- NYSE:FVRR gained 1.29% as the broader markets continue to climb.
- The COVID-19 pandemic has certainly accelerated the performance of the gig economy.
- Facebook announces it plans to enter the freelance service booking industry.
NYSE:FVRR has had one of, if not the best year for growth stocks in recent memory as shares of the Israeli-based freelance service platform have gained over 750% since the beginning of the year. On Thursday, the stock climbed a modest 1.29% amidst the global markets climbing on anticipation of a further stimulus package in the United States. Shares closed the most recent trading session at $204.62, an incredible statement considering that the stock was trading at just $20 within the last twelve months and a great deal of this movement has occurred during the second half of 2020.
Recently, Fiverr investors were given a bit of a jolt when tech giant Facebook (NASDAQ:FB) announced it would be entering the freelance booking industry through a service on its massive platform. Reportedly the target for Facebook’s dive into the freelance business is actually targeting home repairs and labour opportunities like those available on popular site Angie’s List but it is obviously not a stretch to see other freelance offers on there as well. This follows in the steps of Facebook’s other moves to gain more control of the eCommerce space by allowing its users to charge their customers directly through Facebook or Instagram, in a move that helps small businesses cut down on costs.
FVRR stock forecast
While the move may not immediately impact Fiverr, Facebook is a company that can absolutely cause a disturbance in the gig economy market. As vaccines begin to be distributed and an end to the COVID-19 pandemic may be in sight, questions about how popular freelancing will be if workers are no longer working from home. Fiverr is definitely a company that has thrived during the pandemic, but the question remains if the gig economy is in fact here to stay.
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