Goldman Sachs slides despite Q1 beat as fixed-income trading weakness offsets record equities strength

Goldman Sachs Group (GS) is down 3.5% today. Here is some analysis on what might have caused this price movement.

Analysis: The stock appears to be moving lower despite a strong headline quarter because investors focused on a notable drop in fixed-income trading revenue and higher expenses. With expectations elevated into the print, the mix of results may also be driving some profit-taking.

Details:

Goldman reported first-quarter 2026 diluted EPS of $17.55 on net revenues of $17.23 billion, with net earnings of $5.63 billion.

Equities net revenues were $5.33 billion, up 27% year over year, driven by stronger financing (including prime financing) and higher intermediation in cash products.

Fixed Income, Currency and Commodities (FICC) net revenues were $4.01 billion, down 10% year over year, reflecting weaker results in interest rate products and mortgages and lower credit products, partly offset by stronger commodities and currencies.

Operating expenses rose to $10.43 billion (up 14% year over year), reflecting higher transaction-based expenses and higher compensation and benefits tied to improved operating performance.

Sources:

Goldman Sachs, Associated Press

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$GS Insider Trading Activity

$GS insiders have traded $GS stock on the open market 133 times in the past 6 months. Of those trades, 0 have been purchases and 133 have been sales.

Here’s a breakdown of recent trading of $GS stock by insiders over the last 6 months:

DAVID A VINIAR has made 0 purchases and 37 sales selling 68,186 shares for an estimated $65,820,535.
JOHN F.W. ROGERS (Executive Vice President) has made 0 purchases and 29 sales selling 15,855 shares for an estimated $15,210,753.
DENIS P. COLEMAN (Chief Financial Officer) has made 0 purchases and 12 sales selling 11,623 shares for an estimated $10,943,891.
KATHRYN H. RUEMMLER (Chief Legal Officer, GC) has made 0 purchases and 11 sales selling 9,589 shares for an estimated $8,893,930.
SHEARA J FREDMAN (Chief Accounting Officer) has made 0 purchases and 18 sales selling 4,863 shares for an estimated $4,492,188.
CAREY HALIO (Global Treasurer) has made 0 purchases and 19 sales selling 4,603 shares for an estimated $4,256,247.
ALEX S GOLTEN (CHIEF RISK OFFICER) has made 0 purchases and 5 sales selling 2,292 shares for an estimated $2,143,044.
DAVID M SOLOMON (Chairman of the Board and CEO) has made 0 purchases and 2 sales selling 272 shares for an estimated $255,387.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$GS Hedge Fund Activity

We have seen 1,327 institutional investors add shares of $GS stock to their portfolio, and 1,125 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 7,205,570 shares (-77.6%) from their portfolio in Q4 2025, for an estimated $6,333,696,030
CORIENT PRIVATE WEALTH LLC added 2,448,767 shares (+1657.7%) to their portfolio in Q4 2025, for an estimated $2,152,466,193
JPMORGAN CHASE & CO added 876,549 shares (+12.5%) to their portfolio in Q4 2025, for an estimated $770,486,571
DODGE & COX removed 498,951 shares (-22.6%) from their portfolio in Q4 2025, for an estimated $438,577,929
MANUFACTURERS LIFE INSURANCE COMPANY, THE removed 488,088 shares (-60.9%) from their portfolio in Q4 2025, for an estimated $429,029,352
FMR LLC added 479,967 shares (+13.4%) to their portfolio in Q4 2025, for an estimated $421,890,993
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO added 450,984 shares (+428.4%) to their portfolio in Q4 2025, for an estimated $396,414,936

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$GS Congressional Stock Trading

Members of Congress have traded $GS stock 13 times in the past 6 months. Of those trades, 2 have been purchases and 11 have been sales.

Here’s a breakdown of recent trading of $GS stock by members of Congress over the last 6 months:

SENATOR MARKWAYNE MULLIN has traded it 4 times. They made 1 purchase worth up to $50,000 on 12/29 and 3 sales worth up to $150,000 on 02/04, 12/18.
SENATOR DAVID MCCORMICK sold up to $5,000,000 on 01/23.
REPRESENTATIVE JULIE JOHNSON has traded it 2 times. They made 0 purchases and 2 sales worth up to $30,000 on 12/18, 11/13.
REPRESENTATIVE STEVE COHEN has traded it 2 times. They made 0 purchases and 2 sales worth up to $100,000 on 12/17.
SENATOR TED CRUZ sold up to $250,000 on 11/11.
REPRESENTATIVE LISA C. MCCLAIN has traded it 3 times. They made 1 purchase worth up to $15,000 on 10/30 and 2 sales worth up to $30,000 on 10/31, 10/30.

To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.

$GS Analyst Ratings

Wall Street analysts have issued reports on $GS in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Barclays issued a "Overweight" rating on 01/05/2026

To track analyst ratings and price targets for $GS, check out Quiver Quantitative's $GS forecast page.

$GS Price Targets

Multiple analysts have issued price targets for $GS recently. We have seen 10 analysts offer price targets for $GS in the last 6 months, with a median target of $985.5.

Here are some recent targets:

Daniel Fannon from Jefferies set a target price of $1049.0 on 04/06/2026
Glenn Schorr from Evercore ISI Group set a target price of $950.0 on 04/06/2026
Kian Abouhossein from JP Morgan set a target price of $826.0 on 03/10/2026
Gerard Cassidy from RBC Capital set a target price of $1030.0 on 01/20/2026
Christopher McGratty from Keefe, Bruyette & Woods set a target price of $1000.0 on 01/16/2026
Mike Mayo from Wells Fargo set a target price of $1050.0 on 01/16/2026
Jason Goldberg from Barclays set a target price of $1048.0 on 01/05/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.