The gap higher on the back of strong full-year 2023 reporting did not last very long.
Part of the reason for the fall in the share price we put down to the Cettire founder, Dean Mintz, selling an 8.7% stake in the company for $3.00 a share the evening after we recommended opening a position. Mr. Mintz will still have a 37.2% stake in the company and is still the largest shareholder by some margin.
With so many new shares hitting the market, as soon as the share price fell under the $3.00 sale price for the shares, the share price was almost certain to continue to fall.
So exiting at the stop loss level is the right move.
Closed position result
Number of Shares Purchased: 2,000
Initial buy price: $3.28
Exit Price: $2.96
Position closed for a loss of $640.00