FVRR - Why Fiverr Stock Pulled Back Today
2023-05-02 18:43:01 ET
Shares of Fiverr International (NYSE: FVRR) fell sharply Tuesday even though there was no news out relating to the freelancer hiring marketplace.
Instead, the stock headed lower over the course of the session, seemingly in sympathy with Chegg (NYSE: CHGG) as the education stock tumbled by 48% after it said in its earnings call that new customer growth had slowed in the first quarter due to a spike of interest in ChatGPT.
Fiverr operates in an entirely different industry from Chegg, but as a platform frequently used to hire people for tasks like copywriting, content writing, and coding, it's also seen as being vulnerable to the new chatbot technology .
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Why Fiverr Stock Pulled Back Today