Short Interest in GitLab Inc. (NASDAQ:GTLB) Increases By 8.7%

GitLab Inc. (NASDAQ:GTLB) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 4,890,000 shares, an increase of 8.7% from the October 31st total of 4,500,000 shares. Approximately 4.1% of the shares of the company are short sold. Based on an average trading volume of 1,900,000 shares, the short-interest ratio is currently 2.6 days.

GitLab Price Performance

GTLB traded down $0.76 during trading on Tuesday, reaching $62.99. 2,455,542 shares of the company’s stock were exchanged, compared to its average volume of 1,778,177. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company’s fifty day moving average price is $56.80 and its 200-day moving average price is $51.97.

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

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. KeyCorp increased their price objective on shares of GitLab from $62.00 to $74.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. BTIG Research increased their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 price objective on shares of GitLab in a report on Monday, October 14th. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a report on Monday, October 21st. Finally, Morgan Stanley assumed coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have 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 target price of $67.17.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock worth $10,569,356. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. Future Financial Wealth Managment LLC bought a new position in GitLab during the third quarter worth about $52,000. True Wealth Design LLC acquired a new position in shares of GitLab in the 3rd quarter valued at approximately $56,000. Rakuten Securities Inc. increased its stake in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP increased its stake in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in GitLab during the 3rd quarter worth approximately $96,000. 91.72% of the stock is 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.