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Here’s Why Purplebricks Share Price Surged 8.1% Higher Today

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Simon Mugo

Shares of UK real estate property agency Purplebricks Group (LON: PURP) today surged 8.1% higher after the firm’s investment rating was upgraded to Buy from Neutral by analysts at UBS with a price target of 100p.

UBS upgraded the real estate company after it delayed changes to its fee structure, which is set to rely less on its controversial upfront fees.

The letting and buying agency also faces new competition from Venmore group, which relaunched its letting business after a two-year ‘no-compete’ period lapsed.

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The group had closed its real estate management business in-line with the no-compete clause after selling its letting operation to Purplebricks for £3.5 million.

Purplebricks share price

Tradingview chart of Purplebricks share price 13082020

Purplebricks share price today rallied 8.1% to a high of 72.0p as compared to yesterday’s closing price of 66.6p.

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.