Cettire shares rocket, pushing weekly gains to 65%
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The news: Cettire shares rocketed on the ASX, extending the luxury ecommerce platform's recent spate of volatile trading, despite no new announcements.
The numbers: Shares were up 18% to $1.73 by 3pm AEST, having gained nearly 65% in the last week. However its share price has shed 40% since January.
The context: Cettire shares have fluctuated dramatically over the last few days, enduring a 18.8% selldown on 29 August when the company posted a 34% fall in annual profit.
Last week, shares soared 30.95% before plunging 12.66% two days later, after CEO and founder Dean Mintz bought up $15.8 million worth of shares to increase his stake to 33%.
The ecommerce business has become one of the ASX's most shorted stocks with investors. The company revealed that it spent more than $900,000 in the four months to June on 'short defence'.
