Short & Caught: Pilbara Minerals is ASX’s most shorted stock as lithium prices fall 60pc YoY

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Pilbara Minerals now most shorted ASX stock as price of lithium falls drop 60% YoY Strike Energy has a short position of 10% after last week being dropped from S&P/ASX200 IPD Education second most ...

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The plan is to then buy the same stock back later after it’s made a hefty drop in price. That done, the short seller buys it back at the lower price and returns it to the lender.The difference between the sell price and the buy price is the short seller’s profit. Investors are in effect betting they will fall.Because shorting is restricted under Australian law (and because it’s an all or nothing bloodsport) any substantial shorting of stocks is worth knowing about, even if you only trade long.And perhaps there’s method in the madness.Stockhead has utilised the number of short positions as a percentage (5% or more) of total shares on issue according to ASIC’s Short Position Report.The most shorted stocks on ASXSwipe or scroll to reveal full table. Click headings to sort:Code Company Short positions Shares on issue % short positions PILBARA MIN LTD ORDINARY PLS 603,172,131 3,011,245,080 20% IDP EDUCATION LTD ORDINARY IEL 39,104,402 278,336,211 14% SYRAH RESOURCES ORDINARY SYR 132,385,684 1,034,891,766 13% LYNAS RARE EARTHS ORDINARY LYC 102,763,353 934,718,185 11% LIONTOWN RESOURCES ORDINARY LTR 266,042,805 2,425,004,880 11% PALADIN ENERGY LTD ORDINARY PDN 31,269,169 298,979,523 10% CHALICE MINING LTD ORDINARY CHN 40,188,625 389,026,788 10% CETTIRE ORDINARY CTT 39,283,498 381,238,220 10% STRIKE ENERGY LTD ORDINARY STX 290,379,892 2,865,373,749 10% SAYONA MINING LTD ORDINARY SYA 1,003,784,645 10,293,296,014 10% BOSS ENERGY LTD ORDINARY BOE 38,538,397 409,688,058 9% MINERAL RESOURCES. ORDINARY MIN 17,878,296 196,518,604 9% DEEP YELLOW LIMITED ORDINARY DYL 81,753,646 969,457,541 8% LOTUS RESOURCES LTD ORDINARY LOT 151,074,563 1,833,426,502 8% AU CLINICAL LABS ORDINARY ACL 14,936,659 201,834,015 7% SEEK LIMITED ORDINARY SEK 25,305,427 356,820,190 7% ADRIATIC METALS CDI 1:1 ADT 19,454,065 279,924,969 7% GENESIS MINERALS ORDINARY GMD 77,147,110 1,128,297,058 7% SANDFIRE RESOURCES ORDINARY SFR 30,935,037 457,445,745 7% KAROON ENERGY LTD ORDINARY KAR 53,346,125 802,170,681 7% FLIGHT CENTRE TRAVEL ORDINARY FLT 14,436,798 221,842,149 7% NUFARM LIMITED ORDINARY NUF 24,683,450 382,307,128 6% OMNI BRIDGEWAY LTD ORD US PROHIBITED OBL 17,615,370 282,584,186 6% WEEBIT NANO LTD ORDINARY WBT 11,572,578 188,916,529 6% LIFESTYLE COMMUNIT. ORDINARY LIC 7,402,421 121,740,054 6% CLINUVEL PHARMACEUT. ORDINARY CUV 2,977,630 50,077,780 6% BELLEVUE GOLD LTD ORDINARY BGL 73,617,604 1,279,998,987 6% DEXUS UNITS STAPLED DXS 61,563,199 1,075,565,246 6% WEBJET LIMITED ORDINARY WEB 22,129,306 391,152,405 6% NANOSONICS LIMITED ORDINARY NAN 16,993,024 302,997,848 6% IMUGENE LIMITED ORDINARY IMU 416,264,849 7,437,246,713 6% CORE LITHIUM ORDINARY CXO 115,988,791 2,136,935,544 5% RIO TINTO LIMITED ORDINARY RIO 19,856,718 371,216,214 5% NOVONIX LIMITED ORDINARY NVX 25,957,058 493,667,797 5% DOMINO PIZZA ENTERPR ORDINARY DMP 4,706,800 90,930,709 5% SIGMA HEALTH LTD ORDINARY SIG 83,972,336 1,631,866,135 5% INTEGRAL DIAGNOSTICS ORDINARY IDX 11,932,463 233,961,997 5% VULCAN ENERGY ORDINARY VUL 9,574,064 188,188,571 5% BANK OF QUEENSLAND. ORDINARY BOQ 33,463,653 661,469,455 5% THE A2 MILK COMPANY ORDINARY A2M 36,423,201 724,019,118 5% THE STAR ENT GRP ORDINARY SGR 141,134,171 2,868,680,877 5% INSIGNIA FINANCIAL ORDINARY IFL 32,428,260 670,726,143 5% CALIX LIMITED ORDINARY CXL 8,773,652 181,606,255 5% CORP TRAVEL LIMITED ORDINARY CTD 7,060,576 146,325,746 5% SILEX SYSTEMS ORDINARY SLX 11,015,543 237,241,524 5% ACCENT GROUP LTD ORDINARY AX1 26,110,923 565,998,979 5% 29METALSLIMITED ORDINARY 29M 32,378,118 701,862,508 5% Wordpress Table PluginPilbara Minerals – most shorted ASX stockIn September 2023 we wrote that Pilbara Minerals (ASX:PLS) was the most shorted stock on the ASX with a short position of 11%. One year on and the lithium producer has taken out the unfortunate trophy again as the ASX’s most shorted stock with its  short position now up at 20%.A year ago short sellers were betting lithium prices could fall, seeing surpluses for the battery mineral as more lithium mines came into production around the world.One year on and lithium prices have fulfilled those dire prophecies, tracking downwards from their 2022 peaks and more to drop 60% YoY.Source: Trading EconomicsBut in some good news for PLS its share price has risen ~20% in the past week, putting pressure on short sellers to cover their positions. Lithium stocks were given a boost after reports last week Chinese electric vehicle battery maker CATL had suspended production from its Jianxiawo lepidolite mine in Jianxi, around 8% of Chinese domestic LCE supply.Last month, PLS announced a scrip takeover of Latin Resources (ASX:LRS), giving it ownership of the Salinas lithium project in Brazil, which has a resource estimate of 77.7 million tonnes at 1.24% lithium oxide, and it still has plenty of cash in its pockets to wade out the storm of the current downturn.READ > Kristie Batten: Brazil’s lithium potential in focus after Pilbara’s Latin takeoverOther lithium stocks including Core Lithium (ASX:CXO), Sayona Mining (ASX:SYA) and Liontown Resources (ASX:LTR) were also targeted by short sellers.Strike Energy a target as it moves off S&P/ASX 200Strike Energy (ASX:STX) has a short position of 10% after last week being dropped from the benchmark S&P/ASX 200 index.Graphite miner Syrah Resources (ASX:SYR)  is also a focus of short sellers with a 13% short interest as low battery material prices put pressure on the stock, while Lynas (ASX:LYC) has a short interest of 11% as weak rare earth prices continue.Julimar project owner Chalice Mining (ASX:CHN) has also been a target of short sellers along with uranium play Paladin Energy (ASX:PDN).Short sellers targeting IDP EducationIDP Education (ASX:IEL), which specialises in international student placement services and high-stakes English language testing, is the second most shorted stock on the ASX with a short position of 14%.IEL also operates English language schools in Southeast Asia and organises educational events and conferences across the globe.In their annual report to shareholders chair Peter Polson and CEO and managing director Tennealle O’Shannessy said for H1 FY24 IDP Education delivered record revenue of $579m, up 15% from H1 FY23 but has taken a hit from regulatory changes in key markets.“During this period, we supported a record number of international students and test takers worldwide,” they said.“Throughout the second half, regulatory changes in Australia, Canada, and the UK came into effect.”Polson and O’Shannessy said consequently, the size of the global market of prospective international students and test takers declined.“Responding to these market conditions, IDP’s experienced leadership team charted a clear path towards increasing our share of a subdued global market,” they said.Key to this was restructuring our global team, resizing our cost base and reallocating resources to invest in our strategy.”Less turbulence for Flight CentreFlight Centre (ASX:FLT) seems to be catching a break with short sellers as the the travel stock, which was the most shorted stock on the ASX for much of 2022 and 2023, sees its position improved to 7%.In its FY24 results FLT announced a 131% underlying profit before tax (PBT) increase to $320m and a 212% statutory PBT increase to $220m. The company said leisure profit more than doubled YOY and was at highest levels since FY14.\nFY14.FLT said it was well placed to capitalise on opportunities in a normal growth market during FY25 with strong brand network, strong balance sheet and improving margin profile.Online travel booking giant Webjet (ASX:WEB) also remains up on the list of ASX’s most shorted stocks with its short position at 6%.WEB is about to split its consumer operations (Webject B2C) and business operations (WebBeds) into two separate ASX-listed companiesThe demerged consumer side is set to make its debut on the ASX on September 23 under the ticker WJL.READ > Webjet’s demerged company set to list on ASX; what this means for potential investors Explore More   Investor Guide: Energy FY2023","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.27.0","shortVersion":"4.27.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468820920"}