These are the 10 most shorted ASX shares

Why are short sellers betting big on these ASX shares dropping in value?

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At the start of each week, I like to look at ASIC's short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

  • Pilbara Minerals Ltd (ASX: PLS) remains the most shorted share with a short interest of 11.5%, which is down week on week. Last week, Citi tipped lithium prices to fall 20% from current levels in the near term.
  • Flight Centre Travel Group Ltd (ASX: FLT) has 9.6% of its shares held short, which is up week on week. Short sellers appear to be betting that revenue margin headwinds weigh on its performance.
  • Genesis Minerals Ltd (ASX: GMD) has seen its short interest ease to 9.3%. This gold miner has been busy making some major acquisitions. Short sellers may be betting that their integration isn't smooth sailing.
  • Syrah Resources Ltd (ASX: SYR) has a short interest of 9.3%, which is up week on week again. Short sellers appear to be expecting Syrah to struggle with weak graphite prices for some time.
  • IDP Education Ltd (ASX: IEL) has 8.9% of its shares held short, which is up week on week. This language testing and student placement company recently lost its monopoly in the Canadian market.
  • Core Lithium Ltd (ASX: CXO) has a short interest of 8.6%, which is flat week on week. Weak lithium prices have been weighing heavily on its shares.
  • Sayona Mining Ltd (ASX: SYA) has 8.2% of its shares held short, which is down slightly week on week. Once again, weak lithium prices appear to be behind this.
  • Select Harvests Ltd (ASX: SHV) has seen its short interest ease to 7.9%. This almond producer has been battling tough trading conditions this year.
  • Appen Ltd (ASX: APX) has returned to the top ten with a short interest of 7.7%. Short sellers don't appear to believe this artificial intelligence data services company's performance will improve despite the current AI boom.
  • Mesoblast Ltd (ASX: MSB) has a short interest of 7.6%, which is flat since last week. This stem cell-focused biotech company has been under significant pressure since the US FDA dealt it yet another blow.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen and Idp Education. The Motley Fool Australia has recommended Flight Centre Travel Group and Idp Education. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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