The ASX's 10 most-shorted stocks (including one up 45% last month)

Despite a macro backdrop that remains fraught and volatile, and some big moves in either direction on the stocks in questions, there has been little movement in the list of most-shorted Australian stocks. 

In fact, the top 10 remain as they were the previous week, with no changes to the positions of the top 5. This is despite the fact two of the stocks saw huge rallies in April, with another seeing a big one-day selloff.

The most-shorted ASX stocks

TELIX Pharmaceuticals (ASX: TLX) maintains its place at the top of the list as the ASX's most-shorted stock, with short interest at 16%, after the stock rallied 10% in April. 

Erstwhile leader Domino's Pizza Enterprises (ASX: DMP) remains in second place, with 15.83% short interest, having led this list for most of the year. 

What's more notable is Lotus Resources (ASX: LOT), which has seen the second-biggest increase in short interest of the top 10 this week, and total short interest has risen more than 5% over the last month. 

The embattled uranium miner rescinded reported figures from its December 2025 quarter as a result of inconsistencies in lab sampling and assaying processes at its Kayelekera site. It caused a 34% one-day drop in the stock on 30 April. 

It's a contrast in fortunes with Zip (ASX: ZIP), which has also seen a large monthly jump in short interest (4%). The difference here is that the stock rocketed more than 40% in April. 

It's a similar story for Guzman y Gomez (ASX: GYG), where short interest has also remained flat this week, despite the stock rallying 36% in early April after reporting strong Q3 sales growth of 6.6%. 

Of the top 10, Flight Centre (ASX: FLT) has seen the largest drop in short interest this week, down 0.73%, and rounding out the list in 10th place. 

The stocks seeing more short interest 

G8 Education Ltd (ASX: GEM) is the ASX stock that has seen the largest rise in short interest week-on-week, with short interest up 1.33%. It brings total short interest in GEM to 4.55%. 

Generation Development Group (ASX: GDG) saw the second biggest jump in short interest, rising 1.33% in the week to 29 April. 

It means total short interest in GDG is now at 9.65%, having risen almost 5% month-on-month. It likely comes after the stock sold off heavily on 22 April (down 22.6%), after a quarterly update showed funds under management was effectively flat from last quarter. 

 Other notable movers include Universal Store Holdings (ASX: UNI) and Megaport (ASX: MP1), as well as ASX market darling 4DMedical (ASX: 4DX). 

At the other end of the scale, Idp Education (ASX: IEL) has seen the biggest drop in short interest, down 4.59% week-on-week after the stock continued to bleed last month. 

The beleaguered educational company dropped 24% in April, and is down 50% year-to-date, and down 86% over the last five years.  

Volatility might be the defining theme for markets so far in 2026, so it's a surprise to see short selling is one aspect of the market where things remain markedly stable. 

Even with big moves for some of the ASX's most-shorted stocks, the short interest picture has been consistent for months. It suggests short sellers are ignoring the short-term noise and focusing in on the companies where fundamentals perhaps aren't lining up with expectations.