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.