Gitlab Inc (NASDAQ: GTLB) Stock Forecast for 2023 with -48.78% Downside

In the last trading session, 1.48 million Gitlab Inc (NASDAQ:GTLB) shares changed hands as the company’s beta touched 0.28. With the company’s per share price at $47.05 changed hands at $0.24 or 0.51% during last session, the market valuation stood at $7.27B. GTLB’s last price was a discount, traded about -24.76% off its 52-week high of $58.70. The share price had its 52-week low at $26.24, which suggests the last value was 44.23% up since then. When we look at Gitlab Inc’s average trading volume, we note the 10-day average is 1.5 million shares, with the 3-month average coming to 1.72 million.

Analysts gave the Gitlab Inc (GTLB) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 1.67. If we narrow down to specifics, the data shows that 0 out of 21 analysts rate the stock as a Sell, with a further 2 assigning it an Overweight rating. Of the remaining, 6 recommended GTLB as a Hold, 13 felt it is a Buy and 0 rated the stock as Underweight. Gitlab Inc’s EPS for the current quarter is expected to be -$0.01.

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Gitlab Inc (NASDAQ:GTLB) trade information

Instantly GTLB was in green as seen at the end of in last trading. With action 4.07%, the performance over the past five days has been green. The jump to weekly highs of 50.08 on Monday, 11/20/23 added 0.51% to the stock’s daily price. The company’s shares are showing year-to-date upside of 3.54%, with the 5-day performance at 4.07% in the green. However, in the 30-day time frame, Gitlab Inc (NASDAQ:GTLB) is 6.16% up. Looking at the short shares, we see there were 8.34 million shares sold at short interest cover period of 6.8 days.

The consensus price target for the stock as assigned by Wall Street analysts is $59.41, meaning bulls need an upside of 20.8% from its current market value. According to analyst projections, GTLB’s forecast low is $48.00 with $70.00 as the target high. To hit the forecast high, the stock’s price needs a -48.78% plunge from its current level, while the stock would need to soar -2.02% for it to hit the projected low.

Gitlab Inc (GTLB) estimates and forecasts

Data shows that the Gitlab Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 35.90% over the past 6 months, a 84.78% in annual growth rate that is considerably higher than the industry average of 18.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Gitlab Inc will rise 90.00%, while the growth in revenue is estimated to hit 66.70% for the next quarter. Year-over-year growth is forecast to reach 31.60% up from the last financial year.

Consensus estimates given by 20 financial analysts project the company’s revenue in the current quarter to hit an average of $141.53 million. 20 analysts are of the opinion that Gitlab Inc’s revenue for the quarter ending Jan 2024 will be $150.31 million. The estimates for the next quarter sales put growth at 22.30%.

The 2023 estimates are for Gitlab Inc earnings to increase by 87.29%, but the outlook for the next 5-year period is at 38.10% per year.

GTLB Dividends

Gitlab Inc is expected to release its next quarterly earnings report on December 04.

Gitlab Inc (NASDAQ:GTLB)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 5.92% of Gitlab Inc shares while 82.63% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 87.83%. There are 82.63% institutions holding the Gitlab Inc stock share, with Morgan Stanley the top institutional holder. As of Jun 29, 2023, the company held 9.23% of the shares, roughly 9.6 million GTLB shares worth $490.89 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 7.48% or 7.79 million shares worth $397.98 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Smallcap World Fund and Vanguard Total Stock Market Index Fund. With 3.48 million shares estimated at $177.85 million under it, the former controlled 3.34% of total outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held about 2.44% of the shares, roughly 2.54 million shares worth around $129.87 million.

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