The Cettire (ASX:CTT) share price is rocketing 7% on Friday

Cettire shares are regaining field position today…
The post The Cettire (ASX:CTT) share price is rocketing 7% on Friday appeared first on The Motley Fool Australia. –

The Cettire Ltd (ASX: CTT) share price is gaining ground today despite there being no market-sensitive news out of the company.

At last check, Cettire shares are trading 7.26% higher at $3.40 apiece.

Let’s take a closer look at what’s been fuelling the Cettire share price recently.

What’s been happening with Cettire of late?

Cettire is a global online retailer that offers personal luxury goods through its website. Its shares began lifting as we started the walk into September. This coincided with the company’s FY21 earnings release. In its report, the company recognised active customer growth of 285%, while it also saw sales of $92.4 million – a 304% year-on-year increase.

These results carried through Cettire’s income statement, where it recorded $2.1 million at the earnings before interest, taxes, depreciation, and amortisation (EBITDA) line and $12.7 million in operating cash flow.

In the week after its earnings release, Cettire shares gained 44% to reach a high of $3.64.

Yet, the Cettire share price has since come off that level, and basically traded sideways from 1 October until the open today.

In fact, over the past month, the company has slipped into the red by 7%.

So in light of today’s 7% gain, it appears unclear as to what is causing investors to bid up the Cettire share price.

However, as the Motley Fool has previously reported, Cettire has a number of levers delivering a direct line of fuel to its growth engine.

The company’s position in e-commerce, its recent earnings surprise, and innovation around products are all key investment highlights for the Cettire share price, according to the Motley Fool’s Tristan Harrison.

It is worth noting that the S&P/ASX 300 Retailing index (AXRTKD) is also charging higher lately, and is up 1.3% today as well.

The index made a sharp recovery from 6 October after a large selloff in the ASX retail basket that started in August.

Since then, it has climbed around 5% until today, indicating strengths across the broader ASX retail and e-commerce sectors.

Aside from these contributing factors, it is difficult to pinpoint a direct catalyst for Cettire’s returns today.

Cettire share price snapshot

The Cettire share price has been a significant outperformer on the ASX this year, posting a return of 621% since January 1.

This is after it rallied 578% over the last 12 months, an entire universe it seems above the S&P/ASX 200 index (ASX: XJO)’s return of about 20% in that time.

The post The Cettire (ASX:CTT) share price is rocketing 7% on Friday appeared first on The Motley Fool Australia.

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More reading

2 ASX shares delivering rapid growth

3 strong reasons why the Cettire (ASX:CTT) share price could be a buy

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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