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

GitLab Inc. (NASDAQ:GTLB) saw a large increase in short interest in 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 stock are sold short. Based on an average daily trading volume, of 1,900,000 shares, the days-to-cover ratio is currently 1.8 days.

GitLab Trading Down 1.5 %

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

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The firm 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%. The business’s quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. Sell-side analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research analyst reports. BTIG Research increased their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. UBS Group upped their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. Finally, Royal Bank of Canada upped their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $66.38.

Insider Activity

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 80,341 shares of company stock worth $4,374,604. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. Capital Research Global Investors increased its holdings in shares of GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in GitLab during the 1st quarter worth approximately $49,196,000. DNB Asset Management AS acquired a new stake in GitLab during the 2nd quarter worth approximately $37,851,000. Renaissance Technologies LLC lifted its stake in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after buying an additional 747,712 shares in the last quarter. Finally, Primecap Management Co. CA boosted its holdings in shares of GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after buying an additional 603,200 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.