GitLab Inc. (NASDAQ:GTLB) Sees Significant Growth in Short Interest

01 Jan 2025, 21:10 by Sarita Garza · The Markets Daily

GitLab Inc. (NASDAQ:GTLB – Get Free Report) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 5,110,000 shares, a growth of 6.2% from the November 30th total of 4,810,000 shares. Currently, 4.1% of the company’s stock are short sold. Based on an average daily volume of 2,240,000 shares, the short-interest ratio is presently 2.3 days.

Insider Activity

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Insiders have sold 750,857 shares of company stock worth $44,545,645 over the last ninety days. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Renaissance Technologies LLC increased its holdings in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after buying an additional 747,712 shares in the last quarter. Primecap Management Co. CA raised its position in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after purchasing an additional 603,200 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab during the third quarter valued at about $30,827,000. Atreides Management LP bought a new position in GitLab in the 3rd quarter valued at approximately $25,605,000. Finally, William Blair Investment Management LLC acquired a new stake in GitLab during the 2nd quarter worth approximately $16,071,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GTLB. Mizuho upped their price target on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. UBS Group raised their price target on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Needham & Company LLC lifted their target price on shares of GitLab from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

Read Our Latest Analysis on GitLab

GitLab Trading Down 0.2 %

GitLab stock traded down $0.12 during midday trading on Wednesday, reaching $56.35. The company’s stock had a trading volume of 1,766,189 shares, compared to its average volume of 2,448,207. The stock has a market cap of $9.15 billion, a PE ratio of -176.09 and a beta of 0.54. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The business has a 50-day moving average price of $60.20 and a 200-day moving average price of $53.56.

GitLab Company Profile

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