The 10 most shorted ASX stocks plus the biggest risers and fallers – Week 9
Short sellers continued to pile into uranium stocks while raising bets against reporting season losers like Polynovo and Treasury Wine.
Source: iStock
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 10 and 18 February 2025
Month-on-month changes between 13 January and 18 February 2025
Most Shorted
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Boss Energy | 20.15% | 1.94% | 1.82% | |
Paladin Energy | 16.93% | 1.08% | 1.01% | |
Mineral Resources | 12.52% | 0.91% | -0.15% | |
Idp Education | 12.34% | 0.10% | -0.11% | |
Syrah Resources | 12.08% | 0.97% | -1.08% | |
Pilbara Minerals | 11.32% | 0.94% | -2.61% | |
The Star Entertainment Group | 11.06% | 2.04% | 2.29% | |
Deep Yellow | 10.92% | 0.80% | 0.36% | |
Domino's Pizza | 10.89% | -0.04% | -2.33% | |
Droneshield | 10.24% | 0.75% | 3.73% |
Key takeaways
Short sellers continue to pile into the uranium sector — a move that comes as no surprise, given uranium prices have slumped to around US$65/lb, their lowest level in 17 months and down roughly 20% year-to-date.
MinRes has climbed to the #3 spot on the short-sellers list. However, the latest short-selling data only covers up to February 18, while the stock’s major selloff occurred on February 20. That day, MinRes released its first-half results, where strong mining services earnings were overshadowed by ongoing weakness in iron ore and lithium. The company also raised its capex guidance, citing unexpected haul road repairs at Onslow due to severe weather, which further impacted iron ore shipment guidance. Despite cost reductions in lithium, the segment remains cash flow negative, with Mining Services continuing to offset the shortfall. No dividend was declared, and rising net debt remains a key concern, with further increases expected in the near term.
Rising Shorts
Ticker | Company | Short % | Week-on-Week | Month-on-Month |
|---|---|---|---|---|
Polynovo | 4.62% | 2.64% | 3.13% | |
The Star | 11.06% | 2.04% | 2.29% | |
Boss Energy | 20.15% | 1.94% | 1.82% | |
Amotiv | 2.89% | 1.36% | 0.91% | |
AGL Energy | 2.51% | 1.29% | -0.05% | |
Lifestyle Communities | 9.80% | 1.26% | 0.67% | |
Liontown Resources | 10.02% | 1.20% | -0.08% | |
Rio Tinto | 7.93% | 1.20% | 0.69% | |
Strike Energy | 6.63% | 1.16% | 0.57% | |
Paladin Energy | 16.93% | 1.08% | 1.01% | |
Lotus Resources | 5.43% | 1.07% | 1.91% | |
Karoon Energy | 10.10% | 1.06% | 0.02% | |
Treasury Wine Estates | 5.31% | 1.01% | 1.31% | |
Peninsula Energy | 2.71% | 1.00% | 1.19% | |
Sunrise Energy Metals | 1.26% | 0.99% | -0.02% | |
Syrah Resources | 12.08% | 0.97% | -1.08% | |
Whitehaven Coal | 4.65% | 0.97% | 1.95% | |
Web Travel Group | 4.62% | 0.96% | 1.04% | |
Pilbara Minerals | 11.32% | 0.94% | -2.61% | |
Mineral Resources | 12.52% | 0.91% | -0.15% | |
Rural Funds Group | 5.53% | 0.84% | 1.58% | |
Cettire | 9.67% | 0.84% | 2.16% | |
Deep Yellow | 10.92% | 0.80% | 0.36% | |
JB Hi-Fi | 2.13% | 0.79% | 0.62% | |
Arn Media | 0.93% | 0.76% | -0.01% | |
Droneshield | 10.24% | 0.75% | 3.73% |
Key takeaways
Short sellers are piling into Polynovo, with short interest climbing to 4.62%, up from 1.5% at the start of the year. On February 24, the company reported its first-half earnings, posting 28.1% revenue growth to $54.1 million and a 23.9% increase in net profit to $3.3 million. The reason behind the surge in short interest remains unclear, though Polynovo trades at a rich valuation, with a PE ratio of 257.
Amotiv shares tumbled 7.1% after releasing its 1H25 results on Wednesday, February 12. While the numbers were broadly in line with market expectations, concerns linger over organic growth and cash flow. The LPE division was a key weak spot, impacted by reseller destocking and subdued demand in New Zealand and the RV market. Despite these challenges, management reaffirmed full-year guidance, expecting a stronger second half driven by cost savings, pricing actions, and business momentum. However, some analysts flagged concerns over weaker cash generation and restructuring charges, raising uncertainty around execution.
Most covered
Key takeaways
Sigma appears to have squeezed out any remaining short sellers after a staggering 170% rally over the past year. Two weeks ago, the company upgraded its FY25 EBIT guidance to $64–70 million, up from its previous forecast of $50–60 million. The revision reflects stronger-than-expected margin improvements and market share gains.
Short sellers seem to be covering their positions as Zip continues to weaken. The stock tumbled 33% between January 29 and February 6, following a disappointing 2Q25 result, where cash EBITDA fell about 6% short of analyst expectations. Despite the earnings, the result still highlighted strong growth in the US and US active customers growing 5.5% in the second quarter, following 9 consecutive quarters of flat or negative growth.
