Shares in OnTheMarket fell to a new low yesterday, following the departure of CEO Ian Springett.
Springett was given notice by the board, the stock market was told yesterday.
Shares, which had been trading at a low anyway, sank further, with some trades at just above 65.5p.
The shares finished at 68.5p, the lowest since launch on the stock market in February 2018, and almost 100p below the 165p price at which they were offered to investors then.
However, share prices on stock markets around the world plunged yesterday amid coronavirus concerns, and OTM’s shares fell less than most.
Purplebricks shares dropped by more than 16% to another all-time low at 61p.
Countrywide shares fell heavily, more than 11% down at 260p.
LSL, whose results are announced today, tumbled nearly 7% to 286p.
Rightmove was also among the fallers, down 5% to 570.6p.
Foxtons was an exception to yesterday’s stock market falls, putting on almost 3% to finish at 71.3p.
Comments (18)
Purple Beardies are still in the 60’s pence wise
still double what they are really worth (in my humble opinion)
at 30p a share it;s worth a modest punt to see if they can do anything, if you spent £200 for example and they went belly up well its a small loss isn’t it !
After all we can spend that in a day at the races and the gamble is about the same
“…at 30p a share it;s worth a modest punt to see if they can do anything,”
That’s your – and everyone else’s – prerogative, padymagic. I’m sure there are many here that would do just that.
But for the record, I wouldn’t take ownership of a single share if it was given to me wrapped in a million pound note.
£200 is a ‘small loss’?
I want your bank account…
My Broker has just informed me that this is a certain “Buy” opportunity now, and I believe him.
All rising today – such a fickle environment the stock market……
For the past 3 years watching one particualr stock on a daily basis there is an obvious pattern and a process that’s used to defend market capitalisation.
What is funny to watch is how the same voices that were once solidly and vocally behind disruption as the future are now solidly behind defending Rightmove.
Surely if you have seen a pattern you can cash in on it, make your quiet millions and not need to worry about anything else…
“Rightmove was also among the fallers, down 5% to 570.6p” doesn’t sound much does it? 5%.
Of course 5% is pro-rata, and16% is a much bigger percentage but look at what that 5% is worth and then consider what the 18.6% fall in value of Rightmove shares in the past month isworth.
£1.14 billion has come of the value Rightmove in less than a month. The same coincidental month I have quietly taken the Google hide off the rummage4 aggregator. The same month as broad sheet journalists are starting to question the coercive partnership between Rightmove and it’s paying customers.
Rightmove has a legacy issue; they are stuck with drop down list generation tech. They can’t change that without catching up with tech that costs far less to operate. The industry is irked enough at 78.76% profit so if the profit rose to over 90% (without another rise in ARPA) their subscription is going to be even harder to justify.
With the greatest respect , the long promised/threatened Rummage 4 has yet to make an appearance or impact. Say what you will, RM have increased their profitability again. The shareprice is an irrelevance in this market. I was always told that “cash is king” and RM are rolling in it.
That isn’t correct. I have been careful to document the things rummage4 as a adjutant service supplier to the industry has achieved.
The correction of ONS HPI was a rummage4 project, controlling portaljuggling another, tackling fee erosion by disruptors. the agents who’ve come off Rightmove or cut their subscriptions back to the basic are all things we’ve done, helped with or encouraged
You can be as dismissive as you like I have created the environment for the paradigm shift and it will be down to agents to take up the opportunity that has been created for them.
Some of the most demanding authorities and thought leaders in the industry have seen what I am building and they’re not calling it out as snake oil or without substance.
Just because what I have built has not been rolled out as a belly to belly, looky likey competitor portal to Rightmove do not dismiss what it has already achieved and now has the potential to achieve.
Could you tell us what Rummage4 will actually do? I am keen to come away from RM and OTM
As you have asked the question here is the answer which might understandably be deleted but as briefly and non promoting as I can make it It is a progressive web application (smartphone optimised) property search system that puts all the listing in a single place to satisfy consumers wanting to see all available properties but which can display results by individual agents.
Each listed property has a unique URL making it available for long tail search and making social media sharing simple.
Each property has click-throughs and calls to action which are designed as a backlink SEO for each agent’s own web site.
It is a search system that cannot be gamed as properties are listed in proximity order by default- that makes #hyperlocal property search ( the sub divisions of an area that determine popularity and price) possible
Its like a portal that’s focused on each agent. Everyone pays the same per branch or branch equivalent, subscription rise and fall in like with the house price index.
Sounds great, thanks Robert I will be sure to keep an eye on developments
You’re welcome,
apologies to anyone offended by the requested explanation
thank you Eye for allowing the post to remain
Offended? That was not the intention
I was apologising to those who are offended by my posting on here.
Because I haven’t built it fast enough or have challenged their beliefs and understanding or simply called out their lies and spivery I’m not that welcomed
What is the relevance of your maths on the total fall? They have a bigger market capitalisation, so a small percentage fall will be bigger in nominal terms. This is why stocks are often quoted in percentages, or index values; it allows the comparison between two share’s performance irrespective of the nominal value.
16% is worse than 5%, even if 5% is more in pounds.
If Apple fell by 1% it would be be a lot larger in nominal terms than OTM by 16%, but would this make it a worse performer?
Rummage4zzzzz. I’m sure I first read about this amazing bit of kit about 35 years ago!