With many people now out of work because of the coronavirus, freelance companies like Fiverr (FVRR) have seen a record number of new freelancers signing up for its services. It’s part of the reason why analysts at Needham reiterated a buy rating on the FVRR stock with a target of $38.
Better still, FVRR could benefit even more, as the virus drives substantial growth in remote freelance work, notes Forbes. Freelance companies like Contra, as also highlighted by Forbes, note, “There is a fundamental shift to project based employment, tricky at first, but long term will lead to a renaissance in how we work and enable all of us to achieve greater work-life balance. COVID-19 is an accelerator to a trend that has been long overdue. We have seen a 10,000% increase in membership on our platform in the last month alone.”
Fiverr International Ltd. (FVRR) operates an online marketplace worldwide. Its platform enables sellers to sell their services and buyers to buy them. The company’s platform includes approximately 200 categories in 8 verticals, including graphic and design, digital marketing, writing and translation, video and animation, music and audio, programming and technology, business, and lifestyle. Its buyers include businesses of various sizes, as well as sellers comprise a group of freelancers and small businesses.