GitLab Inc. (NASDAQ:GTLB) Short Interest Up 8.7% in November

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on GTLB shares. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. DA Davidson restated a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Scotiabank upped their target price on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. KeyCorp increased their price target on GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Finally, Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $67.17.

GitLab Stock Up 1.4 %

Shares of GTLB stock traded up $0.87 on Tuesday, reaching $63.86. The stock had a trading volume of 2,133,888 shares, compared to its average volume of 2,325,493. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The firm’s 50-day moving average is $56.80 and its two-hundred day moving average is $51.97.

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

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,990 shares of GitLab stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. The trade was a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the 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 sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth $56,000. Rakuten Securities Inc. boosted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Quarry LP grew its stake in shares of 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 acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP bought a new position in GitLab during the third quarter worth about $96,000. Institutional investors own 91.72% of the company’s stock.

GitLab Company Profile

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.