GitLab Inc. (NASDAQ:GTLB – Get Free Report) 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 – Get Free Report) 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
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.
Get Our Latest Stock Report on GTLB
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.
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