These are the 10 most shorted ASX shares

Let's see which shares short sellers are targeting this week.

Close up of a sad young woman reading about declining share price on her phone.

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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) is still the most shorted ASX share with short interest of 20.7%. This is down slightly week on week. Short sellers appear to believe that lithium prices will remain at low levels for years.
  • IDP Education Ltd (ASX: IEL) has 13.3% of its shares held short, which is down slightly week on week. This language testing and student placement company has warned that student visa changes in a number of key markets are going to weigh on its near term performance.
  • Liontown Resources Ltd (ASX: LTR) has 11.4% of its share held short, which is up week on week again. This lithium developer's shares lost almost 70% of their value in FY24. Short sellers appear to believe they can fall further.
  • Flight Centre Travel Group Ltd (ASX: FLT) has seen its short interest rebound to 10.3%. Concerns over weak consumer spending and revenue margin headwinds could be behind this.
  • Sayona Mining Ltd (ASX: SYA) has short interest of 9.9%, which is up since last week. This lithium miner is currently paying more to produce lithium than it receives from buyers.
  • Syrah Resources Ltd (ASX: SYR) has short interest of 9.7%, which is down week on week. This graphite miner is currently battling production suspensions and further cash burn due to weak battery material prices.
  • Chalice Mining Ltd (ASX: CHN) has short interest of 9.7%, which is up week on week. Short sellers aren't letting up on this mineral exploration company's shares despite them being down almost 80% over the last 12 months.
  • Westgold Resources Ltd (ASX: WGX) has short interest of 9.3%, which is down sharply week on week. This short interest may be due to doubts over the gold miner's proposed merger with Canada-based Karoa Resources.
  • Australian Clinical Labs Ltd (ASX: ACL) has short interest of 9.2%, which is up since last week. This health imaging company warned that is expecting to report another sizeable decline in profits in FY 2024.
  • Lynas Rare Earths Ltd (ASX: LYC) is a new entry in the top ten with short interest of 8.5%. Weak rare earths prices are likely to be why short sellers are targeting the miner.

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 Idp Education. The Motley Fool Australia has recommended Flight Centre Travel Group. 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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