Short Interest in GitLab Inc. (NASDAQ:GTLB) Rises By 8.3%

GitLab Inc. (NASDAQ:GTLB) saw a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 3,400,000 shares, an increase of 8.3% from the September 30th total of 3,140,000 shares. Currently, 2.9% of the shares of the company are sold short. Based on an average daily trading volume, of 1,900,000 shares, the short-interest ratio is presently 1.8 days.

GitLab Trading Down 1.5 %

GitLab stock traded down $0.81 during trading hours on Thursday, reaching $53.75. 1,071,463 shares of the company were exchanged, compared to its average volume of 2,370,901. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a 50-day moving average of $52.04 and a 200 day moving average of $50.85. The firm has a market cap of $8.63 billion, a price-to-earnings ratio of -23.12 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.29) EPS. As a group, research analysts forecast that GitLab will post -0.41 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on GTLB shares. BTIG Research upped their target price on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Barclays raised their target price on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Scotiabank boosted their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, September 4th. Wells Fargo & Company raised their price objective on shares of GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Robert W. Baird lifted their price objective on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $66.38.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 80,341 shares of company stock valued at $4,374,604. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the third quarter worth $52,000. Quarry LP increased its position in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Canton Hathaway LLC increased its position in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares during the period. Finally, SG Americas Securities LLC acquired a new position in GitLab during the 3rd quarter valued at $119,000. 91.72% of the stock is currently owned by institutional investors.

About GitLab

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.