Qt Group surged to the top of the list of Helsinki’s most shorted stocks

Business

Qt Group surged to the top of the list of Helsinki’s most shorted stocks

Apr 17, 2026

Short sellers are circling a select group of Helsinki-listed companies, even as the broader market has climbed, while one name stands above all others.

Public data show at least 14 companies with disclosed short positions above the 0.5 percent reporting threshold, offering a window into where institutional skepticism is concentrated, Arvopaperi reported today, citing data platform Holdings.

Qt Group, the developer of software tools such as Qt Creator and Qt Design Studio, stands out. Short interest has surged from just over 3 percent to 9.46 percent of shares outstanding within months. At the same time, 11 separate investors have disclosed positions, an unusually high figure in the Finnish market. Roughly 8.19 percent of Qt’s shares are also on loan, reinforcing the scale of bearish positioning.

Qt Group’s 2025 earnings weakened despite modest top-line growth, with net sales increasing 3.5 percent to €216.3 million while EBITA fell to €51.8 million, reducing margins to 24.0 percent from 34.1 percent and cutting earnings per share nearly in half to €1.25. For 2026, the company expects a return to stronger growth, guiding for at least 10 percent revenue increase at comparable exchange rates and an EBITA margin of at least 15 percent.

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After Qt Group, most short sellers had their eyes on Nokian Tyres. The tiremaker carries a short interest of 5.41 percent, with shares on loan reaching 7.78 percent, and disclosed positions worth about €71 million. Tokmanni follows closely at 5.20 percent short interest, while an even larger 9.14 percent of its shares are on loan, suggesting continued pressure.

In capital-intensive sectors, Stora Enso has €249 million in disclosed short positions, despite a more moderate 3.07 percent short interest. Metsä Board and Valmet sit at 2.81 percent and 2.34 percent, respectively, while smaller names such as Harvia, Tieto, and UPM-Kymmene cluster around 1 to 1.25 percent.

Short selling is not always outright bearish. It can hedge risk or reflect relative bets, though high short interest still points to near-term skepticism. It can also fuel rebounds, as rising prices may force short sellers to buy back shares quickly, accelerating gains.

Authors

Emmi Laine

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.