Week 47, 2025 (17 Nov 2025 — 21 Nov 2025)
BOSS Energy (BOE) is now the most shorted name on the ASX at 23.06%, up another +1.04% in a week — and Paladin (PDN) also jumped +1.04% to 12.93%. The other big tell was Pilbara Minerals (PLS) getting a sharp short-covering move: down -1.44% to 11.61%, one of the biggest weekly falls on the board.
BOE at 23.06% short is the headline number — and the fact it rose another +1.04% WoW matters. When a stock is already the most shorted on the ASX and shorts still add, it usually means the market is leaning hard into a very specific thesis: execution risk and/or uranium price sensitivity as production ramps. PDN moving in lockstep (+1.04% to 12.93%) says this isn’t just a BOE story; it’s uranium positioning.
BOE (23.06%, +1.04%) remains the market’s favourite battleground. The company is in ramp-up mode at Honeymoon and progressing Alta Mesa, and shorts typically press these names when they think timelines slip, costs creep, or the uranium price doesn’t do enough heavy lifting to cover operational hiccups (see BOE materials: http://www.bossenergy.com/images/documents/Dec24-Quarterly-Results-Presentation.pdf). DMP (16.39%, -0.36%) is still heavily shorted, but the small pullback suggests some traders are taking risk off rather than pressing into year-end. The standing bear case is familiar: consumer spending pressure and food/labour cost squeeze, with any disappointment around trading updates or margins quickly punished. PDN (12.93%, +1.04%) is the other uranium lightning rod. With a larger market cap and a broader asset base, the short build looks like sector hedging or a view that uranium equities have run ahead of fundamentals. PDN’s own reporting (annual report links provided) gives plenty for shorts to scrutinise around operating delivery and jurisdictional risk (https://www.paladinenergy.com.au/wp-content/uploads/2025/10/Paladin-2025AnnualReport-Full-Web.pdf). GYG (12.52%, +0.87%) is a classic “growth valuation vs reality” short. When shorts add nearly a full percent in a week at this level, it reads like positioning into either a trading update window or a broader rotation away from high-multiple consumer names. IEL (12.09%, +0.37%) continues to attract shorts on policy and demand uncertainty around international student flows and currency sensitivity. It’s not a spike, but it’s persistent. PLS (11.61%, -1.44%) is the standout reversal: meaningful covering in a single week. That’s either lithium bears banking profits or a sign the market thinks the bad news is better priced (PLS quarterly advisory link provided: https://1pls.irmau.com/site/pdf/3bba2523-52c7-4c38-bc03-b945945d9698/December-2025-quarterly-activities-report-advisory.pdf?Platform=ListPage).
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.
The biggest riser was JHX: 6.29% → 8.19% (+1.90%). That’s a big weekly jump for a large cap, and it smells like macro positioning. Building products are rate-sensitive: if bond yields push up or the market starts pricing a “higher for longer” RBA/Fed mix, shorts often lean into housing and renovation exposure. Uranium was the other clear move: PDN and BOE both +1.04%. When two leaders move together, it’s usually not stock-specific news — it’s a sector bet. The most likely read is traders fading uranium equities into strength or bracing for volatility around production updates. In lithium, the tape is mixed. CXO rose 0.75% → 1.72% (+0.97%), while PLS fell -1.44% and IGO fell -0.69% (1.91% → 1.22%). That split suggests shorts are rotating: covering crowded large-cap lithium shorts (PLS/IGO) while taking fresh shots at smaller, more operationally exposed names like CXO (see CXO June quarterly report: https://www.datocms-assets.com/106701/1753838941-cxo_quarterly_activities_and_cashflow_report-30-july-2025.pdf). DVP (3.64% → 4.55%, +0.91%) also saw a decent lift. For a developer/producer, shorts often show up when the market debates capex, commissioning risk, and commodity price assumptions — especially in base metals where the macro signal can flip quickly (DVP broker notes provided: https://s3.ap-southeast-2.amazonaws.com/assets.develop.com.au/app/uploads/2026/01/14085822/251217-DVP-Argonaut.pdf). On the fallers, OBM (-0.87%) and AIS (-0.79%) look like small-cap short covering rather than a big thematic shift. LNW (-0.71%) is also a tidy de-risking move — less conviction, or simply profit-taking after a trade worked.
Two sector themes jump out. First: uranium is crowded on both sides. BOE at 23.06% and PDN at 12.93% tells you the market is split between “structural nuclear demand” bulls and “execution/valuation” bears. When shorts keep adding at these levels, retail investors should assume volatility around operational milestones and commodity price swings. Second: lithium shorts are getting more selective. The sharp cover in PLS and IGO suggests the easy money on the big, liquid shorts may have been made (at least for now). But the rise in CXO says the market still wants exposure to the downside in higher-risk operators where funding, restart plans, and unit costs can dominate the story. Outside resources, consumer-facing shorts remain elevated (DMP, GYG, FLT at 11.30% with +0.25%). That’s consistent with a market still wary of discretionary spending if rates stay restrictive and households keep prioritising essentials over takeaway and travel upgrades.
Next week, watch macro signals that hit the most shorted sectors first: bond yields and any RBA repricing for JHX/consumer names, plus uranium and lithium spot price moves for BOE/PDN and PLS/CXO/IGO. Also keep an eye on company updates and filings from the heavily shorted names (e.g., PDN annual reporting and BOE investor materials) because crowded shorts can unwind fast on a clean operational print.
Because shorts are betting the ramp-up story is fragile: any slip in production timelines, costs, or uranium price support can hit a small-cap producer hard. The +1.04% WoW rise suggests conviction hasn’t faded.
Not necessarily — the matching +1.04% move with BOE looks more like a uranium sector trade than a single-stock blow-up. But it does mean the market is actively debating valuation versus delivery risk.
That size of weekly drop usually means profit-taking or risk reduction in a crowded trade. It can also signal the market thinks near-term bad news is already priced, even if the longer-term lithium debate isn’t over.
It’s a macro tell: building products tend to get hit when rates and yields rise or when housing/renovation expectations soften. A near-2% weekly lift is shorts pressing that sensitivity.
Treat it as a sentiment and risk map: high and rising shorts (BOE, PDN, JHX) often mean bigger swings around updates, while sharp falls (PLS) can hint at a crowded trade unwinding. It’s not a buy/sell signal on its own.
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.