Short sellers of a2 Milk shares have been caught with their pants down after favourable research has seen its share price push on to another record high.

The dual-listed alternative milk company and infant formula company is often targeted by short sellers - particularly in Australia where the practice is more widespread.

Short selling is the sale of a share that the seller has borrowed.

The short seller profits if the share price declines by picking it back up later at a lower price, but when the market turns in the stock's favour, the shift higher can make the move