GitLab Inc. (NASDAQ:GTLB) Short Interest Up 40.1% in May

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was the recipient of a large growth in short interest in May. As of May 31st, there was short interest totalling 11,000,000 shares, a growth of 40.1% from the May 15th total of 7,850,000 shares. Currently, 8.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,820,000 shares, the short-interest ratio is currently 3.9 days.

GitLab Trading Up 2.1%

GTLB traded up $0.85 during mid-day trading on Monday, hitting $42.08. 6,743,941 shares of the stock were exchanged, compared to its average volume of 2,765,089. The firm's fifty day moving average is $46.45 and its two-hundred day moving average is $55.28. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18. The company has a market cap of $6.90 billion, a PE ratio of -131.50 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The business's quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. As a group, research analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GTLB. Wells Fargo & Company decreased their price objective on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Macquarie decreased their price target on shares of GitLab from $90.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Robert W. Baird lowered their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Scotiabank dropped their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 target price on shares of GitLab in a report on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $63.59.

Insider Activity

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the firm's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the transaction, the director now directly owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 in the last quarter. Corporate insiders own 16.37% of the company's stock.

Institutional Trading of GitLab

A number of large investors have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares during the period. Cullen Frost Bankers Inc. raised its position in GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares in the last quarter. CoreCap Advisors LLC boosted its stake in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares during the period. Twin Tree Management LP purchased a new position in shares of GitLab in the 1st quarter valued at about $29,000. Finally, Cloud Capital Management LLC acquired a new position in shares of GitLab during the first quarter worth about $29,000. Hedge funds and other institutional investors own 95.04% 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.

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