Why GitLab Shares Are Rising

GitLab Inc GTLB is surging Tuesday morning after the company reported better-than-expected financial results and issued guidance above estimates. 

GitLab reported quarterly revenue of $77.8 million, which beat the $70.29 million estimate. The company reported a quarterly earnings loss of 16 cents per share, which beat the estimate for a loss of 25 cents per share.

GitLab said it expects first-quarter revenue to be between $77 million and $78 million, versus the $72.75 million estimate. The company said it expects to record a first-quarter earnings loss of 27 to 28 cents per share, versus the estimate for a loss of 30 cents per share.

• Keybanc analyst Michael Turits maintained GitLab with an Overweight rating and lowered the price target from $115 to $50.
• Truist Securities analyst Joel Fishbein maintained GitLab with a Buy rating and lowered the price target from $175 to $105.

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GTLB 52-Week Range: $35.12 - $137

GitLab shares were up 19.6% at $39.52 at publication time.

Photo: courtesy of GitLab.