SLX and CUV light up the shorts as uranium stays crowded
Week 32, 2025 (4 Aug 2025 — 8 Aug 2025)
Uranium is still the ASX’s most crowded short: BOE sits at 19.41% (+0.58% WoW) and PDN at 18.10% (+0.61%). The real action this week was SLX jumping +2.15% to 13.71% and CUV surging +2.72% to 8.08% — both are big, deliberate moves. Lithium shorts eased a touch (PLS -0.75% to 15.18%, LTR -0.59% to 12.56%), but the sector remains heavily targeted.
This Week's Analysis
The standout this week wasn’t BOE or PDN staying near the top — it was shorts piling into SLX. A +2.15% jump in a single week to 13.71% is aggressive positioning, and it tells you the market is treating nuclear-adjacent “story stocks” very differently to plain uranium producers. Add CUV’s +2.72% spike to 8.08% and you’ve got a clear message: shorts are hunting valuation and event risk, not just commodity beta.
BOE (19.41%, +0.58%) and PDN (18.10%, +0.61%) remain the ASX’s most shorted names. That’s a crowded trade, and it usually means the debate is about execution and timing rather than the long-term uranium thesis. BOE is still in ramp-up mode at Honeymoon and progressing Alta Mesa; shorts typically lean into any hint that production targets, costs or commissioning timelines won’t line up neatly with uranium price optimism (see BOE materials: http://www.bossenergy.com/images/media/2973720.pdf and http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). PLS is still heavily shorted at 15.18%, even after a meaningful -0.75% weekly drop. That looks like some profit-taking on a well-worn lithium short, not a change of heart. MIN (12.79%, -0.13%) and LTR (12.56%, -0.59%) tell the same story: shorts are trimming around the edges, but they’re not exiting the lithium complex. IEL (13.02%, +0.72%) is creeping higher again. The likely read is macro sensitivity: education placement volumes and margins can get squeezed when policy settings shift and when the AUD moves around, and shorts tend to position ahead of any guidance risk. PNV (11.89%, +0.44%) staying elevated fits the classic healthcare trade — great product narrative, but the market will punish any wobble in growth, distribution or regulatory momentum. LIC (11.73%, -0.07%) is basically unchanged: rate-sensitive housing/communities names can attract shorts when bond yields rise, but this week didn’t bring a decisive shift. CTD (9.83%, -0.21%) eased slightly; with corporate travel, shorts usually focus on cycle risk and cost inflation, while the company’s disclosures around funding arrangements are worth keeping on the radar (CTD docs: https://investor.travelctm.com.au/wp-content/uploads/2025/12/Agreement-to-Amend-Debt-Facilities.pdf).
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
CUV was the week’s biggest riser: 5.36% to 8.08% (+2.72%). That’s not noise. This looks like event/valuation positioning into biotech-style uncertainty — pipeline updates, regulatory pathways and the market’s tolerance for high-multiple healthcare can change quickly. If you want the company’s own framing, start with its reporting (CUV annual report link provided: https://www.clinuvel.com/wp-content/uploads/2025/08/clinuvel-ar25-digital-20250828.pdf). SLX (11.56% to 13.71%, +2.15%) is the other big tell. Silex sits at the intersection of nuclear regulation, commercial partnerships and long-dated technology payoffs. When shorts hit a name like this hard, they’re usually betting that timelines slip, approvals take longer, or the market has simply overpaid for optionality (SLX document: https://clients3.weblink.com.au/pdf/SLX/03020846.pdf). ILU (6.49% to 7.84%, +1.35%) reads like a commodity-cycle call. Mineral sands earnings are leveraged to industrial demand and pricing; when China demand signals wobble or the AUD moves, shorts often step in. On the way down, URW collapsed from 2.21% to 0.26% (-1.95%). That’s a clean cover — likely a trade exit rather than a slow sentiment shift. SYR (5.05% to 3.33%, -1.73%) and WC8 (-1.15% to 0.60%) also saw shorts pull back, consistent with selective covering across smaller materials names. OPT (3.27% to 2.14%, -1.13%) and ALK (4.25% to 3.12%, -1.13%) both had meaningful reductions — typical of traders banking wins or reducing exposure into upcoming catalysts.
Industry Trends
Two sector patterns jump out. First, uranium is still the most crowded trade on the ASX short tape: BOE and PDN are #1 and #2, and SLX is now #4 after a sharp weekly jump. That mix matters — producers (BOE/PDN) are about delivery and costs, while SLX is about regulation and commercialisation risk. Shorts are basically saying: “We’ll fade the hype until the numbers land.” Second, lithium shorts are easing but not breaking. PLS, MIN and LTR are all still heavily shorted (15.18%, 12.79%, 12.56%), even after modest weekly declines. That’s consistent with a sector where the bear case (pricing pressure and margin compression) can persist, but positioning is already crowded enough that traders are happy to take some chips off the table. Zooming out, the market’s average short interest is only 1.29% across 633 stocks, and the period average change was -0.01%. So when you see +2% moves like CUV and SLX, that’s where the real information is — it’s targeted conviction, not a market-wide risk-off wave.
Outlook
Next week, watch for any commodity price shocks (especially uranium and lithium) because crowded shorts can unwind fast on a headline. Also keep an eye on company-specific catalysts in the high-move names — SLX and CUV now have enough short interest that any positive update can force a sharp squeeze.
Frequently Asked Questions
Which ASX stocks are the most shorted this week?
BOE is #1 at 19.41% short (+0.58% WoW) and PDN is #2 at 18.10% (+0.61%). PLS is #3 at 15.18% after a -0.75% weekly drop.
What was the biggest weekly jump in short interest?
CUV jumped from 5.36% to 8.08% (+2.72%), followed by SLX from 11.56% to 13.71% (+2.15%). Those are unusually large weekly moves.
Are shorts still targeting lithium stocks?
Yes — even after some covering, PLS (15.18%), MIN (12.79%) and LTR (12.56%) remain heavily shorted, which suggests the sector bear thesis is still in play.
Why does high short interest matter for retail investors?
High short interest can amplify moves: bad news can accelerate sell-offs, but good news can trigger short covering and sharp rallies. Names like BOE, PDN and SLX are now in that higher-volatility zone.
Which stocks saw the biggest short covering this week?
URW saw the largest fall in short interest, dropping from 2.21% to 0.26% (-1.95%). SYR also saw a big reduction, from 5.05% to 3.33% (-1.73%).
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.