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

GitLab Inc. (NASDAQ:GTLB) saw a large 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. Currently, 11.6% of the shares of the company are sold short. Based on an average daily trading volume, of 9,209,745 shares, the days-to-cover ratio is presently 1.7 days.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Guggenheim decreased their price objective on GitLab from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Piper Sandler lowered GitLab from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $28.00 in a report on Wednesday, March 4th. TD Cowen cut GitLab from a “buy” rating to a “hold” rating and set a $29.00 price target on the stock. in a research report on Monday, March 2nd. Morgan Stanley lowered their price target on shares of GitLab from $38.00 to $29.00 and set a “cautious” rating on the stock in a report on Monday, March 9th. Finally, Bank of America cut their price objective on shares of GitLab from $72.00 to $58.00 and set a “buy” rating for the company 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 given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $39.62.

GitLab Price Performance

Shares of NASDAQ:GTLB traded up $0.61 on Wednesday, hitting $22.25. The company’s stock had a trading volume of 2,594,131 shares, compared to its average volume of 6,122,129. The company has a 50-day simple moving average of $27.67 and a 200 day simple moving average of $37.42. GitLab has a 1 year low of $20.20 and a 1 year high of $54.08. The company has a market capitalization of $3.78 billion, a PE ratio of -63.55 and a beta of 0.79.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, March 3rd. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.23 by $0.07. The company had revenue of $260.40 million during the quarter, compared to analyst estimates of $252.31 million. GitLab had a negative return on equity of 1.73% and a negative net margin of 5.86%.GitLab’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 earnings per share. On average, equities research analysts expect that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 54,300 shares of the business’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $28.41, for a total transaction of $1,542,663.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 700,109 shares of the stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $22.95, for a total value of $16,067,501.55. Following the sale, the director owned 325 shares in the company, valued at approximately $7,458.75. This represents a 99.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,268,508 shares of company stock valued at $29,848,496. 21.36% of the stock is owned by insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of GitLab during the 3rd quarter valued at about $2,029,000. Nordea Investment Management AB raised its holdings in shares of GitLab by 85.5% during the 3rd quarter. Nordea Investment Management AB now owns 1,132,977 shares of the company’s stock valued at $51,392,000 after buying an additional 522,075 shares in the last quarter. HMI Capital Management L.P. lifted its position in GitLab by 32.3% in the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock worth $264,283,000 after buying an additional 1,430,151 shares during the last quarter. Penserra Capital Management LLC boosted its stake in GitLab by 740.7% in the third quarter. Penserra Capital Management LLC now owns 88,556 shares of the company’s stock worth $3,991,000 after buying an additional 78,023 shares in the last quarter. Finally, WINTON GROUP Ltd purchased a new stake in GitLab in the third quarter worth approximately $5,739,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Company Profile

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.