Why the Cettire (ASX:CTT) share price rocketed 24% higher on Friday

It was a great day for the Cettire share price…

| More on:
Vanadium Resources share price person riding rocket indicating share price increase

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Cettire Ltd (ASX: CTT) share price was an exceptionally strong performer on Friday.

Thanks to a late buying flurry, the online retailer's shares stormed 24% higher to hit a record high of $3.21.

The Cettire share price eventually closed the day 22% higher at $3.17.

Why did the Cettire share price rocket higher?

The rise in the Cettire share price on Friday appears to be related to a leading US fund manager buying shares.

According to a change in substantial holding notice which was filed after the market close, Cat Rock Capital has been increasing its stake in the company.

The notice shows that the fund manager has picked up just under 4.5 million Cettire shares since the start of June. This brings its holding to a total of ~25.3 million shares, which is the equivalent of a 6.63% stake.

Cat Rock Capital's most recent purchase was on Thursday when the fund manager picked up 990,661 shares for a total consideration of ~$2.55 million. This represents an average purchase price of $2.57 per share.

It is also worth noting that the last time the fund manager filed a change of substantial holding notice, it was buying shares the very next day. This could potentially mean that Cat Rock Capital was back in the market today topping up its holding even further.

This would certainly go some way to explaining why the volume of shares was so much higher than normal today.

Cat Rock Capital is known as an activist investor. Currently it is pushing the Just Eat Takeaway board to divest assets or explore a merger with a larger rival.

It's unclear at this point whether the fund manager sees opportunities to unlock value in the Cettire share price. Though, it certainly appears keen to build a sizeable position in the company, which would give it the opportunity to have some level of influence.

Should you invest $1,000 in Cettire Limited right now?

Before you buy Cettire Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Cettire Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

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. 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.

More on Share Gainers

Person pointing at an increasing blue graph which represents a rising share price.
Share Gainers

Why Adriatic Metals, Catapult, Seek, and TechnologyOne shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX shares returned to positive territory this Tuesday.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why Breville, Clarity, EOS, and TechnologyOne shares are racing higher today

These shares are having a strong session on Tuesday. But why?

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough start to the week today.

Read more »

A person in a gorilla suit leaps really high holding a banana, nearly doing the splits.
Share Gainers

Up 1,238% in a year, why is this ASX gold stock surging again on Monday?

The ASX gold stock is now well into ten-bagger range and still rising fast today.

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why EOS, Gorilla Gold, Lendlease, and OFX shares are charging higher today

These shares are starting the week on a positive note. But why?

Read more »

A woman in a business suit sits at her desk with gold bars in each hand while she kisses one bar with her eyes closed. Her desk has another three gold bars stacked in front of her. symbolising the rising Northern Star share price
Gold

How this ASX All Ords gold stock turned $10,000 into $78,740 in just one year

The ASX All Ords gold miner has raced higher over the year. Let’s find out how.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors enjoyed a happy end to the trading week this Friday.

Read more »