Goldman Sachs Group Inc (GS) has invested in Rabbet, a US startup firm specialized in construction finance software development, Reuters reported.
Among other participants in the $8 million round are Camber Creek and QED Investors.
Goldman Sachs shares closed lower for a third consecutive trading session in New York on Friday. The stock edged down 0.18% ($0.36) to $196.00, after touching an intraday high at $197.74 and an intraday low at $195.21.
Shares of Goldman Sachs Group Inc have risen 17.33% so far in 2019 compared with an 11.40% gain for the benchmark index, S&P 500 (SPX).
In 2018, Goldman Sachs’s stock went down 34.43%, thus, it underperformed the S&P 500, which registered a 6.24% loss.
According to Rabbet, the funding is to be utilized for further improvement of the companys platform as well as for expansion of its software engineering and sales team.
The companys platform is designed to aid business entities, mostly banks, developers or contractors, which operate in construction finance in digitizing and viewing documents.
The technology provided by Rabbet employs machine learning so that key information is automatically found and extracted from documents in a format, which allows for an easier examination by the parties involved.
“We firmly believe construction finance is going to be automated and brought out of its decades-old, paper-ridden process,” David Bell, managing director of Goldman Sachs’ construction group, was quoted as saying by Reuters.
“Rabbet is the only solution we’ve seen that can handle the complexity of this transition,” Bell added.
According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $226.00, with a high estimate of $302.00 and a low estimate of $190.00. The median estimate represents a 15.31% upside compared to the closing price of $196.00 on February 22nd.
The same media also reported that 14 out of 28 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.
Weekly Pivot Levels
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 – $196.83
R1 – $198.62
R2 – $201.23
R3 – $203.02
R4 – $204.80
S1 – $194.22
S2 – $192.43
S3 – $189.82
S4 – $187.20
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