GitLab Stock Gaps Higher After Quarterly Win

Options are running at 16 times the usual daily volume already

Deputy Editor
Jun 6, 2023 at 11:03 AM
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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. 



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