Fiverr International Ltd (NYSE: FVRR) said this week its Board of Directors had authorized a share buyback program, under which the company may repurchase up to $100 million of its common stock.
”We are pleased to announce the authorization of our first-ever stock repurchase program. This program reflects our confidence in the long-term opportunity for Fiverr and our commitment to creating shareholder value,” Ofer Katz, Fiverr’s President and Chief Financial Officer, said in a press release.
”We have built a healthy balance sheet enabling us to continue to invest in our strategic initiatives while also returning capital to shareholders. We believe that our current stock price represents an attractive opportunity for a repurchase.”
Stock Performance
The shares of Fiverr International Ltd (FVRR) closed 7.96% ($1.53) higher at $20.75 in New York on Thursday, as they reversed a loss from the previous market session.
The company’s total market cap now stands at $803.069 million.
The shares of Fiverr International Ltd (FVRR) went down 6.59% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 23.77% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 6 out of 9 surveyed investment analysts had rated Fiverr International Ltd’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $31.56, which translates into a 52.10% upside compared to the closing price on Thursday.
The high point of the analyst forecast range stands at $40.00.
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