GitLab Stock Gaps Higher After Quarterly Win

Options are running at 16 times the usual daily volume already

Laura McCandless

Deputy Editor

Jun 6, 2023 at 11:03 AM

GTLB

GitLab Inc (NASDAQ:GTLB) is soaring today, after the company's narrower-than-expected first-quarter losses of 6 cents per share, revenue beat, and strong fiscal year forecast. The software name will also launch an artificial intelligence (AI) add-on later this year. Following the event, no fewer than 11 analysts lifted their price targets, including Truist Securities to $60 from $50.

GTLB is up 27.8% at $45.24 at last glance, and earlier was as high as $45.48. The equity is recovering from its mid-March bear gap and May 4, record low of $26.24, but still carries a 3.7% year-to-date deficit.

In the options pits, 29,000 calls and 16,000 puts have been exchanged so far, which is already 16 times the usual daily volume. The weekly 6/9 45-strike call is the most active, followed by the 40-strike call in the same series, with new positions being opened at the former.

It's also worth noting that short interest represents 11% of the stock's available float. It would take over three days for shorts to cover their bets, at GitLab stock's average pace of trading.

Follow @Schaeffers

*SPONSORED CONTENT*

How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.

*SPONSORED CONTENT*