MMR

Goldman Sachs Stock Ticks Higher After Another Layoff Announcement

The security is eyeing its highest close in roughly eight months

Digital Content Manager
Nov 18, 2020 at 10:46 AM
    facebook X logo linkedin


    Financial name Goldman Sachs Group Inc (NYSE:GS) is climbing higher this morning, last seen up 1% at $226.90, following news the company would lay off an undisclosed number of workers in an effort to reduce operating expenses by $1.3 million over the next three years. This marks Goldman Sachs' second round of layoffs this year, though the company does not expect this round to exceed the 400 positions cut in September.

    Earlier this month, the security just enjoyed an impressive bull gap above recent pressure at its 120-day moving average, thanks to an upbeat vaccine update from Pfizer (PFE) that gave bank stocks a boost. Now, GS is eyeing its highest close in roughly eight months -- poised to topple the $225 level for the first time since early February. 

    Analysts are mostly bullish on the security. Of the 14 in coverage, 10 call it a "strong buy." Plus, the 12-month consensus price target of $255.58 is a 12.6% premium to current levels. 

    Meanwhile, calls are outnumbering puts on an overall basis, though there's been an uptick in bearish options activity of late. This is per Goldman Sachs' 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 92% of readings from the past year. 

    Now looks like an ideal time to get in on Goldman Sachs stock's next move with options, though. The equity's Schaeffer's Volatility Index (SVI) of 27% ranks in the 8th percentile of its 12-month range, meaning options traders are pricing in relatively low volatility expectations at the moment. 

     

    Follow us on X, Follow us on Twitter

     

    Nvidia and its powerful chips are the face of artificial intelligence.

    But while everyone’s patting Nvidia on the back for record earnings…

    It’s quietly moved on to the next phase of AI it plans to conquer…

    Nvidia recently unveiled essential blueprints for this crucial $1 trillion pivot.

    Click here now and find out about the three companies Nvidia absolutely needs to succeed in this vital new AI frontier.
     (ad)