Price Action Don’t Lie: Goldman Sachs Group Inc Draws Bullish Attention After Its Gap Up Today

Price Action Don't Lie: Goldman Sachs Group Inc Draws Bullish Attention After Its Gap Up Today

The stock of Goldman Sachs Group Inc (NYSE:GS) gapped up by $1.48 today and has $285.00 target or 67.00% above today’s $170.66 share price. The 5 months technical chart setup indicates low risk for the $68.43B company. The gap was reported on Oct, 14 by If the $285.00 price target is reached, the company will be worth $45.85B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 3.77 million shares traded hands or 42.26% up from the average. Goldman Sachs Group Inc (NYSE:GS) has risen 8.76% since March 11, 2016 and is uptrending. It has outperformed by 3.30% the S&P500.

Analysts await Goldman Sachs Group Inc (NYSE:GS) to report earnings on October, 20. They expect $3.83 earnings per share, up 32.07% or $0.93 from last year’s $2.9 per share. GS’s profit will be $1.54 billion for 11.14 P/E if the $3.83 EPS becomes a reality. After $3.72 actual earnings per share reported by Goldman Sachs Group Inc for the previous quarter, Wall Street now forecasts 2.96% EPS growth.

Goldman Sachs Group Inc (NYSE:GS) Ratings Coverage

Out of 16 analysts covering Goldman Sachs Group Inc. (NYSE:GS), 11 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 69% are positive. Goldman Sachs Group Inc. has been the topic of 35 analyst reports since July 21, 2015 according to StockzIntelligence Inc. On Wednesday, September 9 the stock rating was upgraded by Bank of America to “Buy”. As per Wednesday, July 20, the company rating was maintained by RBC Capital Markets. Deutsche Bank maintained the stock with “Hold” rating in Wednesday, August 12 report. The firm earned “Outperform” rating on Friday, January 29 by Oppenheimer. The stock of Goldman Sachs Group Inc (NYSE:GS) earned “Buy” rating by Nomura on Monday, January 25. The stock of Goldman Sachs Group Inc (NYSE:GS) has “Neutral” rating given on Friday, October 16 by UBS. JP Morgan upgraded the shares of GS in a report on Tuesday, February 16 to “Overweight” rating. On Monday, October 12 the stock rating was upgraded by Citigroup to “Buy”. The firm has “Overweight” rating given on Monday, October 26 by Morgan Stanley. The firm has “Sector Perform” rating given on Monday, January 25 by RBC Capital Markets.

According to Zacks Investment Research, “Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. (Company Press Release)”

Insitutional Activity: The institutional sentiment decreased to 0.81 in 2016 Q2. Its down 0.25, from 1.06 in 2016Q1. The ratio dived, as 92 funds sold all Goldman Sachs Group Inc shares owned while 379 reduced positions. 86 funds bought stakes while 297 increased positions. They now own 282.96 million shares or 8.29% less from 308.54 million shares in 2016Q1.
Advisory Svcs Network Ltd Liability Company, a Georgia-based fund reported 3,662 shares. Focused Wealth Management Incorporated reported 8,367 shares or 0.57% of all its holdings. Buckingham Capital Management has 0.88% invested in the company for 48,559 shares. Lombard Odier Asset (Europe) Ltd accumulated 5,657 shares or 0.04% of the stock. Caz L P has 1.2% invested in the company for 7,570 shares. Amg Fincl Bank has invested 0.13% of its portfolio in Goldman Sachs Group Inc (NYSE:GS). Nomura Asset Mgmt Company Limited holds 0.23% of its portfolio in Goldman Sachs Group Inc (NYSE:GS) for 83,863 shares. Brown Brothers Harriman has invested 0% of its portfolio in Goldman Sachs Group Inc (NYSE:GS). Greenwich Investment last reported 0.56% of its portfolio in the stock. Paloma Prns Mngmt Communications accumulated 71,713 shares or 0.12% of the stock. Rockshelter Cap Mngmt Ltd Liability has 54,918 shares for 2.8% of their US portfolio. Lumbard & Kellner Limited Liability Corp reported 19,205 shares or 2.1% of all its holdings. Millennium Management Ltd Liability has 294,892 shares for 0.1% of their US portfolio. Artal Gru Sa holds 0.61% of its portfolio in Goldman Sachs Group Inc (NYSE:GS) for 200,000 shares. Macquarie Ltd accumulated 112,955 shares or 0.03% of the stock.

Insider Transactions: Since April 20, 2016, the stock had 0 buys, and 3 selling transactions for $3.21 million net activity. 2,664 shares were sold by SMITH SARAH G, worth $452,880 on Wednesday, August 31. $2.33M worth of Goldman Sachs Group Inc (NYSE:GS) was sold by COOPER EDITH W on Friday, August 26.

More notable recent Goldman Sachs Group Inc (NYSE:GS) news were published by: which released: “Goldman Sachs Wins Suit Over $1.2 Billion Libyan Fund Losses” on October 14, 2016, also with their article: “Goldman Debuts Marcus Online Loans to Disrupt Cards” published on October 13, 2016, published: “Goldman Sachs Sees Shock Potential for U.S., European Stocks” on October 10, 2016. More interesting news about Goldman Sachs Group Inc (NYSE:GS) were released by: and their article: “Snapchat picks Morgan Stanley, Goldman to lead IPO: sources” published on October 12, 2016 as well as‘s news article titled: “Why Goldman Sachs Group Inc Upgraded Caterpillar Inc. (CAT)” with publication date: October 12, 2016.

GS Company Profile

The Goldman Sachs Group, Inc., incorporated on July 21, 1998, is a bank holding firm and a financial holding company. The Firm is an investment banking, securities and investment management firm that provides a range of financial services to a diversified client base that includes firms, financial institutions, governments and individuals. The Firm operates through four divisions: Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. The Company’s United States depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State chartered bank.

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