As the turmoil in markets rolls into Q2, we have put together a list of the most shorted UK and US stocks. Having done the same exercise at the end of 2025 and again at the end of February, there are some notable changes.
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 suitable 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, as even in the best-case scenario 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 in the bad books?
The table below, compiled by Castellain Capital, shows the top 10 most shorted UK stocks as of Thursday 2 April. We have added the share price return year-to-date.
Five of the top 10 names were on the list of the most heavily shorted stocks at the end of 2025 and again at the end of February. Moreover, in four out of five cases hedge funds have increased their short bets considerably.
Budget airline Wizz Air (WIZZ) flies to first place from third previously, due to a substantial increase in short interest. Brick maker Ibstock (IBST) holds onto second place, but also registers a significant increase in short interest.
Food-to-go retailer Greggs (GRG) is no longer the most-shorted stock, dropping to third, while Auto Trader (AUTO) accelerates to fourth from ninth place. Travel retailer WH Smith (SMWH) rounds out the top five, climbing from seventh place previously.
After that it’s all change, as DCC (DCC), Future (FUTR), Land Securities (LAND), Ocado (OCDO) and WPP (WPP) drop off the list.
Taking their places are B&M European Value Retail (BME), J Sainsbury (SBRY), NCC (NCC), Tate & Lyle (TATE) and Whitbread (WTB). As the table suggests, the most-shorted stocks have tended to produce the best returns for the hedge funds.
Top 10 most-shorted UK stocks 2 April 2026
| Stock | Short 2 April 2026 | Short 27 Feb 2026 | Share price YTD |
| Wizz Air | 15.1% | 9.1% | -29.3% |
| Ibstock | 13.2% | 9.1% | -25.4% |
| Greggs | 12.8% | 13.0% | -6.9% |
| Auto Trader | 9.6% | 5.7% | -19.1% |
| WH Smith | 9.0% | 6.5% | -8.1% |
| NCC Group | 8.8% | 5.4% | -14.2% |
| Whitbread | 8.6% | 5.5% | -6.0% |
| B&M European Value | 7.4% | 4.4% | +9.0% |
| Tate & Lyle | 6.9% | 5.2% | -6.0% |
| J Sainsbury | 6.8% | 5.3% | +6.7% |
Source: Castellain Capital, data correct as of 7 April 2026
Top 10 most shorted US stocks 31 March 2026
The following table shows the most shorted US S&P 500 stocks according to the latest analysis by Bank of America analysts. The data represents short interest in terms of the percent of free float for each stock.
| Stock | Shorts 31 March 2026 |
| Moderna | 17.8% |
| Brown-Forman | 16.8% |
| Fox Corporation | 16.3% |
| Omnicom | 15.1% |
| Skyworks Solutions | 14.3% |
| Super Micro Computer | 14.2% |
| Charter Communications | 13.2% |
| Kimberly-Clark | 11.8% |
| Campbell’s | 11.8% |
| Best Buy | 11.3% |
Source: Bank of America, SeekingAlpha
