Here are the 10 most shorted ASX shares

Here's why short sellers are betting 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:

  • IDP Education Ltd (ASX: IEL) has jumped to the top spot after its short interest rose to 10.9%. Short sellers have been loading up on this language testing and student placement company's shares after it lost its monopoly in Canada.
  • Flight Centre Travel Group Ltd (ASX: FLT) has seen its short interest ease to 10.5%. Short sellers appear to believe that consensus expectations are too high.
  • Lake Resources N.L. (ASX: LKE) has 9.7% of its shares in the hands of short sellers, which is up materially since last week. Short sellers will have been celebrating last week after a dismal update sent this lithium share crashing deep into the red.
  • Core Lithium Ltd (ASX: CXO) has a short interest of 9%, which is down week on week. This appears to be due to valuation concerns.
  • AMA Group Ltd (ASX: AMA) has seen its short interest rise slightly to 7.9%. This crash repair company's worrying balance sheet may be behind this.
  • Lendlease Group (ASX: LLC) has a short interest of 7.8%, which is up week on week. Short sellers may expect this global property developer to struggle if there is a recession.
  • Temple & Webster Group Ltd (ASX: TPW) has 7.7% of its shares in the hands of short sellers, which is up slightly week on week. Retail shares have been hit hard recently due to concerns over consumer spending.
  • JB Hi-Fi Limited (ASX: JBH) has entered the top ten with a short interest of 7.5%. As with Temple & Webster, consumer spending concerns appear to be behind this.
  • Select Harvests Ltd (ASX: SHV) has returned to the top ten with 7.5% of its shares held short. This almond producer has been having a tough time of late and short sellers don't appear confident that things will change quickly.
  • Breville Group Ltd (ASX: BRG) has 7.4% of its shares held short, which is down slightly since last week. Fears that the cost of living crisis could impact demand may be behind this short interest.

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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 and Temple & Webster Group. The Motley Fool Australia has recommended Flight Centre Travel Group, Idp Education, Jb Hi-Fi, and Temple & Webster 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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