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Quindell Share Price Drops Day After Founder Purchases

Quindell Share Price Drops Day After Founder Purchases

After a strong day on Wednesday which saw Quindell’s (QPP) shares rise 6.75% for the day, Thursday was not so successful. The shares opened at 130.12p but fell throughout the day and at one point hit a low of 118.03p; however, they recovered slightly to close the day at 120p. Nonetheless, the share price is still up 0.38% for the week but down 19.76% for the month.

Still brokers remain confident about the future of Quindell with a number of them having reiterated their buy position in recent times. For instance Daniel Stewart has reiterated its ‘Buy’ position with a target price of 700p. Canaccord Genuity has also reiterated its ‘Buy’ position with a target price of 362p.

Investors seem to be sharing in the brokers’ confidence. On Thursday 66.24% of Quindell shares traded were bought while just 33.76% were sold.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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