The 10 Most Shorted ASX Stocks · Week 9, 2026
23 Feb 2026 — 27 Feb 2026
Short positioning barely moved across the ASX this week, with the WoW average change at -0.21% [ref-1]. The standout was EOS, where shorts lifted from 1.71% to 1.97% (+0.26%) [ref-1]. At the top end, DMP stayed the market’s most shorted name at 15.61% (+0.04%) [ref-1].
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
For a week where most short books sat on their hands, EOS was the exception. Short interest jumped from 1.71% to 1.97% (+0.26%), the biggest rise on the tape 1. With EOS also carrying a beta of 2.27, that’s a clear signal shorts are leaning into volatility rather than hiding from it 2.
The top of the leaderboard remains sticky. DMP leads at 15.61% short (+0.04%), still the clear “crowded short” on the ASX 1. IPH is unchanged at 12.31% (+0.00%), while IEL eased to 11.77% (-0.08%) 1. What’s striking is how many of the top 10 didn’t budge at all: DRO is 9.82% (+0.00%), KAR is 9.78% (+0.00%), PDN is 9.61% (+0.00%) and NXT is 8.46% (+0.00%) 1. That’s not indecision — it’s conviction. Shorts are already positioned and waiting for a catalyst. If you want the “why” behind the crowding, DMP’s FY2025 result shows a net loss after tax of -3.7 (value_millions=-3.7) with revenue from ordinary activities down -3.1% to 2,303.7 (value_millions=2303.7) 3. That’s the sort of fundamental backdrop that keeps a short thesis alive even when weekly moves are small.
Key financial metrics from recent company reports for the most shorted stocks.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
Beyond the top 10, the risers tell you where fresh scepticism is building. After EOS (+0.26%), GNC rose from 1.16% to 1.28% (+0.12%) and MAF lifted from 0.70% to 0.81% (+0.10%) 1. Both screen as expensive: GNC is on a P/E of 33.9 and MAF is on a P/E of 153.5, with MAF also running a beta of 1.66 2. That’s classic short behaviour — lean into valuation risk when the market’s paying up. On the cover side, NEM saw shorts drop from 0.38% to 0.20% (-0.18%) 1. LOV also saw a meaningful trim from 3.77% to 3.62% (-0.15%) 1, despite a P/E of 30.7 2. That looks less like “valuation suddenly got cheap” and more like risk being taken off after a strong run or ahead of catalysts. One move inside the top 10 matters: PWH fell from 9.45% to 9.31% (-0.14%) 1. Shorts are still heavy, but the direction changed — and it’s happening against a backdrop where FY2025 NPAT was $9.8 million (value_millions=9.8) and revenue was $130.1 million (value_millions=130.1) 4.
Sector-wise, the top 10 is still a mix of consumer (DMP, IEL), energy (KAR, PDN), and growth/tech-adjacent names (DRO, NXT) 1. But the weekly action shows a tilt toward “valuation shorts” in financials and real assets: MAF (+0.10%) and GMG (+0.06%) both attracted extra shorting while carrying P/E ratios of 153.5 and 34.2 respectively 1 2. Meanwhile, the market’s biggest short remains consumer-facing DMP at 15.61% 1. That’s a reminder that cost-of-living pressure and discretionary demand risk are still fertile ground for shorts — even when the broader short market is drifting lower.
With 319 stocks shorted and the average short % at 1.08%, this is still a selective short market, not a broad risk-off wave 1. Next week, watch whether EOS holds above 1.97% short (follow-through) and whether any of the “static” top-10 names finally break their +0.00% stalemate 1.
DMP is the most shorted at 15.61%, up +0.04% WoW [ref-1].
EOS rose from 1.71% to 1.97%, a +0.26% increase — the biggest rise in the data [ref-1].
Yes. PWH fell from 9.45% to 9.31% (-0.14%) and IEL slipped from 11.85% to 11.77% (-0.08%) [ref-1].
Both screen as expensive on the provided valuation metrics: MAF has a P/E of 153.5 and GMG has a P/E of 34.2, alongside short increases of +0.10% and +0.06% respectively [ref-1] [ref-2].
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.
