With markets seemingly back in risk-on mode, we thought we would check up on the most-shorted stocks. As a reminder, these are the names with the highest percentage of their share capital loaned out to short sellers.
For the uninitiated, short selling involves borrowing stock and selling it with the aim of buying back at a lower price. We have to stress this is only recommended for hedge funds and professional traders, NOT for retail investors.
This is because the ‘risk-reward’ involves a great deal more risk than reward. The reward is limited, because the share price can only go to zero. In contrast, the risk is completely unlimited because in theory the share price could go up 10 or 100 times.
Professional traders will often scan the market for stocks with a high level of short interest as it indicates strong bearish conviction. It can also create the conditions for sharp rallies or ‘short squeezes’ when sentiment shifts, which they try to anticipate.
The most shorted UK stocks
The table below, compiled by Castellain Capital, shows the top 10 most shorted UK stocks as of 30 June. We have added the 1H 2026 share price return.
| Stock | % of shares shorted | 3m change | Return 1H 2026 |
| Vistry | 15.4% | +9.9% | -60% |
| Ibstock | 14.3% | +1.6% | -34.2% |
| Greggs | 9.9% | -2.9% | -4.8% |
| WH Smith | 9.6% | +0.6%* | -38.5% |
| Wizz Air | 9.6% | -6.1%** | -6.7% |
| Crest Nicholson | 8.0% | +6.9% | -49.6% |
| Kingfisher | 7.9% | +0.5% | -9.4% |
| B&M European Value Retail | 7.7% | -0.7%*** | +15.5% |
| Domino’s Pizza | 7.3% | 1.8% | +4.4% |
| Ocado | 7.3% | -0.2% | -24.1% |
Source: Castellain Capital
Notes: *peaked at 12.4% on 1 June 2026; **peaked at 16.1% on 1 June 2026; ***peaked at 10.1% on 29 April 2026
The first thing to note is five of today’s top 10 stocks were on the list when we carried out this exercise in Q1, albeit in different positions. Food-to-go retailer Greggs (LON:GRG) was top of the pile with 13% of the shares on loan to short sellers.
Greggs short positions
Source: Castellain Capital
However, newcomer Vistry (LON:VTY) has replaced it after short positions rocketed from 5.5% to 15.4% in just three months. Meanwhile, brickmaker Ibstock (LON:IBST), which has seen shorts rise steadily all year, maintains its number two slot.
Vistry short positions
Source: Castellain Capital
Travel retailer WH Smith (LON:SMWH) and low-cost airline Wizz Air (LON:WIZZ) have risen up the list since March and are hovering just below 10%. However, shorts in both stocks have fallen sharply since 1 June when they peaked at 12.4% and 16.1% respectively.
The next four stocks are all new entrants and follow the housebuilding and retail theme. Interestingly, while hedge funds have coined it with their housebuilder shorts they have had less success with retail stocks.
Admittedly, WH Smith and serial short candidate Ocado (LON:OCDO) have generated decent returns. On the other hand, B&M European Value Retail (LON:BME) and Domino’s Pizza (LON:DOM) are up year-to-date and Greggs is close to flat.
Most shorted US stocks
The top 10 most-shorted US stocks also break down into two distinct categories: Communication Services/Information Technology, and Health Care. Helpfully, there are five of each, although one thing we note is every stock bar one is a small-cap by US standards.
If anyone thought adding AI to their name was a passport to fame and fortune, the table suggests not. Shares in voice technology stock SoundHound AI (NASDAQ:SOUN) and application software firm C3.AI (NYSE:AI) are down over 30% year-to-date.
In fact, with the exception of Bitdeer Technologies (NASDAQ:BTDR), small-cap tech and communications stocks have been fairly successful shorts. The same can’t be said of Health Care, where Immunitybio (NASDAQ:IBRX) has more than quadrupled this year and Sellas Life Sciences (NASDAQ:SLS) isn’t far behind.
| Stock | % of shares shorted | 3m change | Return 1H 2026 |
| Bitdeer Technologies* | 39.8% | +109% | +41.6% |
| SoundHound AI* | 38.0% | +7.5% | -35.1% |
| C3.AI* | 36.4% | +20.1% | -32.6% |
| Intellia Therapeutics** | 36.1% | +25.3% | +88.2% |
| Immunitybio** | 33.6% | +5.7% | +342% |
| Sellas Life Sciences** | 32.9% | +110% | +292% |
| EchoStar* | 30.1% | -9.8% | -6.6% |
| Novavax** | 29.4% | +5.3% | -40.2% |
| Tripadvisor* | 29.1% | +28.4% | -15.8% |
| Summit Therapeutics** | 26.8% | -14.1% | -16.7% |
Source: ChartMill, data correct as of 30 June 2026
Notes: *Information Technology or Communication Services; ** Health Care
