 13.30% (+0.49%), suggesting traders still see downside risk in sector pricing and margins.
Does falling short interest in KAR mean the outlook has improved?
It only tells you positioning has improved: KAR’s short interest fell from 9.14% to 7.49% (-1.66%). That can happen when oil sentiment firms or when the risk-reward of staying short deteriorates, even if fundamentals haven’t changed much.
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.