Goldman Sachs shares fall the most in two weeks on Thursday, holding collects $7 billion to acquire secondhand stakes in private equity

According to persons with knowledge of the matter, Goldman Sachs Group Inc (GS) has raised over $7 billion for a fund with a focus on secondhand stake purchases in private equity funds. A spokesperson for Goldman Sachs refused to comment on the situation.

Goldman Sachs shares closed lower for a second time in the past nine trading sessions on Thursday. It has also been the steepest daily loss since May 31st. The stock went down 1.45% ($3.28) to $223.23, with the intraday high and the intraday low being at $226.35 and $222.80 respectively. In the week ended on June 11th the shares of the bank holding company added 4.28% to their market value compared to a week ago, which marked the second gain in the past five weeks and also the best performance since the week ended on December 11th 2016. The stock has pared its advance to 5.67% so far during the current month, following a 5.60% slump in May. The latter has been a third consecutive month of losses. For the entire past year, Goldman Sachs shares gained 32.86%.

Vintage VII, as the fund is also known, had initially had a target of $5 billion raised in capital. According to one of the sources, who preferred to remain anonymous, as the fund approached its final close, it turned out to be oversubscribed and, thus, some potential investors had to be turned away.

Run out of Goldman Sachs asset management division, Vintage VII engages in buyout and distressed strategies in developed markets.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $250.00, with a high estimate of $275.00 and a low estimate of $185.00. The median estimate is an 11.99% surge compared to the closing price of $223.23 on June 15th.

The same media also reported that 12 out of 30 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, and 12 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Goldman Sachs stock are presented as follows:

R1 – $223.56
R2 – $223.88
R3 (Range Resistance – Sell) – $224.21
R4 (Long Breakout) – $225.18
R5 (Breakout Target 1) – $226.32
R6 (Breakout Target 2) – $226.79

S1 – $222.90
S2 – $222.58
S3 (Range Support – Buy) – $222.25
S4 (Short Breakout) – $221.28
S5 (Breakout Target 1) – $220.14
S6 (Breakout Target 2) – $219.67

By using the traditional method of calculation, the weekly levels of importance for Goldman Sachs Group Inc (GS) are presented as follows:

Central Pivot Point – $219.59
R1 – $226.70
R2 – $230.96
R3 – $238.07
R4 – $245.18

S1 – $215.33
S2 – $208.22
S3 – $203.96
S4 – $199.70