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

Purplebricks sign
Simon Mugo

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.

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.

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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 Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.