The 10 Most Shorted ASX Stocks · Week 19, 2024
CTT gets whacked: shorts pile into luxury as lithium stays crowded
6 May 2024 — 10 May 2024
PLS held the crown at 21.53% short (WoW: -0.01%), but the week’s loudest move was CTT jumping from 2.76% to 4.00% (+1.23%). Travel split down the middle: FLT eased to 11.73% (-0.25%) while CTD surged to 5.45% (+1.12%). Across the market, 681 stocks were shorted with an average short position of 1.06% (period average change: +0.02%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
Forget the top of the table for a second. The cleanest signal this week was shorts piling into Cettire (CTT), up +1.23% to 4.00% in one hit. That’s not a drift higher — that’s a trade being put on.
Pilbara Minerals (PLS) is still the ASX’s most shorted stock at 21.53% (WoW: -0.01%). The size of that position tells you the lithium bear case remains the market’s favourite expression, and nobody’s in a hurry to cover. IDP Education (IEL) stayed heavily shorted at 15.96% (WoW: -0.25%). That’s trimming, not a retreat — the market is still leaning against the earnings outlook. Syrah Resources (SYR) moved the other way, rising to 13.16% (WoW: +0.29%). In a stock already crowded, that’s an add — the shorts are pressing. Flight Centre (FLT) eased to 11.73% (WoW: -0.25%). Still a big short, but the pressure came off slightly. Liontown Resources (LTR) had one of the larger covers in the top 10, down to 10.36% (WoW: -0.64%). It reads like risk being taken off a crowded lithium name rather than a sector-wide change of heart. Westgold Resources (WGX) climbed to 8.51% (WoW: +0.34%). Gold names don’t usually attract this much attention unless someone is fading the run or questioning delivery. Core Lithium (CXO) fell to 7.84% (WoW: -0.40%), Chalice Mining (CHN) fell to 7.80% (WoW: -0.33%), and Sayona Mining (SYA) fell to 7.53% (WoW: -0.59%). That’s broad covering across smaller, higher-beta resources. Australian Clinical Labs (ACL) ticked up to 7.53% (WoW: +0.05%). Small move, but it keeps ACL in the top 10 — shorts are still camped there.
Daily Snapshots
Top Shorted Stocks This Week
Financial Snapshot
Key financial metrics from recent company reports for the most shorted stocks.
Biggest Risers
Stocks with the largest increase in short interest this week.
Biggest Fallers
Stocks with the largest decrease in short interest this week.
Movers Analysis
CTT led the risers: 2.76% → 4.00% (+1.23%). With a $193m market cap, that’s enough short interest to start shaping the tape. The message is simple: the market is leaning against discretionary spend at the pointy end. Corporate Travel Management (CTD) was next: 4.33% → 5.45% (+1.12%). Corporate travel is a confidence trade — when budgets tighten, flights and hotels get cut fast. CTD also has an “Agreement to Amend Debt Facilities” document on file (https://investor.travelctm.com.au/wp-content/uploads/2025/12/Agreement-to-Amend-Debt-Facilities.pdf), the sort of thing that draws extra scrutiny when shorts are looking for pressure points. Sigma Health (SIG) jumped 1.32% → 2.26% (+0.94%). That’s a sharp weekly move for a defensive-leaning healthcare name. Seven Group Holdings (SVW) rose 0.73% → 1.36% (+0.63%) and Baby Bunting (BBN) rose 0.96% → 1.59% (+0.63%). Different businesses, same theme: cyclicals where the market can smell margin risk. On the cover side, Deep Yellow (DYL) led the fallers: 3.79% → 2.63% (-1.16%). Uranium shorts stepped back. Zip Co (ZIP) also saw meaningful covering: 3.24% → 2.48% (-0.77%). The company has continued capital structure housekeeping via ASX notices (for example, https://yourir.info/ezapi/announcements/dbc6d3e76afbc820/2A1648337/ZIP_Notification_of_cessation_of_securities_ZIP.pdf), and the positioning suggests shorts didn’t want to overstay. LTR (11.00% → 10.36%, -0.64%) and SYA (8.12% → 7.53%, -0.59%) were both covered, reinforcing that lithium shorts are being managed more selectively. Azure Minerals (AZS) dropped 0.83% → 0.29% (-0.54%). Low absolute level, but a clean unwind.
Industry Positioning
Resources still dominate the crowded end of the market. PLS (21.53%), SYR (13.16%), LTR (10.36%), WGX (8.51%), CXO (7.84%), CHN (7.80%) and SYA (7.53%) make the point: the biggest short positions are still in commodity-linked earnings. But the flow this week wasn’t “short everything”. Lithium names were mostly trimmed (LTR, CXO, SYA all down) while SYR was added to (+0.29%). That’s rotation inside the trade — keeping exposure, changing the target. Outside resources, the consumer and travel signals were louder than the top-10 list suggests. CTT (+1.23%) and BBN (+0.63%) pulled discretionary into focus, while travel split: FLT was covered (-0.25%) as CTD was hit (+1.12%). Same sector. Different risk being priced.
Outlook
Watch CTD and CTT next week. If either prints another week of rising short interest from here, it confirms the market is building a conviction short into upcoming catalysts — and that’s when price moves stop being orderly.
Frequently Asked Questions
What is the most shorted stock on the ASX this week?
Pilbara Minerals (PLS) at 21.53% short interest (WoW change: -0.01%).
Which stock had the biggest jump in short interest this week?
Cettire (CTT), up from 2.76% to 4.00% (+1.23%).
Are lithium stocks still heavily shorted?
Yes. PLS (21.53%), LTR (10.36%), CXO (7.84%) and SYA (7.53%) are all in the top 10, even though LTR, CXO and SYA were covered week-on-week.
Why did travel shorts move in opposite directions for FLT and CTD?
FLT’s short interest fell to 11.73% (-0.25%) while CTD’s rose to 5.45% (+1.12%), which points to stock-specific positioning rather than a single sector call.
Does falling short interest mean the bearish view is gone?
No. For example, Liontown (LTR) was covered (-0.64%) but still sits at 10.36% short interest.
Track the live rankings on the most shorted ASX stocks page, watch short squeeze candidates, or see market-wide totals in the ASX short selling statistics.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.