BOE hits 20.96% short as uranium trade turns crowded again
Week 42, 2025 (13 Oct 2025 — 17 Oct 2025)
Shorts piled into BOE (+1.40% WoW) and DMP (+1.13% WoW), pushing BOE to the highest short interest on the ASX at 20.96%. The other big story was shorts bailing out of NST, with short interest collapsing from 3.78% to 0.44% in a single week (-3.34%). Average short interest across 625 names was steady at 1.27% (period average change: -0.01%).
This Week's Analysis
BOE is now the most shorted stock in the dataset at 20.96%, and the +1.40% jump in a week is a loud move. When a small-cap uranium producer with a ramp-up story gets this crowded on the short side, it usually means the market is questioning execution risk and near-term uranium price support at the same time — a nasty combo if you’re relying on smooth production and a friendly commodity tape.
BOE (20.96%, +1.40%) is the standout. Boss is in the messy part of the lifecycle: ramping Honeymoon while also progressing Alta Mesa. Shorts typically love this phase because any slip in commissioning, recoveries, or timelines can hit sentiment fast. The most likely read is positioning for operational volatility rather than a pure “uranium is dead” call, especially given how quickly the short has built. Company materials are here: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf and http://www.bossenergy.com/images/media/2973720.pdf. PLS (17.45%, +0.25%) stays heavily shorted, which tells you the lithium debate hasn’t gone away. Even a modest weekly lift matters when the base is already huge: shorts are still leaning into lithium price sensitivity and the risk that any optimism on demand (EVs/China) fades quickly. PLS disclosures referenced in the feed include its quarterly advisory: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage. DMP (14.62%, +1.13%) is the other big tell. A +1% move in a week at this level is aggressive. This looks like earnings positioning: Domino’s is a margin story (food, labour, discounting) and a demand story (households under pressure). Shorts are effectively saying the turnaround narrative is still fragile. GYG (12.73%, -0.28%) and IEL (12.55%, -0.08%) eased slightly. That’s not a capitulation — more like trimming. For IEL, the short remains elevated because policy and student mobility headlines can swing quickly; for GYG, valuation and store economics are the usual pressure points. PDN (11.75%, -0.39%) drifting lower while BOE spikes is a useful split: the market is differentiating between uranium names. PDN’s larger scale and asset base can make it harder for shorts to press when the uranium narrative firms up (PDN annual report link provided: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.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
Biggest risers were BOE (+1.40%), DMP (+1.13%), GEM (+1.00% to 4.19%), MVF (+0.73% to 3.94%) and BAP (+0.70% to 4.08%). GEM and BAP read like “consumer stress” expressions: childcare operators and auto aftermarket retailers can get squeezed if households trade down and costs stay sticky. With BAP, shorts may also be leaning into execution risk in a competitive category and any margin pressure from supply chain and pricing; the company’s conference deck is here: https://www.bapcor.com.au/Reports/Macquarie_Australia_Conference_Presentation_-_8_May_2025.pdf. The fallers were more dramatic. NST collapsing from 3.78% to 0.44% (-3.34%) is not normal weekly noise — that’s shorts running for the exits. The cleanest explanation is a catalyst (often a corporate action, a sharp gold move, or a positioning reset into results) forcing covers. Whatever the trigger, the message is clear: the short thesis in NST got uncomfortable fast. ARB (-1.34% to 5.37%) also saw meaningful covering. That fits a world where the market is less confident about a sharp discretionary slowdown, or where ARB’s product cycle and offshore exposure are being re-rated. ARB’s AGM presentation is linked here: https://www.arb.com.au/wp-content/uploads/2025/10/2025-ARB-AGM-Presentation.pdf. AD8 (-1.07% to 1.99%) and CCP (-1.07% to 0.60%) both had shorts trimmed. For AD8, that can happen when a small-cap tech name stops disappointing on the near-term tape; for CCP, it can reflect less conviction that credit stress is about to spike immediately.
Industry Trends
Two sector patterns jump out. First, resources shorts are getting more selective: uranium is still crowded (BOE up hard, PDN down), and lithium remains a structural battleground (PLS still at 17.45%). That’s classic late-cycle commodity positioning — traders want the optionality but don’t want to pay for execution risk. Second, consumer-facing names are back in the crosshairs. DMP’s jump and the rises in GEM and BAP suggest shorts are leaning into the “rates stay higher for longer” hangover: discretionary spend gets patchy, wage costs don’t fall quickly, and promotions creep back in. Meanwhile, the covering in ARB hints the market isn’t uniformly bearish — it’s picking its spots.
Outlook
Next week, watch for any commodity tape moves (uranium and lithium in particular) because BOE/PDN and PLS are set up for sharp squeezes either way. Also keep an eye on upcoming reporting season positioning — DMP-style short builds often peak right before results.
Frequently Asked Questions
Is BOE’s 20.96% short interest unusually high?
Yes. It’s the highest short interest in this week’s dataset (max short %: 20.96%), and the +1.40% WoW jump is a big weekly move.
What does a -3.34% weekly move in NST short interest usually mean?
That’s typically forced covering or a major catalyst changing the risk/reward for shorts. NST fell from 3.78% to 0.44% in one week, which is far larger than normal weekly drift.
Why are PLS and BOE both heavily shorted if they’re in different commodities?
They share the same market setup: high sensitivity to commodity prices and sentiment, plus execution risk around production and growth plans. PLS sits at 17.45% short and BOE at 20.96%.
Does falling short interest in ARB mean the stock is now ‘safe’?
No. It just means shorts reduced exposure this week (6.71% to 5.37%). The fundamental debate can still be live, but the immediate bearish positioning eased.
How should retail investors use this short data?
Treat it as a sentiment and catalyst map. Big weekly changes (like BOE +1.40% or NST -3.34%) often flag where the next sharp move can come from, especially around commodity swings or results.
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.