Week 5, 2026 (26 Jan 2026 — 30 Jan 2026)
Boss Energy (BOE) is still the market’s favourite short at 16.69% (+0.51% WoW), with the uranium/nuclear complex also seeing fresh pressure via Silex (SLX) up to 9.02% (+0.82%) and Peninsula (PEN) jumping to 1.62% (+0.84%). The cleanest single-stock move was Australian Clinical Labs (ACL), where shorts surged from 2.52% to 4.05% (+1.52%). Despite the fireworks in a few names, the average short across 406 stocks is 1.12% and the period average change was -0.06%.
This week’s short data reads like a sector trade, not a stock pick. Uranium and nuclear-adjacent names are being leaned on at the same time — BOE at 16.69% (+0.51%), SLX at 9.02% (+0.82%), Deep Yellow (DYL) at 7.87% (+0.27%), and PEN up from 0.79% to 1.62% (+0.84%). That’s not subtle. It’s a bet that timelines slip and execution gets messy.
BOE (16.69%, +0.51%) remains the most shorted stock in the report and the highest short position overall (max short %: 16.69%). Boss is a classic ramp-up target: Honeymoon and Alta Mesa are the kind of operational stories where shorts hunt for delays, cost creep, or guidance resets. GYG (14.07%, +0.36%) is still sitting in the danger zone. When a consumer-facing growth story stays this heavily shorted, it usually means the market thinks expectations are too clean for a business exposed to input costs and discretionary spend. FLT (11.98%, +0.48%) keeps attracting sellers even as it pushes strategic initiatives like the Iglu Cruise acquisition and the World360 Rewards launch. The short case is simple: travel demand is cyclical, and the market is pricing in a wobble when households tighten. TLX (11.82%, +0.40%) stays crowded for a healthcare growth name. High short interest here is the market putting a price on regulatory/clinical milestones and commercial execution risk. SLX (9.02%, +0.82%) is the biggest mover inside the top 10. Nuclear-adjacent tech plus regulatory complexity is where shorts press when they think the calendar is doing the heavy lifting. Materials shorts also kept ticking higher: LYC at 8.91% (+0.67%), ILU at 7.95% (+0.32%), and IPX at 7.75% (+0.28%). Different commodities, same behaviour — fade the cycle, question the project maths.
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.
ACL delivered the week’s loudest move: 2.52% → 4.05% (+1.52%). That’s a sharp re-rating in positioning for a pathology provider, a sector where pricing, regulation and operating leverage can turn a small assumption change into a big earnings swing. MYX also drew meaningful heat, rising 1.43% → 2.49% (+1.07%). In small-cap pharma, shorts tend to show up when the market is testing the durability of the story — balance sheet runway and near-term delivery, not the slide deck. AX1 moved 5.02% → 5.94% (+0.92%). That’s the consumer discretionary hedge in plain sight: footwear and apparel can look fine right up until demand rolls. GEM climbed 3.21% → 4.05% (+0.83%). Childcare is a wages-and-staffing business; when cost pressure is the risk, shorts don’t need much to justify a bigger position. On the other side, TPW saw the biggest cover: 1.52% → 0.69% (-0.83%). That’s shorts taking chips off the table in housing-linked online retail. APX (2.77% → 2.06%, -0.72%) and EOS (1.65% → 0.97%, -0.69%) also saw decent covering — less conviction, or just risk being cut after earlier moves.
Two themes ran the tape. First: uranium/nuclear is where the crowd is. BOE, DYL, PEN and SLX all saw increases. The common thread isn’t the long-term narrative — it’s the short-term reality of delivery risk and timelines. Second: the consumer is being targeted, selectively but consistently. GYG, FLT, BRG (8.35%, +0.37%) and AX1 all added shorts. If you’re selling burritos, flights, coffee machines or sneakers, the market is positioning for a tougher spend backdrop and less room for error. Zooming out, this is why the market stats look calm while the stock list looks wild: average short interest is only 1.12% and the period average change is -0.06%, but the marginal dollar is clearly rotating into a handful of high-conviction shorts.
Watch ACL next week. After a +1.52% jump to 4.05% short in a single week, any update that touches pricing, volumes or costs is the trigger — and the move will be fast either way.
Boss Energy (BOE) at 16.69% short, up +0.51% week-on-week.
Australian Clinical Labs (ACL), rising from 2.52% to 4.05% (+1.52%).
Temple & Webster (TPW), falling from 1.52% to 0.69% (-0.83%).
Uranium/nuclear exposure (BOE, SLX, DYL, PEN) and consumer-facing names (GYG, FLT, BRG, AX1) both saw shorts add this week.
406 stocks are shorted, with an average short position of 1.12%.
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.