Home Investments 10 Best Gig Economy Stocks To Buy Now

10 Best Gig Economy Stocks To Buy Now

by Ozva Admin

In this article, we discuss the top 10 gig economy stocks to buy right now. If you want to read more about gig economy stocks, go straight to Top 5 Gig Economy Stocks to Buy Now.

There is no doubt that digital platforms that directly connect short-term providers and customers and are pay-per-use, a practice known as the gig economy, have grown in popularity in recent years. New applications and websites are constantly emerging to meet the different needs of the service industry. Some of these top firms have earned legendary status on Wall Street, including Uber Technologies, Inc. (NYSE:Uber), Block, Inc. (NYSE:square), and Airbnb, Inc. (NASDAQ:ABNB).

The gig economy is growing rapidly. A report from payment giant Mastercard reveals that global transactions associated with the gig economy will grow 17% per year to around $455 billion by 2023. The report also states that 58% of global gig economy revenue comes from transportation or ride-sharing services in North America and the Asia Pacific region. Another interesting stat from the report is that 56% of informal economy workers say they take temporary jobs to earn money in addition to their main source of income.

There are tens of millions around the world who are supporting this gig economy. Some estimates put the total number of workers in the informal economy at around 80 million. Freelancing platform Upwork estimates that nearly half of all gig economy workers live in urban areas. According to the findings of to study, self-employment contributes more than $1 trillion to the US economy each year. This represents 5% of the total GDP, which places the sharing economy above major industries such as construction as the engine of the economy.

Our Methodology

Companies operating in the sharing economy sector were selected for the list. In order to provide readers with context for their investment choices, business fundamentals and analyst ratings for the stock are also discussed. Data from around 900 elite hedge funds tracked by Insider Monkey in the second quarter of 2022 was used to identify the number of hedge funds holding stakes in each company.

Top 10 Gig Economy Stocks to Buy Now

Top 10 Gig Economy Stocks to Buy Now

by-loov-4wOkqiXNP7M-unsplash

Best Gig Economy Stocks to Buy Now

10. Fiverr International Ltd. (NYSE:FVRR)

Number of hedge fund holders: 16

Fiverr International Ltd. (NYSE:FVRR) operates an online marketplace around the world. It is one of the best gig economy stocks to invest in. On June 29, the company announced that CreativeLive, a subsidiary of the firm, had acquired Wildist.co, a platform that offers online courses on outdoor and adventure photography. The firm said that currently enrolled students will have full access to their subscriptions and workshops after the sale.

On August 5, Needham analyst Bernie McTernan maintained a Buy rating on shares of Fiverr International Ltd. (NYSE:FVRR) and raised the price target to $50 from $40, appreciating the company’s strong second-quarter earnings. business.

Among hedge funds tracked by Insider Monkey, a Washington-based firm millennium management is a leading shareholder in Fiverr International Ltd. (NYSE:FVRR), with 678,656 shares worth more than $23 million.

Like Uber Technologies, Inc. (NYSE:UBER), Block, Inc. (NYSE:SQ) and Airbnb, Inc. (NASDAQ:ABNB), Fiverr International Ltd. (NYSE:FVRR) is one of the best independent economies . stocks to buy now according to hedge funds.

In its investor letter for the first quarter of 2021, Baron Funds, an asset management company, highlighted a few stocks and Fiverr International Ltd. (NYSE:FVRR) was one of them. Here is what the background said:

“We sold out of Fiverr International Ltd. (NYSE: FVRR), the independent services market, as the stock has multiplied since our purchase less than a year ago and traded at a valuation that we think captured much of the future opportunity.”

9. Rover Group, Inc. (NASDAQ:ROVR)

Number of hedge fund holders: 17

Rover Group, Inc. (NASDAQ:ROVR) operates an online marketplace for pet sitting around the world, offering services such as pet sitting, boarding, and dog walking. It is one of the top gig economy stocks to invest in. On July 15, investment bank Goldman Sachs predicted that the company’s shares would likely remain range-bound as the company makes a strong foray into the burgeoning pet-sitting business, but will likely be challenged by a recession. of the market due to macroeconomic uncertainty. On June 22, the firm joined the broad-market Russell 3000 Index, the small-cap Russell 2000 Index and the Russell Microcap Index.

On July 7, JPMorgan analyst Cory Carpenter initiated coverage of shares of Rover Group, Inc. (NASDAQ:ROVR) with a Neutral rating and a $5 price target, noting that the company was at risk every of slowing growth at the end of 2022 due to the surging macroeconomy. headwinds

At the end of the second quarter of 2022, 17 hedge funds in Insider Monkey’s database held $118.9 million worth of stakes in Rover Group, Inc. (NASDAQ:ROVR), up from 25 in the quarter previously worth 180 million dollars.

8.Grab Holdings Limited (NASDAQ:DRINK)

Number of hedge fund holders: 25

Grab Holdings Limited (NASDAQ:GRAB) provides access to mobility, delivery, financial services and business offers through its mobile application. It is one of the elite gig economy stocks to invest in. On August 25, the company posted earnings for the second quarter of 2022, reporting revenue of more than $321 million, up 79% compared to revenue during the same period last year. and beating market estimates by $48 million.

On July 28, Citi analyst Alicia Yap maintained a Buy rating on Grab Holdings Limited (NASDAQ:GRAB) stock and lowered the price target to $5 from $6, noting that the company reported second-quarter results. relatively online despite mixed performance.

Among the hedge funds tracked by Insider Monkey, a Connecticut-based investment firm Capital of Tremblant is a leading shareholder in Grab Holdings Limited (NASDAQ:GRAB), with 28 million shares worth more than $70.9 million.

7. Upwork Inc. (NASDAQ:UPWK)

Number of hedge fund holders: 25

Upwork Inc. (NASDAQ:UPWK) operates a freelance marketplace that connects businesses with various freelance professionals and agencies around the world. It is one of the top gig economy stocks to invest in. On July 27, the company posted earnings for the second quarter of 2022, reporting revenue of $156 million, up more than 26% compared to revenue during the same period last year. and beating estimates by $9 million.

On September 23, BTIG analyst Marvin Fong maintained a Buy rating on shares of Upwork Inc. (NASDAQ:UPWK) and lowered the price target to $24 from $30, citing the “unexpected” transition of the CFO of the company and management affirming only Q3 guidance but not FY22. for target slashed.

At the end of the second quarter of 2022, 25 hedge funds in Insider Monkey’s database held $401.7 million worth of stakes in Upwork Inc. (NASDAQ: UPWK), up from 26 in the previous quarter by value. of $365.7 million.

6. Etsy, Inc. (NASDAQ:etsy)

Number of hedge fund holders: 29

Etsy, Inc. (NASDAQ: ETSY) operates two-sided online marketplaces that connect buyers and sellers. It is one of the most prominent gig economy stocks to invest in. A higher-than-expected inflation report for the month of August has weighed on e-commerce stocks like Etsy in recent weeks. On September 2, Bank of America began coverage of the stock with a Neutral rating, noting that the high-margin market had strong competitive barriers as it does not directly compete with larger retailers and markets.

On August 16, Truist analyst Naved Khan maintained a Buy rating on Etsy, Inc. (NASDAQ: ETSY) stock and raised the price target to $130 from $115, noting that the company had prospects. positive medium- and long-term growth despite the short term. slowdown and the difficult macro environment.

Among hedge funds tracked by Insider Monkey, a Washington-based firm Citadel Investment Group is a major shareholder in Etsy, Inc. (NASDAQ: ETSY), holding 2.1 million shares worth more than $153.8 million.

In addition to Uber Technologies, Inc. (NYSE:UBER), Block, Inc. (NYSE:SQ) and Airbnb, Inc. (NASDAQ:ABNB), Etsy, Inc. (NASDAQ:ETSY) is one of the best economic stocks for buy now according to hedge funds.

In its fourth quarter 2021 investor letter, ClearBridge Investmentsan asset management company, highlighted a few stocks and Etsy, Inc. (NASDAQ: ETSY) was one of them. Here is what the background said:

“We took advantage of the market volatility in the fourth quarter, using pullbacks to initiate eight new positions and add to those recently established while closing another eight positions. Seeding the strategy with disruptive growth companies and expanding the portfolio’s industry weightings have been critical to our repositioning. efforts in 2021. To this end, we added two new disruptors in the quarter: Etsy and CrowdStrike Holdings. Etsy operates a number of online marketplaces under its flagship brand, Etsy, Inc. (NASDAQ: ETSY), an e-commerce destination for artisan and craft products. We see the company-wide two-way network and the focus on unique and special products as competitive advantages. we believe Etsy, Inc. (NASDAQ: ETSY) has a long growth road ahead of it as it captures a larger share of the very large and growing global retail market. We see Etsy as a differentiated and early way to participate in the secular growth of e-commerce. We are also attracted to the company’s capital-light business model and its strong and improving profitability profile. Additionally, our position increases our exposure to the consumer discretionary sector, where we have historically had less exposure.”

Click to continue reading and see Top 5 Gig Economy Stocks to Buy Now.

Suggested Items:

Divulgation. None. Top 10 Gig Economy Stocks to Buy Now was originally published on Insider Monkey.

You may also like

Leave a Comment