The 10 most shorted ASX stocks plus the biggest risers and fallers – Week 24

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 26 May and 2 June 2025

• Month-on-month changes between 5 May and 26 May 2025

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

Most Shorted

Key takeaways

• This week saw limited changes among the most shorted stocks

• Boss Energy's short interest continues to decline from its April peak of ~25%, supported by a 90% rally from its April 7 low. However, shares pulled back ~10% between May 26 and June 2.

Rising Shorts

Key takeaways

• Evolution Mining saw a sharp increase in short interest, jumping from 1.3% on May 28 to 4.84%. The reasons remain unclear, but analysts point to limited upside due to challenges at the Red Lake Project and valuation concerns, with the stock trading at 1.3x NAV.

• Sigma's short interest surged to a four-month high, accompanied by a spike in trading volume on May 30, when 630 million shares (~5% of shares outstanding) traded, nearly 10x its 20-day average. Goldman Sachs maintains a Neutral rating with a $2.70 target, citing a high FY26e P/E of 54x, despite solid execution and projected 17% EPS growth over the next two years.

Most Covered

Key takeaways

• Treasury Wine downgraded its FY25 EBITS guidance on 3 June, with a small reduction that was largely in-line with market expectations. This was largely driven by weaker US premium shipments, particularly for the 19 Crimes brand. More concerning is the exit of distributor RNDC from California, raising execution risks for FY26. Despite the downgrade, TWE shares finished the session up 0.5%, bouncing from an initial 3% selloff. Though the stock is trading at levels not seen since January 2016, so perhaps short sellers are taking profits into multi-year lows.

• In contrast, GPT Group's short interest plummeted from a multi-year high of 3.1% on May 28 to 0.47%. This coincided with an unusual trading day on May 30, when 222 million shares (~11% of shares outstanding) changed hands. GPT shares have risen 12.5% year-to-date, reaching a seven-month high.