Massive Volume Spike in Purplebricks

Tuesday, 4th June 2019 09:40 - by Rajan Dhall

Online estate agency Purplebricks shares have seen a massive surge in volume at lower price levels in the past 2 sessions. 

But the future of the estate agents is unclear after hostile investor Neil Woodford yesterday evening blocked redemptions from one of his many funds after a large investor (Kent Council) said they are looking to pull funds. This is only half of the story as Axel Springer was in talks to possibly buy Woodford’s investment in the agency, as part of an acquisition deal.

This all came about after Michael Bruce, Kenneth Bruce and Michael’s wife Isabel sold their final shares to Axel Springer yesterday, hence the big volume spike. 

Now shares have fallen from a high of 525p on June 17 to the dismal 102p we see today. Will publishing company Axel Springer be able to turn them around?