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.
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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.
