Exploring Fiverr International Ltd. (FVRR) Investor Profile: Who’s Buying and Why?

You're looking at Fiverr International Ltd. (FVRR) and asking the right question: who is defintely buying this stock, and what are they seeing that the market might be missing, especially with the share price at $21.79 as of mid-November 2025, down 26.90% from a year ago? Honestly, the story is all about the institutions, who control a dominant 62% of the shares outstanding, far outweighing the 26% held by individual investors. Firms like BlackRock, Inc. and Columbia Management Investment Advisers, LLC are the ones making the big bets, and they are focused on the company's shift to higher-value services, not just the volatile marketplace.

Here's the quick math: management is guiding for 2025 revenue between $422 million and $438 million, and they expect the higher-margin Services segment to surpass 30% of total revenue, up from 23% in 2024. So, while the stock has been a tough hold, the smart money is sticking around because they see a clear path to profitability, with an Adjusted EBITDA forecast of $82 million to $90 million for the year. Are you comfortable with a growth-at-a-reasonable-price (GARP) play where the institutional conviction is high, but the near-term stock performance is still choppy? Let's dive into the specifics of their portfolio moves and the real drivers behind their long-term conviction.

Who Invests in Fiverr International Ltd. (FVRR) and Why?

If you're looking at Fiverr International Ltd. (FVRR), you're looking at a company where the big money-the institutions-holds the reins. The direct takeaway here is that professional money managers own the majority of the stock, but the story is really about their bet on Fiverr's successful shift up-market and its profitability, not just raw growth.

As of late 2025, institutional investors, which include mutual funds and pension funds, control a significant portion of the company, holding approximately 62% of the outstanding shares. This high concentration means the stock price is defintely sensitive to their collective buying and selling decisions. The general public, which is you and me-the retail investor-holds a substantial, but smaller, stake of around 26%. Plus, company insiders, like the CEO and board members, maintain a notable 12% ownership, which is a good sign because it shows their interests are aligned with outside shareholders.

The institutional landscape for Fiverr International Ltd. is dominated by major asset managers. For example, as of the third quarter of 2025 (Q3 2025), top holders include Ameriprise Financial Inc., which holds over 2.69 million shares, and Capital International Investors, with more than 1.51 million shares. Even firms like BlackRock, Inc. are in the mix, holding approximately 923,840 shares. This tells you that the stock is widely held by diversified, long-only funds, not just a handful of aggressive hedge funds.

• Institutions own the majority: 62% of shares.
• Retail investors hold a solid minority: 26%.
• Insider ownership shows alignment: 12% stake.

Investment Motivations: Profitability and the AI Pivot

The primary attraction for investors right now isn't the hyper-growth narrative from a few years ago; it's the strong profitability and strategic pivot. The Q3 2025 earnings report was a clear signal: revenue grew 8% year-over-year to $107.9 million, and the company achieved a record adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margin of 22%, or $24.2 million in adjusted EBITDA. That's a powerful combination of growth and efficiency.

Here's the quick math: management raised the full-year 2025 Adjusted EBITDA guidance to a range of $88 million to $93 million. This cash generation is what professional investors focus on. Beyond the numbers, the strategic focus on moving upmarket-attracting larger clients and projects-is working. This is evidenced by the annual spend per buyer increasing by 12% year-over-year to $330 as of September 30, 2025. They are getting more money from fewer, higher-quality buyers, which is a better business model long-term. Also, the company's embrace of AI-related services is seen as a crucial defensive and offensive move in the evolving gig economy, protecting their turf while opening new service verticals. You can see their long-term focus reflected in their core principles: Mission Statement, Vision, & Core Values of Fiverr International Ltd. (FVRR).

Investment Strategies: Growth at a Reasonable Price

The dominant strategy among Fiverr International Ltd. investors is a blend of long-term growth and value investing, often termed 'Growth at a Reasonable Price' (GARP). Growth investors are attracted to the continued expansion of the platform, particularly the high-growth channels like Managed Services and the strategic AI integration. They are betting that Fiverr can continue to expand its total addressable market by capturing larger business-to-business (B2B) projects.

However, the value component is what makes the stock compelling to many analysts right now. The stock's valuation metrics, such as a Price-to-Sales (P/S) ratio of roughly 1.83, are near historical lows. This suggests the market is currently undervaluing the company's cash-generating ability and future prospects. This low valuation, combined with robust free cash flow of $29.1 million in Q3 2025, attracts value-oriented funds who see a profitable company trading at a discount.

Short-term trading is also present, as it is with any publicly traded stock, particularly given the volatility common in the tech sector. But for the core institutional base, the play is simple: buy a profitable, cash-flow-positive marketplace that is successfully navigating the AI disruption by moving upmarket, and wait for the market to re-rate its valuation. It's a patient investor's game.

Institutional Ownership and Major Shareholders of Fiverr International Ltd. (FVRR)

You need to know who is really calling the shots at Fiverr International Ltd. (FVRR), and the answer is clear: institutional money dominates the shareholder base. As of late 2025, institutional investors-the mutual funds, pension funds, and asset managers-control the lion's share of the company, holding approximately 62% of the outstanding stock. This means their trading decisions, not retail investors', are the primary drivers of the stock price.

This high concentration of ownership, with the top 19 shareholders collectively holding about 51% of the business, means their collective strategy strongly influences the board's direction. It's a significant vote of confidence from professional money managers who have done their homework on the gig economy's future, but it also creates a unique risk profile for the stock.

Top Institutional Investors and Their Stakes

The list of largest shareholders reads like a who's who of global asset management. These firms hold millions of shares, translating into substantial market value. For instance, as of the most recent filings in September 2025, the total institutional shares long stood at over 27.2 million. Here's a look at some of the biggest players and their share counts:

• Ameriprise Financial Inc. is a major holder, with over 2.69 million shares.
• Capital International Investors holds a significant stake of over 1.51 million shares.
• Acadian Asset Management Llc is another key player, holding around 1.44 million shares.
• Even a firm like BlackRock, Inc., a company I know well, is in the mix, holding 923,840 shares.

These institutions are not passive; they are actively managing positions worth tens of millions of dollars, which is why you need to track their quarterly 13F filings. You can't ignore the big money.

Recent Shifts in Institutional Ownership

The second and third quarters of the 2025 fiscal year showed a mixed but active picture, which is typical for a growth stock like Fiverr International Ltd. You saw a clear divergence: some large funds were accumulating, while others were taking profits or reallocating capital.

On the accumulation side, Ameriprise Financial Inc. added a substantial 566,636 shares in the third quarter of 2025, and Citadel Advisors Llc boosted its position by an even larger 588,592 shares. This signals a belief in the near-term strategic direction of the company. Plus, you saw some smaller, high-percentage increases, like Quantbot Technologies LP raising its stake by a staggering 5,825.9% in the first quarter, though from a smaller base. That's defintely a bullish signal from a quantitative perspective.

However, you also saw some significant selling. Wellington Management Group Llp cut its position by over 2.39 million shares, and Connor, Clark & Lunn Investment Management Ltd. reduced its stake by 66,202 shares in the third quarter. Here's the quick math: when a fund sells millions of shares, it creates downward pressure that retail buying simply cannot overcome. This tells me that while some see a clear runway for growth, others are rotating out, perhaps due to valuation concerns or a shift in their macroeconomic outlook.

The Impact of Institutional Trading on FVRR's Strategy

The sheer volume of institutional ownership-around 62%-means Fiverr International Ltd.'s stock price is highly sensitive to the trading actions of these large players. When one or two major institutions decide to sell, you can see a sharp drop, as institutional investors tend to move in herds, especially when a stock is in a crowded trade.

More importantly, these large shareholders play a critical role in corporate governance and strategy. They have the power to influence board decisions, push for operational changes, or even advocate for a change in management. A firm like BlackRock, Inc. or Ameriprise Financial Inc. doesn't just buy shares; they buy influence. They are keenly interested in the company's long-term vision, which you can read about in the Mission Statement, Vision, & Core Values of Fiverr International Ltd. (FVRR).

Ultimately, high institutional ownership provides a stamp of credibility, suggesting that the company's fundamentals have passed the rigorous due diligence of professional analysts. But it also means that any disappointment-say, missing the Q4 2025 revenue forecast of $110 million-could trigger a swift, sharp institutional sell-off. Your next step should be to monitor the Q4 2025 earnings call for any guidance that might spook or reassure these major holders.

Key Investors and Their Impact on Fiverr International Ltd. (FVRR)

You want to know who is really pulling the strings at Fiverr International Ltd. (FVRR) and why their moves matter. The short answer is: institutional money controls the narrative, with major shifts happening in late 2025, and you need to pay attention to the big funds' trading activity to gauge market sentiment.

Institutional investors-think massive mutual funds, pension funds, and asset managers-hold the lion's share of Fiverr International Ltd. stock, with their collective ownership sitting between 62% and 69% of shares outstanding as of the 2025 fiscal year. This high concentration means the stock price is defintely sensitive to their buying and selling. When a few of these giants move, the stock moves with them.

The Institutional Heavyweights and Their Stakes

The investor base for Fiverr International Ltd. is dominated by large, well-known financial firms. These aren't activist investors in the traditional sense, but their sheer size gives them enormous influence (a type of passive activism, if you will). Their investment decisions reflect a belief in the long-term growth of the gig economy and the company's ability to capitalize on the shift to remote and AI-driven work, which you can read more about in Breaking Down Fiverr International Ltd. (FVRR) Financial Health: Key Insights for Investors.

Here's a snapshot of the major institutional holders from their Q3 2025 13F filings, which is the freshest data we have:

The presence of firms like BlackRock, Inc. and Ameriprise Financial Inc. signals a broad, passive belief in the company's inclusion in major indices and long-term viability. They are buying for scale and index-tracking, not necessarily to force a strategic change. That's a good sign for stability, but it won't stop a sell-off if earnings disappoint.

Recent Moves: A Tale of Two Funds

The most important near-term risk and opportunity is in the recent trading activity, particularly during the third quarter of the 2025 fiscal year. You saw two major, conflicting moves that show a genuine debate about Fiverr International Ltd.'s future valuation.

• Wellington Management Group LLP executed a massive sell-off, reducing their stake by nearly 70%, dumping over 2.39 million shares. This is a strong signal of a major fund losing conviction, likely over concerns about competition or the pace of growth in active buyers.
• Conversely, Citadel Advisors Llc made an aggressive move, increasing their position by over 164%, adding nearly 588,592 shares. This is a high-conviction trade from a major hedge fund, suggesting they see a significant near-term opportunity, perhaps believing the stock is undervalued based on the company's strong Q3 2025 Adjusted EBITDA of $24.2 million.

Here's the quick math: when one major fund is running for the exit and another is sprinting to get in, you have high volatility. This whipsaw action is what makes the stock a trader's play right now, not just a long-term hold.

Insider Ownership and Influence

While the institutional investors hold the most shares, the company's direction is still heavily influenced by its founders and executives. Insider ownership sits around 12% of the company. Key among these is Micha Kaufman, the Co-founder and Chairman of the Board, who holds a significant stake, estimated at around 5.3% of common stock as of May 2025. This is what we call having 'skin in the game.'

This level of insider ownership is critical because it aligns the interests of management directly with shareholders. They are less likely to make decisions that prioritize short-term gains over long-term value, because their personal wealth is tied up in the stock. The fact that a co-founder is still leading the charge and owns a sizable chunk is a positive for long-term investors, even if the institutional money is currently in flux.

Next step: Check the latest market sentiment from analysts who cover the funds, especially after Citadel's aggressive Q3 buying. Finance: draft a quick sensitivity analysis on FVRR's stock price based on a hypothetical 10% sell-off by the top five institutional holders by next Tuesday.

Market Impact and Investor Sentiment

You're looking at Fiverr International Ltd. (FVRR) and seeing a disconnect: the stock price has dropped, but analysts are screaming 'Buy.' The truth is, the market is pricing in near-term macroeconomic uncertainty, but the long-term institutional money remains committed to the company's fundamental shift toward higher-value services.

As of November 2025, institutional investors-the big funds like BlackRock, Inc. and Wellington Management Group LLP-own roughly 59% of the company, controlling the majority of the float. This high institutional ownership means the stock price is defintely sensitive to their trading actions, but their continued presence signals a belief in the long-term story, especially as the company focuses on its Mission Statement, Vision, & Core Values of Fiverr International Ltd. (FVRR).

Recent Market Reactions and Ownership Shifts

The market has been tough on Fiverr International Ltd. this year. The stock price of $21.79 per share as of mid-November 2025 reflects a decline of 26.90% over the past year. That's a serious headwind, and it explains the split in sentiment you're seeing. The short-term technical view is currently bearish, forecasting a potential drop of around -17.06% by the end of December 2025, which is a clear reflection of the recent price action and macro fear.

But here's the quick math on why the big money isn't running for the hills: the company's Q3 2025 earnings showed resilience, beating expectations with an Earnings Per Share (EPS) of $0.77 against a consensus of $0.70, and revenue hitting $107.9 million. This beat, plus a Q1 2025 GAAP net income of $0.8 million, shows a profitable bottom line is holding up even as the marketplace faces slowing growth.

The real story lies in the changing buyer profile. While the total number of Annual Active Buyers dropped to 3.5 million in Q1 2025, the Annual Spend Per Buyer increased to $309, a jump of 8.8% year-over-year. Institutional investors see this as a successful 'move upmarket'-trading volume for higher-quality, more lucrative customers.

Analyst Perspectives on Key Investor Impact

Wall Street analysts are overwhelmingly bullish, which directly counters the short-term technical pessimism. The consensus rating across multiple brokerages is a 'Strong Buy' or 'Moderate Buy.'

The average 12-month price target is set between $31.71 and $32.60, which suggests an upside potential of over 56% from current November 2025 levels. This optimistic view is grounded in the company's ability to drive profitability and expand its higher-margin Services revenue, which grew 94.0% year-over-year in Q1 2025 to reach $29.5 million.

Here is a snapshot of the forward-looking financial outlook that's driving the analyst consensus:

What this estimate hides is the continued pressure on the core marketplace from small-to-medium business (SMB) spending, which is still uncertain. The analysts believe the growth in Services revenue and the focus on higher-value customers (the upmarket strategy) will more than offset the marketplace slowdown. That's the pivot the institutions are betting on.

To be fair, the institutional accumulation score-a measure of total increase in disclosed owners-isn't at a peak, but the quality of the holders (like BlackRock, Inc.) and the size of their positions are the key. They're buying into the cash flow story, not just the revenue growth. They want to see that 21% Adjusted EBITDA margin hold up.

The big funds are betting on profitability over pure growth. It's a value play now, not a hyper-growth play.

Your next step should be to:

• Portfolio Manager: Stress-test your valuation model against the low analyst price target of $25.00 to see if the downside risk is acceptable.