GitLab Stock Plummets on Dismal Forecast

The stock earlier slipped to a fresh one-year low

Deputy Editor
Mar 14, 2023 at 11:17 AM
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GitLab Inc (NASDAQ:GTLB) stock is crashing today, despite the company's better-than-expected fourth-quarter results, as its gloomy fiscal first-quarter weighs. No fewer than 10 analysts slashed their price targets, too, including J.P. Morgan Securities to $33 from $45. 

GTLB is down 29.6% to trade at $31.40 at last glance, and earlier slipped to a one-year low of $30.92. This bear gap has GitLab stock breaking under support at the $42 level. Plus, the stock's 320-day moving average rejected its early-February rally to the $58 level. 

Options bears have been active in the options pits. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1.65 puts have been picked up for every call in the last 10 days. This ratio ranks in the 98th percentile of its annual range, showing puts being picked up at a much faster-than-usual rate. 

So far today, 14,000 calls and 13,000 puts have been exchanged, which is 16 times the volume typically seen at this point. The April 25 put is the most popular contract by far.

It's also worth noting that though shorts have been buying back their bearish bets, with short interest down 26% over the last two reporting periods, it still represents 8.5% of the stock's available float. It would take nearly four days to cover, at GTLB's average pace of trading.  

 

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