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Here’s Why Purplebricks Share Price Plunged 8% Lower Today

Simon Mugo trader
Updated 21 Aug 2020

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Shares of UK Real Estate Agency Purplebricks Plc (LON: PURP) today fell 8% after Seneca Investment Managers sold part of its stake in the company.

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Seneca is an investment manager headquartered in Liverpool, which bought a 5.23% stake in Purplebricks earlier this year.

The firm has recently reduced its holdings to 4.83% despite Purplebricks reporting that its pre-tax profits had increased during the last financial year despite overall revenues declining during the same period.

The firm’s share price recently surged 8.1% higher after analysts at UBS upgraded its rating to Buy and raised its price target to 100p.

Purplebricks share price

Tradingview chart of Purplebricks share price 21082020

Purplebricks shares fell 8% to trade at 74.0p having closed yesterday’s session trading at 80.5p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading