The top 20 ASX companies with the highest short-sold positions
General observations comparing today to 9 months ago
- 8 stocks remain in the top 20 today that were in the top 20 back then.
- Themes remain similar
- In Feb there were 3 Uranium stocks in the top 20. Today there are still 3.
- In Feb there were 3 Lithium stocks. Today there are still 3.
- In Feb there was a silver stock, a gold stock, a rare earths stock, a graphite stock and an oil stock. Resources have been recovering over the last 3 or so months As a result, Iluka (mineral sands) is the only other resource stock in the top 20 today.
- There are more fallen angle style industrial stocks in the top 20.
- A new theme has emerged: Healthcare stocks of which there are now 4 in the top 20 today. Nevertheless, I would still put these in the “fallen angels” category.
A look at the 8 stocks that remain in the list
A look at some of the stocks that are no longer on the list
2. Deep Yellow
4. Megaport
5. Lynas
A look at some recent additions
Conclusion
The conclusions I reached in February 2025 still hold. Troubled resource names and fallen angels continue to dominate the most-shorted list. Overlaying my red-flag checks shows that almost every heavily shorted stock has multiple fundamental issues—declining earnings, high debt, margin compression, and/or stretched valuations. This isn’t market manipulation or predatory behaviour; it’s weak fundamentals. In most cases, the rationale for heavy short interest is as straightforward as the rationale for strong buying in companies delivering consistent growth.
Disclaimer: This information is provided purely for educational purposes. It takes no account of an individual’s personal financial circumstances and hence can in no way constitute financial advice. The above data may be subject to errors or inconsistencies for which the author takes no liability. It is imperative that all investors do their own research or if they need advice, seek it from a qualified financial adviser.
Most Shorted ASX Stocks 5/11/25