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