GitLab Stock Downgraded on Risk-Reward Ratio

Analysts are still mostly bullish toward the equity

Digital Content Manager
Nov 17, 2023 at 11:11 AM
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Barclays downgraded GitLab Inc (NASDAQ:GTLB) stock to "equal weight" from "overweight" earlier, noting its short-term risk-reward ratio looks less appealing. In addition, the software name's Chief Financial Officer Brian G. Robins yesterday sold 10,000 shares of the company, totaling $454,900, per a U.S. Securities and Exchange Commission (SEC) filing.

GTLB was last seen down 3.6% to trade at $46.82, after facing rejection at the $50 region, which also capped its October rally. The 60-day moving average is providing a floor for this pullback, however, and is helping Gitlab stock maintain its impressive 83.4% lead for 2023.

Options traders have been overwhelmingly bullish of late. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 10-day call/put volume ratio of 5.33 that stands higher than 90% of annual readings. This suggests calls have been getting picked up at a much quicker-than-usual clip.

Analysts were also optimistic coming into today, with 13 of the 18 in question sporting a "buy" or better rating, while the 12-month consensus target price of $60.13 sits at a 28.4% premium to current levels. Should any firms follow in Barclays' footsteps, GTLB could swing even lower.


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