The 10 most shorted ASX stocks plus the biggest risers and fallers – Week 41
Short interest in DroneShield hits a record as shorts pile into Steadfast despite a takeover bid and cover Healius after the Agilex sale.
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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 changes between 21 and 28 September 2026
Month-on-month changes between 31 August and 28 September 2026
Most covered and rising short tables record week-on-week changes of ~0.5% or more
Most Shorted
DroneShield has taken the top spot, with short interest on a volatile grind up to record highs, compared to 11.1% at the start of the year. The stock has been trending mostly lower, down 47% year-to-date and trading aroun two-year lows, though experienced a 35% bounce between 3 and 6 August. On 30 September, the company announced a US$500 million IDIQ (indefinite delivery, indefinite quantity) contract with the United States. The announcement noted the contract "does not guarantee any orders and any amounts cannot be quantified at this time" and was marked non-price sensitive, but the stock still gained 5.2% on the day.
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Droneshield | 15.17% | 0.87% | -0.19% | |
Lotus Resources | 13.26% | -1.54% | -1.77% | |
Boss Energy | 13.19% | 0.40% | 3.38% | |
Iperionx | 12.80% | 0.41% | 2.53% | |
Zip Co | 12.68% | 1.72% | 1.60% | |
PLS Group | 12.29% | 0.55% | 1.20% | |
4DMedical | 11.93% | -0.08% | -0.40% | |
Domino's Pizza | 11.76% | 0.05% | -0.28% | |
Paladin Energy | 11.04% | 0.46% | 0.39% | |
Treasury Wine Estates | 10.86% | 0.14% | -0.90% |
Rising Shorts
Steadfast's short interest jumped despite the company being under offer from a KKR-backed consortium. The stock is trading around $5.77 vs the $6.00 cash per share takeover price, a ~4% spread. The deal remains subject to shareholder approval and other regulatory hurdles, though it has progressed to a binding scheme targeted for implementation around December 2026.
Elsewhere, short sellers added positions in gold and silver miners (Catalyst, Meeka, Silver Mines, Unico), lithium (Core Lithium, PLS) and speculative tech names like Artrya and EchoIQ over the past week. Rate-sensitive consumer and property stocks including Zip, Lovisa, Lottery Corp and Arena REIT also made the list.
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Steadfast Group | 4.04% | 2.25% | 1.50% | |
Artrya | 7.69% | 1.84% | 5.54% | |
Zip Co | 12.68% | 1.72% | 1.60% | |
EchoIQ | 3.16% | 1.54% | 2.81% | |
Catalyst Metals | 6.90% | 1.12% | 1.97% | |
Core Lithium | 3.60% | 1.01% | 3.37% | |
Aussie Broadband | 5.36% | 0.95% | 3.20% | |
Droneshield | 15.17% | 0.87% | -0.19% | |
Meeka Metals | 1.35% | 0.83% | -1.91% | |
The Lottery Corp | 8.31% | 0.79% | 2.17% | |
Nine Entertainment | 5.01% | 0.77% | 2.34% | |
Silver Mines | 2.17% | 0.71% | 0.75% | |
Unico Silver | 1.95% | 0.67% | 1.10% | |
Lovisa | 1.69% | 0.55% | -0.91% | |
PLS Group | 12.29% | 0.55% | 1.20% | |
Arena REIT | 3.75% | 0.53% | -0.46% | |
Amaero Inc | 0.98% | 0.50% | 0.59% | |
Cleanaway Waste | 2.77% | 0.50% | 0.86% |
Most Covered
Healius led the covering after agreeing on 25 September to sell Agilex Biolabs to Novotech for an enterprise value of $160 million. The price was well below the $301 million Healius paid for Agilex in 2021 and at the lower end of the $150–200 million it was reportedly seeking. The company said it will be in a net cash position once the sale completes (it had net debt of $32.8 million at the FY26 result, implying ~$120 million in net cash), although management didn't say whether proceeds will be returned to shareholders via a capital return. The stock initially rallied as much as 18% to 42.5 cents on the day but finished the session just 5.5% higher at 38 cents.
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Healius | 2.92% | -2.09% | -5.50% | |
Lotus Resources | 13.26% | -1.54% | -1.77% | |
Minerals 260 | 8.20% | -1.43% | 3.42% | |
Jumbo Interactive | 2.31% | -0.81% | -5.12% | |
AMP | 0.83% | -0.77% | -0.76% | |
EQ Resources | 2.11% | -0.73% | 1.84% | |
ARB Corporation | 4.94% | -0.60% | -0.80% | |
Digico Infrastructure REIT | 5.64% | -0.52% | -1.02% |
