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

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Updated: 21 August 2020

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

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.