ASX stocks with the biggest short interest changes – Week 46
Short sellers are piling into Domino's Pizza and Arafura Rare Earths, and covering bearish bets against Boss Energy, MinRes and more.
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Mentioned
Welcome back to the Short Seller Series – A recap of the most heavily shorted stocks on the ASX and those experiencing significant changes to short interest over the past week.
Short selling data is four days behind today's date because reporting is not mandatory until three business days after the trade. The tables below will compare:
Week-on-week (WoW) changes between 27 October and 3 November
Month-on-month (MoM) changes between 6 October and 3 November
Most covered and rising short tables record week-on-week changes of 0.5% or more
Most Shorted
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Boss Energy | 20.35% | -2.97% | 1.25% | |
Domino's Pizza Enterprises | 17.43% | 2.78% | 5.95% | |
Pilbara Minerals | 14.67% | -1.13% | -0.92% | |
Paladin Energy | 13.67% | 1.46% | 1.34% | |
Guzman Y Gomez | 12.50% | -0.14% | 3.15% | |
IDP Education | 12.22% | 0.41% | -0.46% | |
Flight Centre Travel Group | 10.72% | 0.22% | 1.01% | |
PWR Holdings | 10.55% | 0.09% | 0.41% | |
Polynovo | 10.51% | 0.30% | 0.87% | |
Telix Pharmaceuticals | 10.23% | 0.41% | 1.68% |
Key takeaways
Boss Energy experienced a 22% rally during the week ending 3 November, which likely explains the pullback in short interest. The surge followed an announcement on 29 October that the Trump administration had struck a deal to build at least $80 billion worth of new nuclear reactors as part of a broader push to revive domestic nuclear development. The news drove most uranium stocks 5-20% higher on the day.
Domino's has climbed to the #2 spot, with short interest surging to all-time highs of 17.54%, up from just 5.5% four months ago. The bearish sentiment is understandable given the company's well-documented challenges: over-expansion into Japan and Europe, deteriorating margins and same-store sales growth, rising leverage, and shifting consumer preferences. What makes this particularly interesting is that the share price has rallied alongside the short interest, climbing 19.5% between 27 Oct and 3 Nov. The move appears partly driven by speculation that private equity firms have begun circling the company. When asked about takeover proposals in an AFR article, interim chair Jack Cowin said: "To try and predict what may or may not happen is not something we're exercising our minds to ... We've only really been at this for four months now. There's a lot of balls in the air. We have our minds on the turnaround." He did, however, add that "the share price is undervalued and people get that."
Rising Shorts
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Arafura Rare Earths | 5.40% | 4.54% | 4.16% | |
Clinuvel Pharmaceuticals | 9.06% | 2.82% | 5.62% | |
Domino's Pizza Enterprises | 17.43% | 2.78% | 5.95% | |
Paladin Energy | 13.67% | 1.46% | 1.34% | |
Jumbo Interactive | 3.70% | 1.03% | 0.68% | |
Bluescope Steel | 6.26% | 1.02% | 3.16% | |
Develop Global | 2.44% | 0.94% | 1.29% | |
IPH | 9.59% | 0.91% | 3.78% | |
Supply Network | 4.47% | 0.88% | 1.39% | |
Audinate Group | 3.39% | 0.73% | -1.14% | |
Elevate Uranium | 2.25% | 0.58% | 1.54% | |
Brainchip Holdings | 6.34% | 0.58% | 2.65% | |
Insignia Financial | 0.95% | 0.54% | 0.51% | |
Orora | 2.99% | 0.53% | 0.91% | |
Black Cat Syndicate | 3.16% | 0.51% | 0.75% | |
G8 Education | 5.20% | 0.51% | 3.36% |
Key takeaways
Short sellers are capitalising on the blow-off top for rare earth stocks, with Arafura shares down 34.5% between 27-Oct and 3-Nov. During this time, Arafura launched a $475 million placement priced at 28 cents per share (25% discount to last close).
Jumbo Interactive has come full circle following its acquisition of UK-based Dream Car Giveaways on 15 October. The stock initially rallied 33% between 15-22 Oct. The deal marked Jumbo's largest offshore deal and its first direct move into the B2C prize draw market. The market responded positively to the valuation of 6.5x adjusted EBITDA with expected double-digit EPS accretion within 12 months. However, when the deal was formally completed on 30 October, shares dipped 4.3% and have since fallen 17.5%. From the initial announcement to now, the stock is up just 7.5%.
Key takeaways
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Boss Energy | 20.35% | -2.97% | 1.25% | |
Mineral Resources | 6.71% | -1.94% | -3.85% | |
Pilbara Minerals | 14.67% | -1.13% | -0.92% | |
Iluka Resources | 8.91% | -1.11% | -3.01% | |
Champion Iron | 4.91% | -1.07% | -1.10% | |
SILEX Systems | 7.28% | -1.01% | -1.55% | |
Droneshield | 4.39% | -0.83% | -1.01% | |
IGO | 2.33% | -0.72% | -0.71% | |
Ramelius Resources | 2.26% | -0.65% | -1.03% | |
Myer Holdings | 2.57% | -0.58% | -0.47% | |
Netwealth Group | 0.58% | -0.52% | 0.20% |
Key takeaways
MinRes has been crushing short sellers, with the stock up 29% year to date, including a 13.7% single-day rally on 30 October. The surge followed a strong Q1 result that beat expectations across iron ore and lithium volumes, realised pricing, and unit costs. Onslow operated at nameplate capacity with costs at the low end of guidance, triggering a contingent payment, while lithium also outperformed. The successful ramp-up at Onslow was viewed as a key confidence driver for future cash conversion. Several brokers noted potential volume upside from a sixth trans-shipper and ongoing efficiency trials, though some flagged that seasonal disruption could impact Q2 and Q3 volumes. Lithium results from both Wodgina and Mt Marion beat expectations on volumes and pricing.
Pilbara Minerals is also surging on operational excellence. Its 26 October Q1 production report exceeded expectations across production, recoveries, and realised pricing. Margin expansion was supported by improved product grades and lower costs, with the Pilgan plant performing well above expectations. While FY26 guidance remained unchanged (viewed by several analysts as conservative), the standout was a step-change in recoveries to record levels, which combined with increased mining productivity to drive unit costs lower.
