GitLab Inc. (NASDAQ:GTLB) Short Interest Update

GitLab Inc. (NASDAQ:GTLB) was the recipient of a large increase in short interest in 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. Approximately 2.9% of the company’s shares are sold short. Based on an average trading volume of 1,900,000 shares, the days-to-cover ratio is currently 1.8 days.

GitLab Stock Down 0.3 %

Shares of GTLB stock traded down $0.17 on Wednesday, reaching $54.56. The company’s stock had a trading volume of 1,204,235 shares, compared to its average volume of 2,377,095. The company has a market capitalization of $8.67 billion, a P/E ratio of -19.94 and a beta of 0.46. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The stock’s 50 day simple moving average is $51.90 and its 200-day simple moving average is $50.82.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Morgan Stanley began coverage on GitLab in a research note on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Royal Bank of Canada increased their price target on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, TD Cowen raised their price target on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $66.38.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at $12,758,527.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on 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 sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,673 shares of company stock worth $5,523,472. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its stake in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in GitLab in the third quarter valued at approximately $52,000. Quarry LP lifted its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Canton Hathaway LLC boosted its stake in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of GitLab in the third quarter worth approximately $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.