Following yesterday's surprise news that founder Michael Bruce is leaving the business and its Australian operation is closing down, Purplebricks encountered another turbulent day of stock market trading.
The hybrid agency's share price closed at 119p yesterday, down 16p (almost 12%) for the day.
It still remains above its December 2015 launch price of 100p, but is a shadow of the 498.5p high recorded in July 2017.
The agency has suffered a series of trading knockbacks recently, with UBS cutting its price forecast for Purplebricks shares to 100p just a few days ago.
This follows a price forecast cut from 305p to 285p back in March. The Swiss bank predicted that the agency's business down under wouldn't break even until 2022 and that the US operation will not see a profit until 2025.
In April, Berenberg Bank reduced its price target for Purplebricks by over 80%, from 470p to 80p, saying the agency has 'flown too close to the sun'.
The period of turbulence for Purplebricks kicked off with the announcement in February that UK chief executive, Lee Wainwright, and US chief executive, Eric Eckardt, would be leaving the business.
A statement accompanying yesterday's news thanked Bruce for his 'truly remarkable contribution' to the agency. Bruce will be replaced as chief executive by Vic Darvey, a former managing director of Moneysupermarket.com who had been acting as Purplebricks' chief operating officer.
The statement, made by non-executive chairman Paul Pindar, added that Purplebricks' rate of geographic expansion had been 'too rapid' and that the agency is hoping to learn from its errors.
Mike DelPrete, former head of strategy at the portal Trade Me in New Zealand and a long-standing analyst of portals and online estate agencies in the UK, told Estate Agent Today: "My philosophy is that if you're not failing, you're not trying hard enough. I'd hate for this news - or the media and industry reaction - to discourage future entrepreneurs from trying something new."
"Ultimately, international expansion proved to be too much of a stretch, but full credit should go to Purplebricks for having the ambition to try something new and pushing the model to its limits."
Meanwhile, a number of industry commentators took to Twitter yesterday to comment on the news.
Anthony Codling, a former market analyst and now chief executive of fledgling portal Rummage4Property, who has been a vocal critic of Purplebricks, tweeted: "Is this the clearest sign yet that passive intermediaries are not the best thing since sliced bread? Property is primarily a people business not a PropTech one."
And Russell Quirk, the former chief executive of Emoov who now fronts an industry PR firm, tweeted: "Michael Bruce has to be admired greatly regardless of the international issues in his business and lack of traction and premature expansion."
"He’s a true innovator and has balls of steel for sure. Unfortunately, every founder eventually has their day at the hands of a board."