The 10 most shorted ASX stocks plus the biggest risers and fallers – Week 18

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 changes between 11 and 16 April 2025

• Month-on-month changes between 24 March and 16 April 2025

• Most covered and rising short tables record week-on-week changes of 0.5% or more

Most Shorted

Key takeaways

• Persistent shorting in uranium and lithium: The top of the short interest list remains relatively unchanged, with uranium and lithium stocks continuing to face significant bearish bets due to sector-specific challenges.

Rising Shorts

Key takeaways

• IperionX sees record short interest: Short interest in IperionX has surged to 4.21%, up from 1.17% at the beginning of the year. The company produces high-quality titanium alloys and powders using patented technologies from its fully owned Titan Project in Tennessee. It recently launched a definitive feasibility study for the project, partly funded by a $47.1 million U.S. government grant. Despite a 170% rally over the past 15 months, the stock gave back most of its gains during the recent tariff-driven selloff. The volatility and project's capital-intensive nature likely attracted short sellers seeking to target speculative, high-capex stocks.

• Collins faces mixed sentiment after strategic update: On April 15, Collins saw a modest spike in short interest following a strategic update announcing its exit from Taco Bell Australia, expansion plans in Germany, and ongoing challenges in the Netherlands. The company highlighted Germany as a new growth driver, targeting up to 70 new KFC stores over the next five years, while the Netherlands’ underperformance led to a non-cash impairment and a subdued growth outlook. The Taco Bell exit was viewed as financially prudent and EPS-accretive, but the mixed news drove a 7.7% share price drop, with consensus price targets slipping 3.7% to $9.12. While the long-term strategy is promising, analysts warn of near-term execution risks and impairment costs, fueling cautious short interest.

Most Covered

Key takeaways

• Limited short covering activity: Short covering remains minimal this week, though some short interest has eased in battered resource sectors like coal and lithium, signaling a slight shift in bearish pressure (or simply profit taking).

• Droneshield squeezes shorters: Droneshield’s shares soared over 60% from its April 7 lows, likely squeezing short sellers. The rally was fueled by a $32.2 million contract win on April 14 from an Asia Pacific military customer, with revenues expected in Q2 and Q3 2025. This marks the company’s largest contract since September 2023 ($33 million).