Fiverr International Ltd. (NYSE: FVRR) Initiated by Piper Sandler

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Fiverr International Ltd. (NYSE: FVRR) stock fell 2.28% (As on Jan 13, 11:03:35 AM UTC-4, Source: Google Finance) after Piper Sandler started coverage with an Overweight rating and a $120 price target. The consensus target is much higher at $194.88. The analyst comments “Fiverr is a pure-play freelancing platform with no traditional staffing component. The company is able to command a strong take rate given its e-commerce like approach to the freelance market, along with providing several seller offerings to drive the take rate even higher. Fiverr has been able to drive strong growth (50%+ over the last two years) without a salesforce due to its efficient sales and marketing strategy. Finally, Fiverr Business and the recent Stoke acquisition should help the company move from primarily SMB focused to more enterprise exposure.”

On the other hand, the company has announced Inspire, a new experience within the company’s mobile app built for visual discovery and ideation. Inspire brings to life the beautiful, eye-catching work crafted by Fiverr freelancers and personalizes the viewing experience for each customer. It also allows customers to interact with the content by ‘liking’ it in their feed, and adding it to a mood board or list within the app for later reference. This innovative and intuitive new product was designed to help customers discover the incredible talent that is available to them through Fiverr. It also serves as a means to discover the array of services and capabilities that can be beneficial to their business or project needs.

Meanwhile, for Q4, the company expects revenue to be $74.5-77.5 million and Adjusted EBITDA to be $5.5-7.0 million. For the full year 2021, the company expects revenue to be $292.4-295.4 million. At midpoint, this represents revenue growth of 55% YoY and 174% on a two-year basis. Adjusted EBITDA is expected to be $19.5-21.0 million, which at midpoint, represents 210 basis points YoY improvement and a positive swing of 23.7 percentage points compared to two years ago.

Additionally, the active buyers as of September 30, 2021 grew to 4.1 million, compared to 3.1 million as of September 30, 2020, an increase of 33% year over year. Spend per buyer as of September 30, 2021 reached $234, compared to $195 as of September 30, 2020, an increase of 20% year over year. Take rate for the quarter ended September 30, 2021 was 28.4%, up from 27.0% for the quarter ended September 30, 2020, an increase of 140 basis points year over year.

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