Week 46, 2025 (10 Nov 2025 — 14 Nov 2025)
BOE stayed the most shorted name on the ASX at 22.02% (+0.43% WoW), keeping uranium firmly in the crosshairs. The bigger shock was CUV, where short interest jumped from 6.45% to 9.34% (+2.89%) in a single week. Meanwhile shorts eased off lithium: PLS fell to 13.05% (-1.42%) and LTR to 3.38% (-1.33%).
The week’s loudest signal wasn’t at the top of the table — it was in CUV. A +2.89% weekly jump in short interest (6.45% → 9.34%) is a proper shove, not a drift. When you see a move like that in a healthcare name, it usually screams “event risk”: positioning into a catalyst, or a sudden loss of confidence in the durability of earnings tied to a flagship product. Clinuvel’s own reporting highlights how central SCENESSE® is to the story (see its annual reporting: https://www.clinuvel.com/wp-content/uploads/2025/08/clinuvel-ar25-digital-20250828.pdf).
BOE remains the ASX’s most shorted stock at 22.02% (+0.43%). That’s an extreme level, and the most likely read is shorts are still challenging the uranium equity rerate and execution risk at Honeymoon/Alta Mesa rather than making a small tactical trade. BOE’s own materials lean heavily on ramp-up and production targets (quarterly/investor deck: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf; report: http://www.bossenergy.com/images/media/2973720.pdf). With short interest already this high, any operational update that’s even slightly off-market can keep the pressure on. DMP is still heavily shorted at 16.75%, but the -0.76% WoW fall says some traders are taking profit or reducing risk ahead of the next result cycle. The core short thesis hasn’t vanished: consumer discretionary is still sensitive to rates and food input costs, and DMP’s multi-region exposure means FX and wage inflation can bite. PLS (13.05%, -1.42%) is the clearest “covering” signal in the top 10. Shorts are still large, but they’re less aggressive this week — consistent with lithium names stabilising after a brutal pricing narrative. PLS has also had corporate/board changes flagged recently (see its quarterly advisory link: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage), which can sometimes force shorts to reassess timing. IEL (11.72%, +0.25%) and IPH (10.64%, +0.47%) both saw shorts add. IEL’s positioning fits ongoing uncertainty around international student flows and policy settings. IPH looks more idiosyncratic: CEO Andrew Blattman’s retirement announcement (https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf) adds a transition overhang, and shorts often press that kind of uncertainty even when the underlying business is steady (FY25 results: https://www.iphlimited.com/wp-content/uploads/2025/08/2932588.pdf).
Key financial metrics from recent company reports for the most shorted stocks.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
CUV (+2.89% to 9.34%) is the standout. A move that big suggests fresh conviction rather than routine rebalancing. The most likely read is traders are questioning how much growth is already priced, and whether pipeline updates and market expansion can keep pace with expectations set in its reporting. DRO (+1.58% to 6.36%) is another meaningful jump. Defence tech can look bulletproof in headlines, but it’s also prone to lumpy contract timing and valuation air pockets. DroneShield’s own 3Q update/reporting (https://www.droneshield.com/s/2025-3q-9acb.pdf) gives the market plenty to model — and plenty to argue about. JHX (+1.05% to 6.29%) reads like macro positioning. Building products are a bond-yield trade: if rates stay higher for longer, US housing repair/remodel and new build momentum can wobble, and shorts tend to lean into that. On the covering side, the lithium complex is where the air came out. PLS (-1.42%), LTR (-1.33%) and MIN (-1.14% to 6.18%) all saw shorts cut in the same week. That clustering matters: it suggests the “lithium must keep falling” trade is getting crowded and some players are banking wins. MIN also has broader commodity exposure (and a lot of moving parts operationally), so any shift in iron ore sentiment can feed into positioning (FY results: https://cdn.sanity.io/files/o6ep64o3/production/b23c9b1f93dbe5cc41520061cafecf0c1d214c77.pdf). BRN (-1.50% to 4.95%) looks like a classic small-cap unwind: when risk appetite improves even slightly, crowded shorts in speculative tech can get trimmed quickly.
Two sector stories dominated the tape. First: uranium remains a battleground. BOE at 22.02% and PDN still high at 11.89% (-0.06%) tells you shorts haven’t abandoned the view that uranium equities have run ahead of near-term delivery risk. PDN’s reporting underscores the operational complexity across jurisdictions (annual report: https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). High short interest here is less about “uranium is dead” and more about execution, timelines, and how much good news is already priced. Second: lithium shorts are easing in unison. PLS, LTR and MIN all saw meaningful reductions, which looks like a rotation away from the most consensus bearish trade in Australian resources. That doesn’t mean the lithium price story is fixed — it means the positioning is less one-way than it was. Outside resources, the market is still happy to short consumer-facing names where rates and discretionary demand can swing quickly: DMP remains heavily shorted despite this week’s cover, FLT sits at 11.04% unchanged, and GYG is still elevated at 11.65% (-0.43%).
Next week, watch for any commodity price shocks (especially uranium and lithium) because the positioning is already extreme in BOE and still heavy across the complex. Also keep an eye on company-specific updates in the big movers (CUV and DRO): after a one-week short spike, the next announcement often decides whether shorts press harder or start covering.
CUV: short interest jumped from 6.45% to 9.34%, a +2.89% move in a single week.
BOE is the most shorted at 22.02% (up +0.43% week-on-week).
They’re still high, but this week showed covering: PLS fell -1.42% to 13.05%, LTR fell -1.33% to 3.38%, and MIN fell -1.14% to 6.18%.
IPH’s short interest rose to 10.64% (+0.47%), and the CEO retirement announcement adds uncertainty that shorts often lean on (https://www.iphlimited.com/wp-content/uploads/2025/11/2978820.pdf).
No — it can simply mean traders are taking profit or reducing risk; for example DMP is still heavily shorted at 16.75% even after a -0.76% weekly drop.
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.