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Pilbara Minerals Ltd (PLS) $4.14

Market favourite PLS fell another -2.8% on Wednesday taking its pullback from recent highs to more than 24%, we always said lithium would be a volatile ride! This lithium miner has been kind to MM in both our Flagship Growth and Emerging Companies Portfolios in the past, and we have been considering re-entering into the current weakness. However, the stock hasn’t “felt right”, which we originally put down to a crowded position but yesterday, we noticed that the PLS short position has soared to 10.7% over recent weeks, making it the most shorted stock on the ASX – that doesn’t feel good either!

  • We now intend to remain cautious towards PLS not wanting to fade this aggressive pullback without a catalyst, however, if a positive catalyst does arrive, that large short exposure means fire works could ensue on the upside.
MM has moved to a neutral stance towards PLS – waiting for a positive catalyst
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Pilbara Minerals Ltd (PLS)
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