GitLab rallies on buyout report

By Steve Gelsi

Tech company currently valued at $8 billion posts double-digit gain in premarket trades on robust volume.

GitLab Inc.'s stock posted double-digit gains in premarket trading on Wednesday after a report of a potential buyout deal in the works for the San Francisco-based code platform service and hosting specialist.

GitLab (GTLB) is considering a sale transaction with advice from investment bankers, according to a Reuters report that cited unnamed people familiar with the process.

The Alphabet Inc. (GOOG)-backed company is attracting interest from Datadog Inc. (DDOG), the report said.

GitLab's stock was up by 12.5% to $57 a share on volume of 225,000 shares in recent trading.

GitLab's current market valuation is $8 billion, after its stock has dropped by nearly 20% so far in 2024, as of Tuesday's close.

-Steve Gelsi

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07-17-24 0848ET

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