After a tumultuous start to the year, we have put together a list of the most shorted UK and US stocks. As a reminder, we did the same exercise just for UK stocks at the end of 2025, so has anything changed?
For the uninitiated, short selling involves borrowing stock and selling with the aim of buying back at a lower price. We have to stress this is only recommended for professional and institutional investors, NOT for retail investors.
This is because the ‘risk-reward’ involves a great deal more risk than reward. The reward is limited since the share price can only go to zero. However, the risk is completely unlimited as in theory the share price could go up 10 or 100 times.
Who is on the naughty step?
The table below, compiled by Castellain Capital, shows the top 10 most shorted UK stocks as of Thursday 26 February. We have added the share price return year-to-date.
Interestingly, four of the top five names were also in the top five at the end of 2025. The only new entry is Future (FUTR), the FTSE 250 media and content company.
Food-to-go retailer Greggs (GRG) is still the most-shorted stock, with even more shares shorted by more funds. Brick maker Ibstock (IBST) takes second place again, also with an increase in the proportion of shares shorted.
Budget airline Wizz Air (WIZZ) moves up from fifth to third place, with an increase in short positions and short sellers. Meanwhile, online food retailer Ocado (OCDO) moves down one place and sees a small reduction in the proportion of shares shorted.
Top 10 most-shorted UK stocks in February 2026
| Stock | % of shares shorted | Number of funds short | Return YTD |
| Greggs | 13% | 14 | -5.4% |
| Ibstock | 9.1% | 12 | -4% |
| Wizz Air | 9.1% | 7 | +4.7% |
| Future | 7.1% | 6 | -20.1% |
| Ocado | 6.9% | 9 | -6.8% |
| Land Securities | 6.5% | 8 | +5.6% |
| WH Smith | 6.5% | 8 | +6% |
| WPP | 5.8% | 8 | -15.9% |
| Auto Trader | 5.7% | 8 | -17.2% |
| DCC | 5.7% | 6 | +12.2% |
Source: Castellain Captal, 25 February 2025
After that it’s all change, with five new faces taking the next five places. Overall, the new top 10 has a distinct consumer/media/retail flavour about it.
The fact media group WPP (WPP) is among the most-shorted stocks this month probably explains its performance this week. Having dropped 8% intraday to almost a 30-year low on 26 February after poor FY25 results, the shares closed up 4% on the day.
Top 10 most-shorted UK stocks in December 2025
| Stock | % of shares shorted | Number of funds short | Return in 2025 |
| Greggs | 9.9% | 11 | -40% |
| Ibstock | 8.4% | 10 | -20% |
| Ashtead Technology | 7.4% | 7 | -45% |
| Ocado | 7.4% | 10 | -21% |
| Wizz Air | 7.3% | 6 | -11% |
| Domino’s Pizza | 5.6% | 7 | -45% |
| Whitbread | 5.3% | 6 | -14% |
| NCC | 5.2% | 6 | -8% |
| J Sainsbury | 5.1% | 5 | +20% |
| Pennon Group | 5.1% | 7 | -11% |
Source: Castellain Capital, 30 December 2025
Which are the most shorted US stocks?
According to a recent story by FT Alphaville and data from Goldman Sachs, the most-shorted US stocks have a very different hue. Bear in mind the data is compiled from 13F filings, which are often delayed, and dates to January 2026.
Top of the list is application software firm Strategy Incorporated (MSTR) with 14% of its shares shorted and 53 hedge funds active. Although the shares have been volatile and were sold off in early February, year-to-date they are down just 0.8%.
As FT Alphaville points out, Strategy wasn’t even in the top 50 most shorted US shares at the start of 2025. That was because bitcoin was on a tear at the time, whereas it’s since had a major wobble.
Usually, the key to successful short selling is not to sell when something is going up but when it’s already going down. However, six of the top 10 stocks are technology related which suggests hedge funds were already betting on a fall before the recent ‘AI scare’.
Top 10 most shorted US shares
| Stock | % of shares shorted | Funds owning shares | Return YTD |
| Strategy Inc | 14% | 53 | -0.8% |
| Charter Communications | 12% | 62 | +9.4% |
| CoreWeave | 11% | 62 | -10.8% |
| Coinbase Global | 11% | 72 | -1.7% |
| Kimberly-Clark | 10% | 68 | +9.4% |
| Western Digital | 8% | 96 | -0.6% |
| Bloom Energy | 8% | 94 | +94% |
| Dell Technologies | 8% | 69 | -3.5% |
| Palo Alto Networks | 8% | 87 | -18.9% |
| International Paper | 8% | 45 | +9.5% |
Source: Alphaville, FactSet, Goldman Sachs Research
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