Short Selling

The 10 most shorted ASX stocks plus the biggest risers and fallers – Week 23

Wed 12 Jun 24, 12:37pm (AEST)
marketsasx
Source: Shutterstock

Key Points

  • Pilbara Minerals, IDP Education and Syrah Resources remain the most shorted stocks on the market
  • IDP Education experienced a pullback in short interest right before an earnings downgrade
  • Short interest is flowing out of stocks under takeover

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 28 May and 4 June 2024.


Most Shorted

Ticker

Company

Short %

Prev Week

WoW % Chg

PLS

Pilbara Minerals

21.37%

21.72%

-0.35%

IEL

Idp Education

12.88%

17.05%

-4.17%

SYR

Syrah Resources

10.63%

12.85%

-2.22%

LTR

Liontown Resources

9.99%

9.85%

0.14%

FLT

Flight Centre Travel

9.71%

10.64%

-0.93%

CHN

Chalice Mining

9.70%

8.15%

1.55%

WGX

Westgold Resources

9.66%

9.57%

0.09%

SYA

Sayona Mining

9.39%

9.26%

0.13%

ACL

Australian Clinical Labs

8.54%

9.93%

-1.39%

WBT

Weebit Nano

8.36%

7.92%

0.44%


Key takeaways:

  • Pilbara Minerals, IDP Education and Syrah Resources have remained the three most shorted stocks since early February (Core Lithium once took the #3 spot)

  • IDP Education experienced a sizeable drop in short interest. On Friday, 7 June (or three days after the above short interest data), the company issued a trading update and downgraded its earnings expectations for 2H24 and FY25. The company expects market conditions to remain challenging due to restrictive policy environments in Australia, the UK and Canada. IDP shares finished the session down 7.8%.


Rising Shorts

Ticker

Company

Short %

Prev Week

WoW % Chg

CHN

Chalice Mining

9.70%

8.15%

1.55%

PME

Pro Medicus

3.30%

1.85%

1.45%

LOV

Lovisa

1.83%

0.62%

1.21%

SQ2

Block Inc

2.67%

1.75%

0.92%

COE

Cooper Energy

2.19%

1.34%

0.85%

BSL

Bluescope Steel

2.64%

1.97%

0.67%

DMP

Domino's Pizza

5.27%

4.66%

0.61%

SIG

Sigma Healthcare

2.72%

2.13%

0.59%

NUF

Nufarm

4.92%

4.36%

0.56%

ZIP

Zip

3.25%

2.69%

0.56%

MP1

Megaport

2.08%

1.52%

0.56%

BOE

Boss Energy

4.15%

3.64%

0.51%


Key takeaways:

  • Chalice experienced a 9.8% selloff on Tuesday after announcing a metallurgical testwork update for its Gonneville Project. The results suggest potential for improved metal recoveries but further testing is needed as well as testing on other composites.

  • Lovisa announced an unexpected management change on Monday, 3 June, with CEO Victor Herrero stepping down in May 2025 and replaced by current Smiggle Executive John Cheston. The stock ended the session down 10.3%, but has since recovered about half of those losses


Most Covered

Ticker

Company

Short %

Prev Week

WoW % Chg

IEL

Idp Education

12.88%

17.05%

-4.17%

SYR

Syrah Resources

10.63%

12.85%

-2.22%

TYR

Tyro Payments

0.62%

2.29%

-1.67%

ACL

Australian Clinical Labs

8.54%

9.93%

-1.39%

FLT

Flight Centre Travel

9.71%

10.64%

-0.93%

APM

APM Human Services

1.03%

1.74%

-0.71%

SGP

Stockland

1.08%

1.78%

-0.70%

MIN

Mineral Resources

5.50%

6.16%

-0.66%

SCG

Scentre Group

0.40%

1.02%

-0.62%

AWC

Alumina

0.41%

0.97%

-0.56%

MGR

Mirvac Group

0.84%

1.39%

-0.55%


Key takeaways:

  • Short interest flowing out of M&A and asset selldown-related names like Mineral Resources (selling 49% interest in Onslow for $1.3 billion), APM Human Services (entered into scheme implementation with Madison Dearborn) and Alumina (received regulatory approvals from Brazil and registered scheme booklet with AISC)

  • Tyro's an interesting one, as it was one of the worst performing Small Ords (ex-200) stocks in June, down 16.6%. But it's also got one of the most positive EPS revisions for FY24-25, according to Macquarie

 

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Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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