Cettire has leapt to the second-most-shorted stock on the Australian sharemarket as hedge funds turn on the former market darling after its shock profit downgrade last month.

Data released on Tuesday by S&P Global show that the online fashion retailer has 14.6 per cent of its shares outstanding out on loan, placing it only behind lithium producer Pilbara Mineral, which has long held the title of the ASX’s most shorted company.