GitLab Inc. (NASDAQ:GTLB) Short Interest Down 8.1% in July

GitLab Inc. (NASDAQ:GTLB) saw a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 5,010,000 shares, a drop of 8.1% from the June 30th total of 5,450,000 shares. Based on an average daily volume of 2,620,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 4.3% of the shares of the company are sold short.

GitLab Stock Performance

Shares of GitLab stock traded down $2.00 during trading on Thursday, reaching $49.23. The company’s stock had a trading volume of 445,720 shares, compared to its average volume of 2,587,172. GitLab has a one year low of $40.19 and a one year high of $78.53. The stock has a 50-day moving average price of $49.42 and a two-hundred day moving average price of $57.51.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. On average, research analysts anticipate that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Karen Blasing sold 4,430 shares of GitLab stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $249,187.50. Following the transaction, the director now owns 150,983 shares of the company’s stock, valued at $8,492,793.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the sale, the director now owns 150,983 shares in the company, valued at approximately $8,492,793.75. The disclosure for this sale can be found here. Insiders have sold a total of 116,943 shares of company stock valued at $5,699,980 over the last 90 days. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Byrne Asset Management LLC bought a new stake in shares of GitLab in the 1st quarter valued at about $33,000. Allspring Global Investments Holdings LLC increased 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. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of GitLab in the 4th quarter valued at about $71,000. 91.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of GitLab in a research note on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target on the stock. Bank of America decreased their price target on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 price target on shares of GitLab in a research note on Thursday, July 18th. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, June 4th. Finally, Citic Securities assumed coverage on shares of GitLab in a research note on Monday, June 3rd. They set a “buy” rating and a $80.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.30.

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.