After yesterday's nasty fall, the ASX share market seem to be recovering so far this Wednesday. At the time of writing, the All Ordinaries Index (ASX: XAO) is up a decent 0.34%. But the Cettire Ltd (ASX: CTT) share price is once again doing something far more dramatic.
Yesterday, we looked at Cettire shares and the very depressing 14% drop they inflicted upon investors at one point. The company ended up finishing down around 9.5%, a big improvement on the worst of the company's falls yesterday, but still a considerable drop nonetheless.
Well, unfortunately for anyone who capitulated and sold out of Cettire yesterday, the company has enjoyed a massive rebound today. The Cettire share price is currently up a very pleasing 9.05% at the time of writing at $2.29 a share. That's after opening at $2.15 a share this morning.
Why is the Cettire share price rebounding 10% today?
Yesterday, we couldn't identify any real reasons why the Cettire share price plunged by so much. We could only speculate that it may have been a consequence of this luxury fashion retailer's stellar share price performance over 2021. Perhaps assisted by the company's mixed-bag half-year earnings results that Cettire reported back on 3 February. After all, this is a company whose share price remains up close to 130% over the past 12 months, even after falling more than 50% since November.
Unfortunately, we are in the same position in explaining Cettire shares' rise today. There has been no news or announcements out of the company to speak of. So perhaps investors have simply decided that yesterday's steep sell off took things too far, and we have some bargain hunters flocking in today to pick up shares.
Whatever the reason, it's certainly a happier day today for Cettire investors.
At the current Cettire share price, this company has a market capitalisation of $880 million.
