Cettire Ltd Shares Pick Up Pace After Founder Stocks Up

Founded in 2017, Cettire is an international online platform that offers a wide variety of popular luxury items through its website, cettire.com. The site provides an extensive catalog featuring over 2,500 brands - from Prada to Gucci and Saint Laurent, and more. The company operates a drop-shipping model where it does not hold inventory and acts more as an intermediary between suppliers and customers.

Trading on the Australian Stock Exchange under the ticker ‘CTT’, Cettire has a current market cap of 640.20 million AUD.

Founder Background & Buying Trends

Dean Mintz founded Cettire in 2017 and has since served as the company’s Chief Executive Officer and Exec. Director. Prior to Cettire, Dean Mintz was also the founder of Ark Technologies Pty Ltd; he also held the title of CEO and Exec. Director at the company.

On September 02, Mintz added 6,275,290 CTT shares to his company holdings at 1.267 AUD per share. The following day, he conducted another transaction of 5,161,500 shares at a higher price of 1.524 AUD per share.

These insider buys amounted to around 15.82 million AUD ($10,679,000).

In the trade disclosure report, Mr. Mintz added, "We are relentlessly focussed on driving profitable revenue growth, expanding our global footprint, remaining self-funding, and executing Cettire's growth strategy. I believe we are well placed to deliver profitable growth in FY25 and beyond."

Cettire Facing Scrutiny

On September 04, following Mintz's insider buys, it was disclosed that Cettire had roped in a second accounting firm to evaluate its revenue recognition practices after its auditor, Grant Thornton, did not approve its annual financial accounts last week. This was so because the company was under scrutiny for its revenue recognition method, traditionally as a principal rather than an agent. Switching to an agent model could lower reported revenue but wouldn't necessarily impact profitability.

Dean Mintz was also under scrutiny earlier this year for selling off a whopping worth of 127.33 million AUD ($83.347 million) on March 04, 2024. This transaction was flagged as private and over-the-counter. 

While the stock price had a downward trajectory in the past year, CTT shares are trading 54.02% higher in the past month. Mintz’s insider buying in the last week seems to have paid off when CTT stock rose by 20.35% since Mintz’s last purchase. The stock closed at 1.70 AUD on September 10, 2024.