High-rolling investors have positioned themselves bearish on GitLab GTLB, and it’s important for retail traders to take note.
This activity came to our attention today through Benzinga’s tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in GTLB often signals that someone has privileged information.

Today, Benzinga’s options scanner spotted 10 options trades for GitLab. This is not a typical pattern.

The sentiment among these major traders is split, with 30% bullish and 70% bearish. Among all the options we identified, there was one put, amounting to $49,280, and 9 calls, totaling $491,958.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $55.0 to $65.0 for GitLab over the last 3 months.

Insights into Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for GitLab’s options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across GitLab’s significant trades, within a strike price range of $55.0 to $65.0, over the past month.

GitLab Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

About GitLab

GitLab Inc operates on an all-remote model. GitLab, a complete DevSecOps platform delivered as a single application. It operates in two competitive landscapes: DevOps point solutions and DevOps platforms. In terms of point solutions that are stitched together, GitLab’s offering is substantially different in that it is one platform, one codebase, one interface, and a unified data model that spans the entire DevSecOps lifecycle. DevOps platforms, the principal competitor is Microsoft Corporation following their acquisition of GitHub. GitLab is offered on both self-managed and software-as-a-service (SaaS) models. It is located in the United States, Europe, and Asia Pacific. It focused on accelerating innovation and broadening the distribution of its platform to companies across the world.

Current Position of GitLab

• Currently trading with a volume of 1,195,737, the GTLB’s price is up by 2.07%, now at $61.75.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 21 days.

What Analysts Are Saying About GitLab

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $60.0.

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* Maintaining their stance, an analyst from DA Davidson continues to hold a Neutral rating for GitLab, targeting a price of $50.
* In a positive move, an analyst from Needham has upgraded their rating to Buy and adjusted the price target to $70.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for GitLab with Benzinga Pro for real-time alerts.