Fiverr (NYSE: FVRR) is an online marketplace for freelance services. Headquartered in Tel Aviv, Israel, the company was founded in 2010 by Shai Wininger and Micha Kaufman.
The platform allows businesses to connect with freelancers offering a variety of services, including graphic design, digital marketing, writing and translation, video and animation, and more.
Fiverr went public in 2019 and has since been one of the hottest stocks on the market, with shares up more than 400% since its IPO.
So, is Fiverr a buy right now Let’s take a closer look.
The company is benefiting from the structural growth of the gig economy. According to a report from McKinsey, the global gig economy is expected to grow from $1.3 trillion in 2019 to $2.7 trillion by 2025.
Fiverr is well-positioned to capitalize on this trend as it is one of the largest online marketplaces for freelancers. In fact, the company has been growing rapidly thanks to the increasing demand for gig economy services.
In 2020, Fiverr’s revenue increased by 63% to $202 million while its gross profit jumped by 84% to $101 million. The company’s strong financial performance has led to its shares being up more than 150% year-to-date.
Looking ahead, Fiverr is expected to continue benefiting from the growth of the gig economy as more businesses turn to freelancers for cost-effective services. With its strong market position and impressive financials, Fiverr looks like a good buy right now.
