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ASX Short Seller Update: Key Trends and Insights
Welcome to this week’s Short Seller Series—a summary of the most heavily shorted stocks on the ASX, alongside notable fluctuations in short interest from the previous week.
Understanding Short Selling Data
Please note that short selling data is reported with a four-day lag, thus reflecting trends up to three business days prior. Here, we will analyse:
- Week-over-week variations from 16 to 23 June 2025
- Month-over-month changes from 26 May to 23 June 2025
- Noteworthy stocks with a week-on-week short change of 0.5% or more
Most Shorted Stocks
| Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
| BOE | Boss Energy | 16.49% | -1.15% | -4.71% |
| PDN | Paladin Energy | 15.93% | -0.12% | 0.63% |
| MIN | Mineral Resources | 14.00% | -1.30% | 0.10% |
| PLS | Pilbara Minerals | 13.20% | -0.31% | 1.06% |
| LTR | Liontown Resources | 12.65% | 0.13% | -0.07% |
| SLX | Silex Systems | 11.35% | 1.42% | 2.09% |
| PNV | Polynovo | 10.60% | 0.05% | -0.01% |
| IEL | IDP Education | 10.19% | -0.04% | -1.77% |
| LIC | Lifestyle Communities | 10.16% | -0.42% | 0.17% |
| CTD | Corporate Travel | 9.55% | 0.08% | 0.19% |
Key Insights
- Boss Energy: Short interest has decreased to 16.49%, marking a low for the year, down from peaks of approximately 25% in April. This turnaround is attributed to an uptick in uranium prices and solid operational updates, leading Boss shares to more than double since reaching their lowest point last year.
- Silex Systems: In contrast, Silex has seen its short interest rise to record levels of 11.35%, indicating increased bearish sentiment.
Rising Short Interest
| Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
| BGL | Bellevue Gold | 5.62% | 1.76% | 1.22% |
| IPX | Iperionx | 6.95% | 1.60% | 1.30% |
| SLX | Silex Systems | 11.35% | 1.42% | 2.09% |
| YAL | Yancoal Australia | 2.86% | 1.35% | 1.31% |
| SIG | Sigma Healthcare | 3.60% | 1.31% | 2.31% |
| AGE | Alligator Energy | 1.66% | 1.21% | 1.34% |
| RMS | Ramelius Resources | 7.13% | 1.06% | 0.69% |
| NCK | Nick Scali | 5.51% | 1.05% | 0.47% |
| PNR | Pantoro Gold | 1.58% | 1.03% | 1.33% |
| COH | Cochlear | 1.69% | 0.83% | 1.12% |
Key Observations
This week’s rising short interest clusters around specific themes: gold miners (e.g., Bellevue, Ramelius), certain uranium stocks (Silex and Alligator Energy), and selected retail companies (Nick Scali, Temple & Webster).
Most Covered Stocks
| Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
| INR | Ioneer | 3.01% | -2.16% | -3.23% |
| LOV | Lovisa Holdings | 3.68% | -1.42% | -1.13% |
| MIN | Mineral Resources | 14.00% | -1.30% | 0.10% |
| BOE | Boss Energy | 16.49% | -1.15% | -4.71% |
| EVN | Evolution Mining | 2.79% | -1.04% | 1.49% |
| SGR | The Star Entertainment Group | 1.95% | -0.92% | -5.45% |
| WEB | Web Travel Group | 4.22% | -0.85% | -1.02% |
| LYC | Lynas Rare Earths | 7.35% | -0.76% | -0.86% |
| BMN | Bannerman Energy | 7.66% | -0.74% | -0.48% |
| KLS | Kelsian Group | 4.01% | -0.74% | -0.11% |
Key Observations
A significant number of stocks have seen short covering, particularly those that are stabilising (MinRes, Lovisa, Syrah Resources), and within energy-focused sectors (Viva Energy, Karoon—with minimal short movement).
Notably, Ioneer’s short interest has halved to approximately 3% due to strategic partnerships. Meanwhile, Lovisa’s short sellers appear to have retreated following a ~12% stock rally supported by a favourable analyst upgrade, signalling a revitalised growth outlook.
Overall, the short selling landscape on the ASX reflects a complex interplay of bullish and bearish sentiments impacting various sectors. It serves as a critical barometer for investor confidence and market trends.
