Shares of Fiverr International Ltd. are up 0.8% in premarket trading Monday after Needham and Oppenheimer initiated coverage of the freelance-marketplace stock with bullish ratings. Needham's Brad Erickson is upbeat about how the lifetime value of Fiverr buyers, or those who hire freelancers through the service, continues to rise. This suggests to him that Fiverr "can continue to spend aggressively to acquire new customers while importantly being nowhere near exhausting spend/buyer increases." He set a buy rating and $31 target on the stock. Oppenheimer's Jason Helfstein started coverage with an outperform rating and $32 target, writing that the company looks "well positioned to capitalize on a shift in the labor market toward more independently-driven opportunities made possible through digitization." Helfstein sees a large market opportunity for the company as only 3% of freelancing jobs are completed online currently. Fiverr went public in June and its shares are currently trading up 30% from their offering price of $21. Fiverr made its public debut during a strong year for recent initial public offerings; the Renaissance IPO ETF is up 38% so far in 2019, while the S&P 500 has gained 19%.