Fiverr (NYSE:FVRR), a website that lets users sell their services, is in the news Thursday as FVRR stock climbs higher. So what exactly has the stock on its way up today? A new price target for the stock is behind the movement.
The Fiverr news moving FVRR stock comes from analysts at Oppenheimer. This has the firm setting a new price target of $74 per share for the stock. That’s a roughly 36% jump over its previous price target of $55 per share.
It’s worth pointing out that this new price target is quite the bullish stance from Oppenheimer. The new price is sitting well above the average price target of $54.25 per share for FVRR stock. It’s also almost 19% higher than the stock’s closing price of $62.31 on Wednesday.
Oppenheimer bullish price target on FVRR stock matches its “outperform” rating for the company. The firm backs up its stance by saying it expects growth for the company in 2021. It points to expanding services and a possible surge in use once the novel coronavirus pandemic clears up as reasons for the new price target, reports Seeking Alpha.
Fiverr is a fairly new company. It was founded back in 2010 as a way for freelancers to easily connect with customers. The business has grown a lot since then, which resulted in it launching an IPO last year.
FVRR stock was up 8.9% as of Thursday afternoon and is up 172.1% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.