Short Interest in GitLab Inc. (NASDAQ:GTLB) Rises By 23.8%

GitLab Inc. (NASDAQ:GTLB) was the recipient of a significant growth in short interest in March. As of March 13th, there was short interest totaling 15,386,598 shares, a growth of 23.8% from the February 26th total of 12,426,224 shares. Based on an average daily trading volume, of 9,209,745 shares, the short-interest ratio is currently 1.7 days. Currently, 11.6% of the shares of the stock are short sold.

GitLab Stock Up 2.2%

GTLB traded up $0.45 during midday trading on Monday, hitting $20.80. 5,308,247 shares of the company were exchanged, compared to its average volume of 6,192,534. The firm has a market capitalization of $3.54 billion, a P/E ratio of -59.43 and a beta of 0.79. GitLab has a 1-year low of $20.20 and a 1-year high of $54.08. The firm’s 50 day moving average price is $27.90 and its 200-day moving average price is $37.63.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.07. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.The company had revenue of $260.40 million during the quarter, compared to analysts’ expectations of $252.31 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The business’s quarterly revenue was up 23.2% on a year-over-year basis. On average, sell-side analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Royal Bank Of Canada lowered their target price on GitLab from $40.00 to $33.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. UBS Group cut their price target on GitLab from $51.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. KeyCorp downgraded GitLab from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, December 16th. William Blair reiterated an “underperform” rating on shares of GitLab in a report on Monday, March 23rd. Finally, Guggenheim cut their target price on shares of GitLab from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $39.62.

Insiders Place Their Bets

In other news, Director Matthew Jacobson sold 459,799 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $22.37, for a total value of $10,285,703.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James Shen sold 2,538 shares of the firm’s stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $38.08, for a total value of $96,647.04. Following the sale, the chief financial officer directly owned 52,284 shares in the company, valued at approximately $1,990,974.72. This trade represents a 4.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,271,046 shares of company stock valued at $29,945,143. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in GitLab by 3.6% during the 3rd quarter. Blue Trust Inc. now owns 8,770 shares of the company’s stock worth $395,000 after purchasing an additional 302 shares in the last quarter. Allworth Financial LP grew its holdings in GitLab by 124.1% during the 3rd quarter. Allworth Financial LP now owns 558 shares of the company’s stock valued at $25,000 after buying an additional 309 shares in the last quarter. Main Management ETF Advisors LLC increased its position in shares of GitLab by 1.0% during the fourth quarter. Main Management ETF Advisors LLC now owns 33,669 shares of the company’s stock valued at $1,264,000 after buying an additional 344 shares during the period. Jones Financial Companies Lllp increased its position in shares of GitLab by 20.1% during the third quarter. Jones Financial Companies Lllp now owns 2,139 shares of the company’s stock valued at $102,000 after buying an additional 358 shares during the period. Finally, Prostatis Group LLC lifted its holdings in shares of GitLab by 6.5% in the third quarter. Prostatis Group LLC now owns 6,051 shares of the company’s stock worth $273,000 after buying an additional 368 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

About GitLab

GitLab Inc (NASDAQ: GTLB) is a leading provider of a unified DevOps platform designed to streamline the software development lifecycle. Founded in 2011 by Dmitriy Zaporozhets and Sid Sijbrandij, the company initially gained recognition for its open-source Git repository manager. Over time, GitLab expanded its offerings to encompass planning, source code management, continuous integration/continuous deployment (CI/CD), security testing, and monitoring in a single application. This integrated approach enables development teams to collaborate efficiently, reduce toolchain complexity, and accelerate release cycles.

The GitLab platform is offered through both cloud-hosted and self-managed deployment models, catering to organizations of all sizes.