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
facebook X logo linkedin

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.  


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI