Quindell Share Price Falls Despite Director Share Purchases
Last week was disappointing for Quindell (QPP) shares. The shares were given a boost on Wednesday when one of the company’s founders increased his stake in it to try and increase investor confidence.
But ultimately the shares fell all week and closed down at 118.50p, down 10.45% for the week and 24.88% for the month.
Last week a total of four of the company’s directors purchase over £2 million worth of shares but this failed to increase market confidence as much as hopped. It fact, some speculate that it may have spooked investors as the directors placed their existing shares as collateral in a loan used to buy more shares.
Nonetheless the majority of brokers, including Cenkos, Canaccord Genuity and Daniel Stewart, have reiterated their ‘Buy’ position with target prices ranging from 362p to 700p. Investors seem fairly split regarding the company, on Friday 53.09% of Quindell shares traded were sold while 46.91% were bought.