The Cettire Ltd (ASX: CTT) share price is soaring again today despite no news having been released by the company.
The Cettire share price has gained another 6.61% today to trade at $3.87. That leaves it 81.69% higher than it was this time last month.
Let's take a look at what's driving the ASX newbie's stock higher lately.
What is Cettire?
If you're not familiar with Cettire, it's an online luxury goods retailer.
As my Foolish colleague recently reported, the company is reportedly backed by some of Australia's richest individuals.
Interestingly, Cettire doesn't hold its own inventory. Instead, most goods sold on its platform are shipped directly from Cettire's suppliers.
Cettire listed on the ASX in December 2020. Under its prospectus, shares in the company were offered for 50 cents apiece.
What's driving the Cettire share price higher?
That, dear market watcher, is a good question.
Cettire hasn't released any price-sensitive news to the ASX since its financial year 2021 earnings.
Over financial year 2021, Cettire's gross revenue quadrupled to outperform its guidance by 40%.
However, Cettire's net profit after tax dropped to a $251,000 loss for financial year 2021. The previous financial year, the company reported a $1.5 million after-tax profit.
The Cettire share price gained 2.7% on the back of its results and another 49% since.
Additionally, the company announced it had migrated its e-commerce storefront from a third-party platform to its own software last month.
According to Cettire, the change will increase the site's performance, flexibility, and functionality.
Cettire's Founder and CEO Dean Mintz commented the software will support its rapidly growing customer base, product offerings, and suppliers.
And, indeed, the company's business is certainly growing in all the above metrics. Further, the Cettire share price might be getting a boost from the company's impressive growth.
In financial year 2021, the number of active customers shopping on Cettire increased by 285% with 40% of the company's revenue coming from repeat customers. In addition, Cettire added 78,000 new products to its site, bringing its total number of purchasable products to more than 190,000 from 1,700 brands.
