Shorts hit 11.08% in 4DX as LOT stays ASX shorting king at 19.87%
Week 23, 2026 (1 June 2026 — 5 June 2026)
LOT remains the most shorted name on the ASX at 19.87% (+0.33% WoW) [ref-1]. The real action this week was in the risers: 4DX jumped to 11.08% (+1.03%), while DRO climbed to 11.80% (+0.81%) and FLT to 11.37% (+0.60%) [ref-1]. Overall shorting pressure eased slightly, with the average short % at 1.51% and WoW average change at -0.02% [ref-1].
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
The week’s loudest signal wasn’t at the very top — it was the fresh surge into 4DX. Short interest jumped from 10.06% to 11.08% (+1.03%), pushing it into the top 10 at #10 1. When a stock moves that much in a single week, it’s rarely “background noise”; it’s positioning.
LOT is still the market’s favourite short at 19.87% (+0.33% WoW) 1, and TLX is holding #2 at 15.21% (+0.06%) 1. DMP (14.97%, -0.23%) and BOE (13.81%, -0.52%) both saw shorts trim exposure, which reads like profit-taking rather than fresh conviction 1. The more telling part of the top 10 is the cluster of “crowded but moving” names: DRO at 11.80% (+0.81%), CAR at 11.65% (+0.41%), and FLT at 11.37% (+0.60%) 1. That’s a lot of capital leaning the same way across defence tech, online classifieds, and travel — three very different businesses, one shared message: valuation and expectations are being challenged.
Daily Snapshots
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
On the way up, 4DX led (+1.03%) 1. With a beta of 2.01, it’s built for volatility — and shorts are clearly happy to press that 1. The other big “tell” was TPW: short interest rose from 7.66% to 8.52% (+0.85%) 1. A P/E of 84.7 gives shorts plenty of room to argue that any wobble in consumer demand can hurt 1. DRO’s move (+0.81%) looks like the market fading the hype cycle. Yes, it printed profit after tax of $2.123 million in H1 FY2025, but it also had operational cashflow of ($8.7 million) — and the stock screens as P/E (+Inf) 2. That combination often attracts shorts: “good story, messy cash”. On the way down, CSC collapsed from 2.66% to 0.74% (-1.92%) and OPT fell from 1.93% to 0.38% (-1.55%) 1. Those are big covers. And PLS eased from 11.53% to 10.60% (-0.93%) 1 even after a FY25 statutory loss after tax of $196 million and revenue down 39% to $769 million — suggesting the bad news is already well-owned by the short side 3.
Industry Trends
The sector pattern is clear: shorts added to high-expectation growth and consumer cyclicals. Travel had two risers — WEB from 5.56% to 6.24% (+0.68%) and FLT from 10.77% to 11.37% (+0.60%) 1. FLT’s fundamentals give both sides ammunition: FY2025 statutory profit after income tax was $108 million, but it’s down -22.3% 4. Meanwhile, healthcare was mixed. Shorts piled into 4DX (+1.03%) 1 but backed off NAN from 8.37% to 7.74% (-0.63%) 1 despite its high P/E of 47.1 1. That looks like a “pick your spots” tape: the market is still willing to pay for proven revenue lines (NAN FY25 total revenue $198.6 million) while leaning against higher-beta, higher-uncertainty names 5.
Outlook
Watch whether 4DX holds above 11.08% or keeps climbing — another leg higher would confirm it’s becoming a genuine battleground stock 1. And keep an eye on whether the travel shorts (FLT at 11.37%, WEB at 6.24%) keep building, because that’s a coordinated bet on the cycle turning, not a one-off trade 1.
Frequently Asked Questions
What was the most shorted stock this week?
LOT was #1 at 19.87% short, up +0.33% week-on-week [ref-1].
Which stock had the biggest weekly jump in short interest?
4DX rose from 10.06% to 11.08%, a +1.03% increase — the biggest rise in the data this week [ref-1].
Why are shorts adding to DroneShield (DRO) even after profit?
DRO’s short interest increased to 11.80% (+0.81%) [ref-1] while its H1 FY2025 operational cashflow was ($8.7 million), which can keep sceptics active even with profit after tax of $2.123 million [ref-2].
Did shorts ease off lithium exposure?
Yes. PLS short interest fell from 11.53% to 10.60% (-0.93%) this week [ref-1].
How broad was shorting across the ASX this week?
There were 691 stocks shorted, the average short % was 1.51%, and the WoW average change was -0.02% [ref-1].
Sources
- ASIC short position data summary in report (Week: 2026-W23; Report Date: 2026-06-03; includes top 10, risers/fallers, and market statistics)(2026-06-03) [asic data]
- DroneShield (DRO) Half Yearly Report and Accounts(2025-08-27) [financial report]
- PLS FY25 Full Year Results(2025-08-25) [financial report]
- Flight Centre (FLT) FY25 Appendix 4E and Annual Report (annual_results, 2025-08-27) extracted financial data(2025-08-27) [financial report]
- Nanosonics (NAN) 2025 Full Year Financial Results (full_year_results, 2025-08-26) extracted financial data(2025-08-26) [financial report]
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.