Short selling is a popular strategy where investors speculate a particular stock to go down. Though entailing infinite risk potential, it is indulged in mostly by seasoned investors.
Short Selling ASX stocks often indicate the position that investors are taking besides revealing the market sentiment. Investors profit from such stocks in a falling market. In the process, stock movement can make price discovery more efficient, thus offering an opportunity to invest in at the most appropriate time and price.
Weebit Nano Limited (ASX: WBT)
Share price $2.11
Market cap $379.72 M
In May 2024, the company entered into a collaboration agreement with Efabless Corporation, a chip design platform, aimed at enhancing the speed and efficiency of prototyping next-generation devices utilizing Weebit’s ReRAM technology. Customers of Efabless’ chipIgnite will soon have the opportunity to integrate Weebit’s non-volatile memory into their upcoming prototype chip designs, which are being produced using SkyWater Technology’s S130 process.
Weebit Nano is among the Top Shorted Stocks ASX. It achieved a significant milestone in July 2024 by taping out its inaugural demo chip at DB HiTek, marking a crucial step in the technology transfer to this prominent foundry. Once tested and validated, Weebit’s non-volatile memory intellectual property will be accessible within DB HiTek’s 130nm Bipolar-CMOS-DMOS (BCD) process, which is applicable across various sectors, including consumer electronics, industrial applications, and the Internet of Things (IoT).
Throughout the quarter, Weebit Nano demonstrated the scalability of its memory technology through multiple live demonstrations of its embedded ReRAM module on GlobalFoundries’ advanced 22FDX wafers.
The testing of the 8Mb 22nm demo chip, which represents Weebit’s largest memory capacity module to date, surpassed expectations for baseline performance and continues as additional wafers are received.
As of 30 June 2024, the company reported a strong cash position of $62.8 million.
Paladin Energy Limited (ASX: PDN)
Share price $10.040
Market cap $2.95 B
Paladin Energy Limited announced that its LHM Restart Project was successfully finalized within the projected cost and timeline, with a total project expenditure of US$119.7M. After reaching commercial production at the LHM on 30 March 2024, production escalated, resulting in 517,597lb of U3O8 produced by 30 June 2024.
The initial customer shipment, which included 319,229lb of U3O8, set sail from Walvis Bay, Namibia on 12 July 2024.
During the completion of the Restart Project, a total of over 2.5 million hours were worked without any severe injuries or reportable environmental incidents.
On 24 June 2024, Paladin and Fission Uranium Corp. (Fission) declared that they had engaged in a definitive agreement, under which Paladin will procure 100% of the issued and outstanding shares of Fission.
By 30 June 2024, the Company possessed unrestricted cash amounting to US$48.9M and had US$80M in undrawn debt facilities (US$70M in debt drawn).
Following the quarter's conclusion, the company received a cash payment of US$24.8M as a partial advance payment in accordance with the customer offtake agreement, related to the shipment on 12 July 2024.
The company maintains a significant focus on ramping up production during FY25, aiming for an annual production of between 4.0 and 4.5 million pounds of U3O8. This increase in production capacity is expected to drive substantial sales growth for the company. Moreover, the recent acquisition of Fission is poised to deliver multi-asset production capabilities by 2029, further enhancing the company’s long-term growth prospects.
Strike Energy Limited (ASX: STX)
Share price $0.182
Market cap $515.76 M
Strike Energy Limited (ASX: STX) provided an update on the primary approvals for the planned West Erregulla development as the operator of the EP469 Joint Venture on 9 July 2024.
The EP469 Joint Venture has obtained its Ministerial Statement under the Environmental Protection Act 1986 (WA) (EP Act) for the upstream infrastructure for the development of the West Erregulla gas field.
On 27 June 2024, the company reported having commenced drilling the Erregulla Deep-1 (ED-1) exploration well in EP469. The company anticipates reaching total depth at ED-1 in about 40 days and will provide an update on preliminary observations at that time.
The company, though on ASX Short Stocks List is poised to advance key project development activities during 2024.
Source: Company’s Report
Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.