FVRR - Down More Than 70% in 2022 Is Fiverr a Buy for 2023?
With just three weeks left to the year, the market remains down 17%. As unsettling as that is, it has remained steady for several months without further decline, falling short of a bear market.
The tech sector, however, really fell off a cliff in 2022. The Nasdaq-100 tech index, for example, is closing out the year with a loss nearing 40%. 2022 saw the flight to safety, with investors putting their money into value stocks, leaving tech in a lurch. Fiverr International (NYSE: FVRR) is a classic growth stock in the tech sector, which is probably the worst category to be in this year. Its stock is down 72% as we get closer to the end of 2022. Should you buy it for 2023?
Fiverr operates a platform that connects freelancers, or "sellers," with people who are looking to work with freelance workers, or "buyers." It was demonstrating steady growth before the pandemic as it honed its model, which is different than most freelance platforms.
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Down More Than 70% in 2022, Is Fiverr a Buy for 2023?