BOE rockets to 17.39% short as uranium becomes the year-end target
ASX Short Selling — 2024 Annual Review
The year-end short book is dominated by a macro oddity — GSBW34 sits at 132.54% short — but the real equity story is uranium getting hit hard. BOE jumped from 2.57% to 17.39% (+14.82%) and PDN from 2.27% to 15.37% (+13.10%), while lithium’s former poster child PLS was cut from 20.74% to 14.00% (-6.74%).
The Year in Short Selling
Start with the outlier: GSBW34 is sitting at 132.54% short. That’s not an equity bear call — it reads like positioning mechanics — but it still warps the leaderboard and tells you the short book is carrying a big rates expression into year-end [ref-1]. Strip that out and the message is blunt: shorts spent the year piling into uranium names, with BOE and PDN the clearest targets [ref-1].
By 2024-12-31, BOE is the most shorted equity at 17.39% after a violent lift from 2.57% (+14.82%) [ref-1]. PDN is right behind at 15.37%, up from 2.27% (+13.10%) [ref-1]. The rest of the top 10 keeps the familiar ASX flavour: PLS at 14.00% (down from 20.74%, -6.74%), SYR at 12.88% (-1.53%), MIN at 12.54% (+7.56%), IEL at 12.38% (+3.63%), DMP at 12.32% (+8.07%), KAR at 10.68% (+10.44%) and DYL at 10.67% (+0.15%) [ref-1].
Top Shorted Stocks — Year End 2024
Year's Biggest Risers
Stocks with the largest increase in short interest across 2024.
Year's Biggest Fallers
Stocks with the largest decrease in short interest across 2024.
The Year's Biggest Stories
The biggest risers are too large to dismiss as rebalancing. BOE’s move (+14.82%) and PDN’s (+13.10%) are the kind of jumps you usually see when a sector trade turns into a crowded, consensus short [ref-1]. In BOE’s own numbers, FY2025 revenue was $75.596 million with a net loss after tax of $34.2 million — plenty for shorts to argue the ramp-up is still earning its keep [ref-2]. PDN’s Q1 FY2026 interim filing shows a loss after tax of $9.928 million (USD) and EPS of -1.51 cents, which helps explain why the market is comfortable leaning on the story even with uranium back in focus [ref-3]. On the other side, the cleanest cover is CXO: 13.40% down to 2.57% (-10.83%) [ref-1]. PLS also saw a major de-crowd (20.74% to 14.00%, -6.74%) — consistent with a lithium short trade that’s been getting less one-way as the year progressed [ref-1].
Sector Trends
Sector-wise, this is a rotation away from “short every lithium ticker” and towards “short the uranium ramp-up and the balance sheet risk”. Uranium names dominate the top end: BOE (17.39%), PDN (15.37%) and DYL (10.67%) [ref-1]. Meanwhile, lithium is still heavily shorted via PLS (14.00%) and MIN (12.54%), but the year-end data shows the crowd is no longer as concentrated in PLS as it was earlier in 2024 [ref-1]. Outside resources, the shorts are also taking aim at consumer and growth narratives: DMP at 12.32% (+8.07%) and IEL at 12.38% (+3.63%) sit in the top 10, while MP1 lifted from 2.92% to 10.07% (+7.15%) [ref-1].
Looking Ahead to 2025
Watch whether BOE (17.39%) and PDN (15.37%) keep climbing from here — moves of +14.82% and +13.10% into year-end set up a crowded trade where any operational surprise can force a fast cover [ref-1]. Also keep an eye on whether the lithium de-crowd continues after PLS’s drop to 14.00% [ref-1].
Frequently Asked Questions
Why is GSBW34 at 132.54% short — can a security be shorted more than 100%?
Yes. The data shows GSBW34 at 132.54% short, which can happen due to stock lending and settlement mechanics where the same line is re-lent and re-shorted multiple times [ref-1].
Which ASX equity had the biggest increase in short interest in this report?
BOE: 2.57% to 17.39%, a change of +14.82% [ref-1].
Which stock saw the biggest short covering?
CXO: 13.40% to 2.57%, a change of -10.83% [ref-1].
Is the short interest move here weekly or over a longer period?
The report compares 2024-01-02 to 2024-12-31, so the changes shown are over that full span, not a single week [ref-1].
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.